DAMN, the latest meme coin on Shibarium is rapidly winning over the hearts of the Shib Army. With its bold entry and promising prospects, DAMN or SOLKiller is solidifying its position as “The New Kid On The Block[chain]” and it’s not only turning heads, but it’s also injecting a renewed sense of energy and anticipation into the dynamic realm of blockchain technology.
In a riveting stretch from late February to mid-March, the cryptocurrency market was electrified by remarkable surges. Bitcoin led the charge, smashing previous records to attain an unprecedented high of $73,750. Meanwhile, Shiba Inu (SHIB) showcased its formidable strength, rocketing to a peak of $0.000045 and amassing an astounding trading volume of $16,015,113,016.
What many initially perceived as the dawn of a bull run quickly morphed into a meme coin frenzy, with a myriad of new tokens launching on Solana and seizing the limelight. This surge of innovative tokens highlights the crypto community’s insatiable appetite for novel and engaging projects.
At that time, Woof, the pseudonymous developer behind WoofSwap, a community-centric decentralized exchange (DEX) on the Shibarium network, introduced a groundbreaking idea to the Shib Army. This move resonated deeply with the members of the community, stirring anticipation and discussions about potential innovation on the horizon.
They proceeded to craft a meme coin tailored for Shibarium, capitalizing on the meme coin hype that the Shib Army perceived as an opportunity rather than a setback. Woof catalyzed this vision by inviting contributions in $BONE, Shibarium’s gas fee token, and the outcome was nothing short of revolutionary.
Every facet of the concept bore the hallmark of community collaboration. Even the token’s official moniker, DAMN (SOLKiller), was democratically chosen through a poll on X (formerly known as Twitter), highlighting the grassroots involvement that not only fostered a sense of ownership but also exemplified the power of collective innovation within the Shib ecosystem.
Following the swift completion of the pre-sale, which saw 500,000 BONE tokens snapped up in a mere 18 hours, the team took a bold step to reinforce trust and transparency. They promptly renounced ownership of DAMN and incinerated the liquidity provider (LP), affirming their commitment to a decentralized and community-driven ethos.
When developers “burn the LP (Liquidity Provider) tokens,” it means they are permanently removing a portion or all of the tokens that were initially added to the liquidity pool. This action is often taken to enhance transparency, reduce the potential for rug pulls or exit scams, and demonstrate a commitment to a project’s decentralization and sustainability.
By burning LP tokens, developers relinquish any control or access to the liquidity that was previously provided, ensuring that the token’s liquidity remains locked and inaccessible. This can also help stabilize the token’s price by reducing the total supply and potentially increasing demand, as traders have confidence that the developers cannot suddenly withdraw liquidity and crash the market.
“We deployed it and relinquished all permissions. No one has control over it now! It belongs to Shibarium,” Woof declared during their interview with The Shib.
In a proactive move to enhance visibility and accessibility, the team swiftly submitted requests to prominent crypto aggregators, CoinGecko and CoinMarketCap, just a day after DAMN’s official rollout. The Shib Army rallied behind the meme coin of Shibarium, amplifying its presence across various social media platforms.
The enthusiastic promotion played a pivotal role in elevating the token’s visibility and fostering greater awareness and engagement within the broader crypto community. This strategic approach bore fruit as DAMN skyrocketed, registering an impressive growth of over 500% to hit its All-Time High (ATH) since its inception. Moreover, the token’s trading volume surged past the $3 million mark within a mere five days post-launch, further cementing its rapid rise and robust community backing.
When asked about DAMN, Woof said, “DAMN represents a captivating decentralized experiment. It resides in Shibarium, and in truth, I don’t claim ownership over it. DAMN belongs to the Shibarium community at large—it’s a collective asset, owned and cherished by everyone involved.”
What sets DAMN apart as a compelling meme coin is its unwavering commitment to bolstering the Shibarium ecosystem. In a remarkable display of dedication, the team incinerated over 6,627.74 Wrapped BONE (WBONE) and 77,386,493 SolKiller DAMN. Building on this proactive approach, just this past Sunday, an additional 5,018 $BONE and 60,724,821 $DAMN were systematically destroyed.
Shibarium has recently experienced a significant uptick in its Total Value Locked (TVL). According to data from DeFi TVL aggregator DefiLlama, Shiba Inu’s TVL skyrocketed to an impressive $3.86 million. This milestone marks a level of liquidity not witnessed since the platform’s official launch last August, signaling renewed confidence and heightened activity within the Shibarium ecosystem.
Data indicates that DAMN has been instrumental in propelling Shibarium to these unprecedented heights. The project has witnessed a staggering surge of over 4,295% in the last week alone and an explosive growth of more than 6,371% over the past month, boasting a TVL of $2.45 million as of Monday.
Woof, a key figure behind WoofSwap, stands at the forefront of a state-of-the-art decentralized exchange (DEX) operating on the Shibarium network. WoofSwap ingeniously integrates liquidity, voting, and rewards, setting a new benchmark in the DeFi landscape.
With its swift and cost-efficient transaction capabilities, coupled with a robust ve(3,3) incentivization model, WoofSwap is redefining decentralized finance. The platform champions community empowerment through features like permissionless pool creation, democratic voting mechanisms, and fee accumulation for ve lockers, offering users an unparalleled and inclusive DeFi experience.
“What I hope more is that all of us can unite to make DAMN the representative of meme coin on Shibarium, and let people on SOL join Shibarium because of DAMN,” Woof said, before adding, “Because people like it, so we do it. We are always observing crypto trends and implementing them where possible at Shibarium, and that’s what we’re doing, whether it’s src20, erc404, or meme coin.”
