DeGods NFT Creator De Labs Launches A New Crypto Token $DeGods

De Labs Launches A New Memecoin

In a September 15 blog post, Frank DeGods, the co-founder of the highly acclaimed DeGods, y00ts, and Dust Labs projects, confirmed launching a new crypto token duped $DEGODS. The newly launched memecoin is anticipated to fuse all digital items within the Dust Labs NFT ecosystem into a single purposeful crypto coin. $DeGods will be powered by the Solana blockchain network.

Founded in 2021, De Labs (formerly known as Dust Labs) is a digital asset firm focused on building software that helps non-fungible token communities and brings more value to their holders. De Labs is home to DeGods, a non-fungible token collection featuring a limited supply of 10,000 NFTs hosted in portions in Solana, Ethereum and Polygon blockchain network and Y00t, a non-fungible token collection featuring a limited edition of 15,000 Polygon-based NFTs.

Fast forward to 2024, the De Labs NFT ecosystem has gained massive traction, becoming a global community of creators, developers, entrepreneurs, athletes, artists, experimenters and innovators. DeGods and its sister collection Y00ts have rapidly grown to become one of the top-selling NFT collections in the NFT 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 network, with a limited supply of 10 billion. The new tokens are available for conversion to all investors holding $Dust, DeGods and y00ts NFT collections. 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.

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.

Source: https://coinmarketcap.com/community/articles/66e7af834f8f0f3bc9ce71c6/