A relatively unknown meme coin, CorgiAI, has become the eighth largest meme coin by market cap according to CoinGecko.
The token flipped Pepecoin, Memecoin, and TRUMP by skyrocketing 60% over the past 24 hours and 102% over the past week. CorgiAI is within flipping distance of Book of Meme, with a market capitalization of over $800 million, according to CronoScan.
This figure is similar to what is reported on CoinGecko and CoinMarketCap, although the latter indicates it has been self-reported by CorgiAI (CORGIAI) and not been verified. Meme coins are by nature very volatile, since CorgiAI’s creation a year ago the token has seen similarly huge swings three times already. CorgiAI's smart contract also includes a mint function, according to GoPlusLabs, meaning more tokens can be created if exercised so proceed with caution.
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CorgiAI is a community driven meme coin on the Cronos network which aims to use artificial intelligence (AI) to build tools. The most recent example of this is the Corgi Cre8r, an NFT text-to-image AI generator.
Cronos is a layer-1 blockchain which is capable of interoperating with Ethereum and Cosmos. It was created by Crypto.com in partnership with Cronos Labs. Its CRO token is currently sitting at a $3.4 million market cap, according to CoinGecko.
Despite being around for a while, the chain has made relatively little noise in terms of meme coins. In an attempt to address this, the chain decided to promote its native meme coins through a campaign which gave users the opportunity to win token rewards and an exclusive NFT.
The “Cronos Spring Odyssey: Memecoin Trails,” asked participants to follow the tokens Twitter account, like and retweet a post, as well as buy and hold $5 of CorgiAI. Since this campaign began, the token has skyrocketed 97%, according to CoinGecko. In turn, it is now the fifth largest token on Cronos behind USDC, Wrapped Bitcoin, Maker stablecoin DAI, and the network’s native CRO.
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While 10 other tokens were part of the campaign, CorgiAI saw the most significant gains. Crow with knife is in second seeing 14.3% gains over the past 24 hours, reaching a $55,000 market cap.
This may be because CorgiAI has also been running allow list campaigns and giveaways on their Twitter. These campaigns, run through GALXE Quest, had similar requirements to the Cronos Spring Odyssey with Twitter interactions combined with buying and holding tokens providing an entry.
