Collection Spotlight: ADA Peepos

Collections 14.02.2024

Collection Spotlight: ADA Peepos

In our collection spotlight series we explore NFT projects and their ecosystems. Today we're diving into ADA Peepos - a meme focused Cardano NFT project with $FREN token.

In previous articles focusing on Cardano NFT projects we dove into Goofy Gophers Mining Club, Toolheads, Poki, Jelly Cubes and Tappy by TapTools.

You can read more about Cardano NFT projects in the Articles below.

ADA Peepos Collection

The ADA Peepos collection has a supply of 4,266 NFTs on Cardano, inspired by the popular Pepe meme. Launched on December 11, 2023, it quickly gained traction within the community, with people appreciating its playful traits and overall frenly vibe. Following the launch, the collection's floor price soared to 35 ₳, and within just five days, over 100k ₳ worth of secondary trades were recorded.

In the December meme coin frenzy, the community urged the team to introduce a token, despite it not being part of the original plan. Responding to the demand, the team launched $FREN token on December 19, 2023. The token's presale was exclusive to ADA Peepos holders, allowing each holder to participate by sending 20 ₳ for the presale. Anticipation for the token launch drove ADA Peepos prices up to 240 ₳ just before the presale.

The utility of Peepos extended beyond access to the presale. A portion of the supply was allocated to an airdrop, with all holders receiving 2,954,764 $FREN for each ADA Peepo, along with bonus tokens for rarer NFTs, on December 24. With the $FREN rising prices and anticipation of the airdrop, ADA Peepos floor price went up to 360 ₳, reaching ATH floor price of 500 ₳ just a few days after. In addition, the ADA Peepos team collaborated with ADA Anvil developers to create a staking platform for Peepo NFTs, with staked ADA Peepos earning $FREN tokens as rewards. Currently, 81% of the total supply is staked, leaving only 19% (810) ADA Peepos in circulation.

$FREN Token

The presale's success catapulted $FREN into prominence within the Cardano ecosystem. Within days of its launch, $FREN became the second-largest meme coin on Cardano by market cap, trailing only $SNEK.

The total supply of $FREN tokens stands at 389.53 billion, with 316.03 billion tokens currently in circulation (81.1%). During the presale, 38% of the supply was distributed to presale buyers, while 30% was added to a liquidity pool that was subsequently burned. An additional 7% of tokens were burned, resulting in a lower supply than initially announced. The remaining supply was allocated to the airdrop, team & advisors, and reserve.

Following its launch, $FREN experienced exponential growth in price and holder count, reaching an all-time high price of 0.0000777 ₳ on December 26. Currently, $FREN has 3,369 holders and is priced at 0.0000158 ₳, making it the 41st largest coin on Cardano.

The team has implemented multiple burn mechanisms, utilizing royalties and fees earned from a swap platform in collaboration with Dexhunter to buy and burn tokens, reducing the supply further.

Future Plans

Despite fluctuations in token price, the ADA Peepos team remains committed to building and expanding their community, while also spreading friendly vibes across Cardano and other crypto ecosystems. The team has announced a collaboration with Frens 4 Good (F4G) charity fund and aims to pursue additional partnerships within the ecosystem. Additionally, they plan to introduce a crypto cross-chain information section on their Discord, along with a FREN bot featuring utility functions.

Summary

In summary, the ADA Peepos collection of 4,266 NFTs inspired by the Pepe meme, rapidly gained traction within the Cardano community upon its launch in December 2023. The subsequent introduction of the $FREN token further catapulted its standing as the second-largest meme coin on Cardano, thanks to successful presale and utilities like staking platforms. With plans to spread positive vibes, build utility bots and information channels, and grow their community further, the ADA Peepos team is committed to onboard new people and spread friendly vibes as well as funny memes within the Cardano and broader crypto ecosystems.

Disclaimer: This article provides general information and summary of projects and protocols on Cardano. This is for educational purposes only. By no means should not be construed as financial or investment advice. Collecting and investing in tokens should be approached with careful consideration and research. Source for token data was Cexplorer & TapTools