A contract on the meme leaderboard was created on October 30. When data was retrieved on October 31, it had been live for less than a day, with 24-hour trading volume of $5,565,537.87. Another coin also called a meme coin, $DOGE , is on another level: it has its own mainnet.
When I come across new entries like these, I usually check a few things. Issuance method: the token is a contract deployed on an existing chain, with its rules written into the contract. Ledger location: transfers are recorded on that chain’s ledger, and the contract’s state enforces the rules. Who maintains it: running a chain requires its own consensus mechanism and block-production schedule, as well as people continuously producing and synchronizing blocks.
One comes into being with a single deployment; the other requires ongoing maintenance. The paths for handling problems also operate at different levels.
The contract’s trading volume is recorded on the chain it resides on, while $DOGE ’s trading volume is recorded on its own chain. The two figures are not from the same ledger. #Dogecoin #Blockchain $DOGE
Risk warning: High volatility and rug pulls are known risks of meme coins.
When I come across new entries like these, I usually check a few things. Issuance method: the token is a contract deployed on an existing chain, with its rules written into the contract. Ledger location: transfers are recorded on that chain’s ledger, and the contract’s state enforces the rules. Who maintains it: running a chain requires its own consensus mechanism and block-production schedule, as well as people continuously producing and synchronizing blocks.
One comes into being with a single deployment; the other requires ongoing maintenance. The paths for handling problems also operate at different levels.
The contract’s trading volume is recorded on the chain it resides on, while $DOGE ’s trading volume is recorded on its own chain. The two figures are not from the same ledger. #Dogecoin #Blockchain $DOGE
Risk warning: High volatility and rug pulls are known risks of meme coins.