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The Meme Coin Phenomenon: Cocoro, a New Player in the Market
Another Dog, Another Coin? Yes, but This One Has a Serious Lineage—and an Official Stamp, Too.
On Saturday, Own the Doge, the collective that holds the exclusive IP rights to the original Doge meme that inspired Dogecoin, announced the launch of Cocoro (COCORO) on the Ethereum layer-2 network Base.
The Story Behind Cocoro
The Base meme coin is named after the latest dog adopted by Atsuko Sato, the Japanese woman who owned the late Kabosu, the Shiba Inu dog pictured in the famed meme image that Dogecoin was based on. The Cocoro launch was coordinated with Sato’s first blog post about the newly adopted 10-year-old rescue pup, and Own the Doge is managing the IP around the canine.
The Launch and Market Reaction
The Cocoro token quickly surged to a market capitalization above $80 million on Saturday morning, but it has since corrected to $46 million at a price around $0.046 per token. According to a tweet, 75% of the tokens were locked to liquidity pools to facilitate trading, with another 20% going to airdrops for DOG and NEIRO token holders, and 5% left for the DAO reserve.
Why Own the Doge Chose Base
Pseudonymous Own the Doge CEO Smoke told Decrypt why the team opted to deploy COCORO on Base, the Coinbase-created Ethereum scaler, noting that its earlier DOG token has attracted a substantial number of holders on the network.
"We are big fans of what Base is doing for the ecosystem. They have made it fast and affordable to build on Ethereum at scale," said Smoke. "We have had a strong relationship with them since early last year, and we currently have over 1 million DOG holders on Base."
The Meme Coin Phenomenon
Dogecoin (DOGE) was created in 2013 by software engineers Billy Markus and Jackson Palmer as a joke, and without the permission of Sato. It went on to become one of the most valuable cryptocurrencies in the world, fueling a thriving meme coin industry with millions of varied tokens.
Own the Doge and the IP Rights
Own the Doge (DOG), on the other hand, was created following the team’s acquisition of the IP rights to the original Doge meme photo, launching on Ethereum in 2021. DOG surged in value on Saturday following the announcement of the team’s Cocoro move, with CoinGecko showing a 25% spike in value for the token.
Conclusion
The launch of Cocoro marks a new chapter in the world of meme coins, with Own the Doge seeking to establish a strong foothold in the market. As the meme coin phenomenon continues to evolve, it will be interesting to see how Cocoro performs and what impact it has on the industry.
FAQs
Q: What is Cocoro?
A: Cocoro is a new meme coin launched by Own the Doge on the Ethereum layer-2 network Base.
Q: Why is it named Cocoro?
A: The Base meme coin is named after the latest dog adopted by Atsuko Sato, the Japanese woman who owned the late Kabosu, the Shiba Inu dog pictured in the famed meme image that Dogecoin was based on.
Q: What is the market capitalization of Cocoro?
A: The market capitalization of Cocoro has corrected to $46 million at a price around $0.046 per token.
Q: What is the purpose of the airdrops?
A: The airdrops are intended to distribute COCORO tokens to DOG and NEIRO token holders, as well as for the DAO reserve.
Q: What is the current relationship between Own the Doge and Base?
A: Own the Doge has had a strong relationship with Base since early last year and has over 1 million DOG holders on the network.
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