The price of the Unisocks token (SOCKS), issued as a joke by the Uniswap exchange, hit a new all-time high above $ 92,500 this week. It can be exchanged for a real pair of socks.
“500 pairs of digital socks have a capitalization of $ 20 million. Memes are the new money,” Coinshares chief strategist Meltem Demirors drew attention to the event.
500 pairs of digital socks 🧦 have a market cap of $20 million
memes are the new money https://t.co/gJ5MmtaZrE
– Meltem Demirors (@Melt_Dem) February 15, 2021
Some users remembered the times when the token was still valued at $ 200.
$SOCKS 🔥
Unisocks at $83,000 😆
Most expensive ever.
I remember seeing these at $200 and thought they were crazy at that price! pic.twitter.com/iOWH5OkA1X
— John Trades Crypto — ‘Follow Me’ (@JohnTradesCryp1) February 16, 2021
The decentralized exchange released 500 meme tokens in May 2019, valued at $ 12 at the time.
Subsequently, the rise in the value of Ethereum and the limited supply of SOCKS pushed the price up – to date, there are only 315 pairs of such socks, the total cost of which is $ 20 million at the current price of $ 62,000.
According to CoinGecko, over the past 30 days, SOCKS has risen in price sevenfold, while the growth in the last seven days was 125.3%. At its peak on February 16, the rate rose to $ 92,549.47.
SOCKS dynamics. Data: CoinGecko.
Tokens can be returned to the pool at any time. Each token entitles one pair of socks – it is shipped worldwide. Redeemed tokens are removed from circulation.
🦄🔥🧦🦄🔥🧦🦄🔥🧦🦄🔥🧦🦄
The day is finally here — Unisocks redemption is live!!!Visit https://t.co/fJv6jrrVLd to redeem your $SOCKS for luxury socks shipped anywhere in the world.
— Uniswap Protocol 🦄 (@Uniswap) October 22, 2019
“If anyone is wondering why the price of SOCKS soared $ 22,000, it’s because the whale bought them for $ 220,000. The remaining socks will have to be put in a safe deposit box,” Uniswap founder Hayden Adams joked earlier.
If anyone is wondering why SOCKS jumped to ~$22k its because this whale bough $220k worth
We’re going to need to put outstanding Unisocks in a bank vault soon 😅https://t.co/Iehw35gojD
— Hayden Adams 🦄 (@haydenzadams) January 29, 2021
The jump in SOCKS coincided with the successes of Uniswap itself. Recently, the trading volume on this platform exceeded the $ 100 billion mark.
In February, there was a stir in relation to the most famous meme-token DogeCoin on the market, provoked by the interest in the project by Elon Musk. It even forced the developers to return to work on the cryptocurrency code.
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