De Labs Launches A New Memecoin

De Labs, a digital asset incubation studio and the parent company of the popular DeGods and y00ts non-fungible token collections, has launched a new crypto coin.

De Labs, the digital asset firm behind the popular DeGods and y00ts non-fungible token collections, has launched a new crypto coin, $DEGODS. The memecoin is designed to merge all digital items within the Dust Labs NFT ecosystem into a single token.

Announcing the launch in a September 15 blog post, Frank DeGods, the co-founder of DeGods, y00ts, and Dust Labs, stated that the new crypto token will be powered by the Solana blockchain network.

De Labs, formerly known as Dust Labs, was founded in 2021 and is focused on building software that helps NFT communities and brings more value to their holders. The firm is home to DeGods, an NFT collection featuring a limited supply of 10,000 NFTs hosted in portions in Solana, Ethereum and Polygon blockchain network and Y00t, an NFT collection featuring a limited edition of 15,000 Polygon-based NFTs.

Over the years, the De Labs NFT ecosystem has gained massive traction, becoming a global community of creators, developers, entrepreneurs, athletes, artists, experimenters and innovators. Both DeGods and Y00ts have rapidly grown to become one of the top-selling NFT collections in the market, rivaling giants NFT collections like the Bored Ape Yacht Club, Mutant Ape Yacht Club and Pudgy Penguins, CryptoPunks, Azuki, and more.

What Are $DeGods And How To Claim Them?

$DeGods is a new crypto token created on the Solana blockchain with a limited supply of 10 billion. The new tokens are available for conversion to all investors holding $Dust, DeGods and y00ts NFT collections.

According to DeGods, the distribution of $DeGods has been happening organically for the past 3 years without anyone realizing it. Between DeGods, y00ts, and $dust, there are 41,241 unique holders on 4 different chains, with the top 10 holding only 9.3% of $DeGods.

“We built DeGods into a top 10 NFT project without ever mentioning the token. Now that we’re launching $DeGods, it’s time to reveal the secret: the NFT community has been slowly accumulating $DeGods for the past 3 years.”

During the launch, the DeGods team sold 3% of $degod on a discounted bonding curve to seed liquidity. Once the bonding curve fills, the LP will be seeded on Raydium, and $degod will be tradable. Surprisingly, all the allocated 3% sold out in minutes shortly after the launch.

NFT holders will convert their NFTs into the $DeGods token at 1 DeGod for 550,000 $Degods, 1 y00t for 120,000 $Degods, and 1 $Dust for 36 $Degods.

In the meantime, the new $DeGods is live on various crypto exchange platforms. Unfortunately, the crypto coin briefly surged to $330M on the lunching, sold off and is now settling in around a $70M market cap. The token has already left several traders with massive losses.

An anonymous trader bought 900,000$ of DeGod’s new $Degods crypto coin at launching and sold too late for almost 300,000$ in loss after the token hit two times.

The crypto project has not gone far without negative sentiments, with some traders criticizing the team for converting NFT collections into new memecoins. One trader on X argues that moving DeGods to the 404 meta and getting Y00ts and $Dust burnt entirely was a bad move.

Moreover, the project has also attracted some scammers, with a scammer developer just rug-pulling a fake $Degod coin and making over $150,000 within minutes.

The rugpull just happened 15 minutes ago and people are already making fake $Degod coins to scam others from the hype. Be careful out there.