Frogecoin (ticker: FROGE, or KEK on RelayX.com) describes itself as a “fair meme token” that is “using memes to finance the future”. It launched on 15th May 2021. They followed the path of the Shiba Inu by sending 50% of the entire FROGE supply to firstname.lastname@example.org - the relayx handle of Elon Moist (aka Josh Petty).
Following that transaction, small amounts of FROGE (~10,000 FROGE) were sent to several known relayx paymails and then FROGE was listed for sale on the DEX. FROGE was listed for sale in a layered pricing, meaning a select amount was first listed for sale at one price. Then once that sold out the next listings would be made higher.
The supply is 218 billion, of which 109 billion is owned by Elon Moist now. The market cap is just shy of $2.5million, with FROGE being listed for sale currently at 0.000000007 [TK] BSV, or 700 sats. Notably the market cap is 3.5x that of SHUA.
Reason for Sending 50% to Elon Moist
When asked why he decided to send 50% to Elon Moist, he said,
My thoughts originally are that Elon could do whatever he wanted to do with the tokens. he could wait for price to go up.. Sell some and pay for the Twetch app to go live. He could start handing out FROGE to help twetchers raise money for Twetch… he could use it to fund projects in BSV.
Hopefully someday he will see value in FROGE and he’ll be willing to come up with some more use cases for it. I feel people in this space would feel more comfortable holding a coin that Elon owns the majority of than a coin that some random anon on the web is selling.
As of 29th June 2021, the FROGE in email@example.com remains unmoved.
In the case of Shiba Inu, Vitalik Buterin ultimately sold off 90%+ of what he was given, tanking the price of Shiba Inu when he sold - although it still has a market cap of $3.5billion today.
More on the Creator of FROGE
The Frogecoin creator was a Tier 2 sponsor of RUN (5 BSV worth) and bought the ticker $KEK for 4 BSV - which is what FROGE is listed under on the frontpage of RelayX.com. Frogecoin has also shown to be early supporter of newly launched apps on BSV. For example being one of the first to use the microsite builder which was one of the entries in the RUN Hackathon.
FrogeSwap and Options Trading
Frogecoin also recently launched Frogeswap, which is a token to token swapping service. You can swap between FROGE, SHUA, HST, ZAT, WOOFI and NPC currently. This is a manual service, with trade sizes no larger than $100 right now. Prices are market rates according to the DEX, with a 5% cut that is taken for the service. This fee is removed if swapping into FROGE however.
There is also a FROGE Option which you can purchase on the DEX. The option gives you the right but not the obligation to purchase 10million FROGE for 5 satoshis each (0.00000005 BSV) by 16th July 2021.
Meme Token Wars
There have been several meme tokens launched on BSV recently - FROGE, KittyFi and WooFi being a few. Effectively they are all playing off memes and have no real usecases. It is however a very interesting way to bootstrap and form a digital community that is aligned in meme’ing their token into something that is valuable.
Many of these meme tokens have taken to methods like listing many, many small orders of $0.20 so that the ‘Purchases’ number on Mornin’ Run is high, and their token stays on top.
Frogecoin is being smart by listing their tokens for sale in a layered manner. It gives the impression that price is rising in price. Though unless volume can be increased significantly, no one is really able to exit anything sizeable.
- Supply: 210,000,000,000 FROGE
- In first few days of launch there were a few $1k+ 24hr volume, but since then 24hr volume is usually <$100
- FROGE holders: 450+
- Current price: 7 satoshis (0.00000007 BSV)