2023 has truly been an incredible year for meme coins, the recent madness surrounding the meme coin $PEPE being a great example. Growing from a mere $30,000 market cap to over one billion dollars in just over a month. $PEPE took the cryptosphere by storm, bulldozing its way to the top 50 coins worldwide. Amidst all this hype DAOs and community groups everywhere are searching for the next great meme.
One meme coin that has been gaining traction as of late is Shib Original Vision or $SOV, a coin launched by Karma DAO which, according to popular influencer Bitboy’s video contains some of the founding community members of $SHIB. $SOV aims to bring the Shiba Inu community back to its roots by reducing corruption & making its decision-making more decentralized via the 50+ member ‘Inu economic forum’.
Keen to capitalize on the momentum of Shib ahead of the much-awaited Shibarium launch, the $SOV community recently launched a bonding feature that allows users to trade in their $SHIB and get significantly discounted $SOV (approximately -40% off spot price). The $SHIB is then used to buy back $SOV tokens, creating a loop of people acquiring discounted SOV and the funds being used to increase the value of the SOV they are then holding.
The $SOV is vested for 6 months, which will create the perfect HODL scenario for users, rewarding only those committed to the token’s long-term success. Bonding will also help to increase the number of $SOV holders, a key indicator of on-chain health, and give the Shiba Inu community a chance to join the ranks of Shib Original Vision holders at a discount. It is believed to be the first such direct, large-scale attempt to bond one popular meme coin to another, and industry heavyweights are watching. Indeed, on-chain analysis shows well-known Web3 fund managers such as Roger Lim & Joe Mccann from Asymmetric Ventures appear to be accumulating the coin. Trading at around a 10 million dollar market cap at the time of writing, if even a small percentage of Shib holders decide to take the plunge and bond their holdings to $SOV, it could have huge implications for the burgeoning meme coin.
