The once-famous Non-Fungible Token collection DeGods suddenly announced the conversion of all Non-Fungible Token to a new Token called DEGOD, causing a stir in the crypto community.
DeGods “abandons” Non-Fungible Token, switches to new Token DEGOD
In a very surprising move, the Non-Fungible Token project DeGods has announced its decision to convert the collections in the ecosystem into a single Token called DEGOD, which can essentially be understood as abandoning the Non-Fungible Token segment to switch to catching the memecoin trend on Solana .
DeGods posted an announcement on September 15 admitting that the project’s problem was being Shard into too many different collections, which caused liquidation and the community of holders to be Chia . So, to unify everything, the project decided to allow users to convert DeGods, y00ts, and Dust Non Fungible Tokens into its official Token called DEGOD, at the following rates.
The majority of opinions from the crypto investment community on X (Twitter) believe that this is an extremely risky but understandable move by DeGods, in the context of the Non-Fungible Token sector continuously declining in the period 2023 - 2024 with no signs of recovery. Unifying the brand to a memecoin, although riskier, can help the project take advantage of the existing community strength to maintain.
DeGods also announced the tokenomics for the Token , with a commitment to allocate 85% of the total supply to the community of more than 41,200 Non-Fungible Token investors, while the private fund only holds 10%, and the remaining 5% is used for liquidation at launch. DEGOD is a Token issued on Solana with a total supply of 10 billion units.
However, the DEGOD Token launch on Raydium quickly encountered controversy when an investor quickly bought 1% of the total Token supply early, pushing DEGOD's Capital to $300 million before dumping to $60 million, then recovering to $90 million at the time of writing.
DEGOD price movement in the hours after launch, DEXScreener screenshot at 09:40 AM on 09/16/2024
The prices of the two Non-Fungible Token collections DeGods and y00ts are up 50-75% compared to 24 hours ago as investors rush to buy Non-Fungible Token to convert with the chance to receive DEGOD Token .
Statistics of Non-Fungible Token collections in the DeGods ecosystem, screenshot of Non-Fungible Token Price Floor at 09:40 AM on 09/16/2024
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