Seriously? From PancakeSwap to TurtleCoin, some bizarre and strangely-named cryptocurrencies are doing surprisingly well thanks to the enthusiasm of novice investors who missed the Bitcoin wave and are looking for the next big thing.
The surge of popular cryptocurrencies such as Bitcoin and Ethereum inspired a number of startups and businesses to create their own alternative currency and cash in on the huge investor interest in the fast-growing asset class.
Here are some of the funny coin or token names and their market capitalization as posted on Twitter on April 24, 2020.
PancakeSwap is an automated market maker (AMM) — a decentralized finance (DeFi) application that allows users to exchange tokens, providing liquidity via farming and earning fees in return. It launched in September 2020 and is a decentralized exchange for swapping BEP20 tokens on Binance Smart Chain.
PancakeSwap uses an automated market maker model where users trade against a liquidity pool. These pools are filled by users who deposit their funds into the pool and receive liquidity provider (LP) tokens in return. These tokens can later be used to reclaim their share of the pool, as well as a portion of the trading fees.
SushiSwap is a fork of Uniswap with some key differences, most notably its native SUSHI token. The token has two functions at launch: It gives holders the right to exercise governance and a claim on a portion of the protocol’s fees. In simplified form, SUSHI holders “own” a stake in the protocol.
PancakeBunny is a new and rapidly growing DeFi yield aggregator that is used for PancakeSwap. The PancakeBunny protocol empowers farmers to leverage their yield-seeking tendencies to optimize yield compounding strategy. It claims to be providing strategies to provide various needs of farmers from the highest yield-seeking degens to the risk-reward-optimizing smart investors.
Polkastarter is a fully decentralized protocol built for cross-chain token pools and auctions, enabling projects to raise capital on Polkadot. The platform is designed to allow projects to easily launch their own interoperable token pools, which can be either fixed-price or dynamic price swaps.
Launched in December 2020, Polkastarter is by far the newest entry on this list, but don’t let that fool you — it’s a capable platform that has attracted the attention of well over 200,000 budding investors.
Meme Coins are basically cryptocurrencies such as Bitcoin or Ethereum. The most popular Meme Coin is the Dogecoin that was originally created at least in part as a light-hearted joke for crypto enthusiasts, and took its name from a once-popular meme. Dogecoin has exploded in popularity in 2021—as of writing, it has become the fifth largest cryptocurrency by market cap.
TurtleCoin is a decentralized Peer-2-Peer open-source electronic currency. Users are able to generate TRTL through the process of mining. TurtleCoin has a current supply of 99,898,337,403.26. It is currently trading on 14 active markets with over $3.2 million traded.
CumRocket cryptocurrencies, also known as CUMMIES, are traded on the Binance Smart Chain. CumRocket considers itself to be more than a “meme-coin,” and, per its roadmap, it will be releasing its NFT marketplace in Q2.
CumRocket surged more than sixfold in a single day on April 23, taking its market cap to more than $140 million, according to data from CoinMarketCap.
BurgerSwap is a DeFi protocol running on the Binance Smart Chain (BSC). It allows you to swap between tokens issued on BSC, and earn rewards for providing liquidity to these decentralized markets.
Unlike other similar DeFi projects like Uniswap and SushiSwap, you won’t find the usual Liquidity Provider (LP) tokens on BurgerSwap. Instead, everyone who provides liquidity to eligible pairs receives BURGER tokens that represent their share of the pool.
These are tokens received by users of the Dracula Protocol, a DeFi farming protocol that enables users to capture value from liquidity mining programs on other popular platforms. Dracular Protocol users receive Dracula Tokens (DRC) as rewards for staking in the platform’s pools. The team notes that many farming protocols are at risk of long-term inflation.
FedoraCoin – commonly known as TiPS – is a new cryptocurrency that is based on the Tips Fedora meme. It has very strong resemblance to the popular Dogecoin that was also started based on a joke and online Doge meme. As the name goes, FedoraCoin aims to become the official online tipping currency. It has support for Windows, Linux, and Mac wallets.
DuckDaoDime Is the token used on fundraising platform DuckDAO, a democratized early-stage investment space that sources and secures potentially lucrative investment opportunities for its expansive community; colloquially known Ducks.
By holding fixed amounts of DDIM, users gain access to the DuckDAO inner communities, where they can access propitious, often exclusive deals before anyone else. Besides its community-powered incubator, DuckDAO also operates a public token sale launchpad known DuckSTARTER.
The Fuck Token website describes itself as “a social cryptocurrency that aims to help everyone around the world give a FUCK. Our cryptocurrency allows anyone, anywhere to send and receive money almost instantly with extremely low fees.” The idea of Fuck Token is to allow people to express themselves freely about anything by literally giving fucks.