Rug.fun Turns Minting Ethereum Meme Coins Into a Competitive Game
We do the research, you get the alpha!
Fancy creating your own meme coins and getting rugged? This might be the game for you.
Rug.fun is a two-phased 24 hour game which sees investors attempt to create and buy into the highest and lowest liquidity meme coins. Anywhere in between when the timer hits zero? Then you’re getting rugged.
This is as degenerate as it sounds. In the first 12-hour phase of the game, players are able to create or buy as many coins as they’d like. But only the top 10 coins will move into the second page, with all other tokens being refunded.
In the second phase, called the race, investors have 12 hours to ensure their bags are among the highest or lowest liquidity tokens in the game. To do so, players can buy or swap coins with an incrementally increasing “rug pool” tax which will be added to the prize pool.
Once the 24 hour timer ticks down to zero, the tokens in first and last place win. Every “midwit” token in between is entirely rugged, with their liquidity going to the winners of the game along with the rug pool tax.
By the creators of Mint.fun, an NFT discovery site that was just acquired by Zora, the Context team created AIRDROP as the game’s first token. The team has allowlisted addresses which were rugged by previous tokens and NFT projects (such as BALD). This token can be used to create or swap tokens in Rug.fun.
Built on Coinbase’s Ethereum layer-2 network Base, the first game is currently in the race phase. At the time of writing, AIRDROP is first with a multi-million dollar lead while RUGDOTFUN is last, only $300,000 behind ninth place.
As it stands, there is $260,000 in the prize pool which will be distributed to the tokens in first and last place.
This comes amid a cooler crypto market with devs and degens turning to shocking new tactics to pump tokens. We’ve recently seen LiveMom perform degrading acts if her son’s meme coin reached a certain market cap, while another dev promised he couldn’t rug pull due to having no hands… he did have hands, and he did rug pull.
