The podcast community Vicious circle unleashed, perhaps without thinking about it, a revolution for Argentina’s crypto ecosystem, by give life to the memecoin national, which was named Magaiba. What started as a simple joke quickly became a fascinating reality.
From the first moment, followers of the podcast flooded social networks with memes alluding to the new currency. And its value has only grown, registering an impressive 350% increase in the last few hours.
In this context, in which memecoins are operating at levels not seen since 2021, it is crucial to remember that these types of assets are created mainly for entertainment or humorous purposes, often inspired by popular memes. In this context, fun is the main objective, rather than a traditional investment aimed at generating long-term benefits.
Magaiba: how it was born
As explained by the Twitter user (now X) Fran PerezMagaiba was born like a joke last Friday and, before reaching his first week, It generated a stir on social media with the main web3 references, it appeared on 5-6 large stream programs and was listed on one of the most important exchanges nationwide, which means that it can be transacted without problem.
“At the time of writing this, we saw 14,835 transactions between 3,840 wallets, generating an operated volume of US$6.8M and the Liquidity Pool reached US$400k,” says Pérez.
In parallel, the user comments, a community was created on Discord that created a tsunami of memes and it doesn’t stop. The phenomenon reached China, Japan and is beginning to have an impact on Europe. Little by little, videos of these payments are arriving with people celebrating the meme.
So, in just six days. “It completely exceeded everyone’s expectation, made history in the local ecosystem (for better and worse) and will be a beautiful case study of the industry“, he indicates.
What is the name due to?
The truth is that the name was inspired by a peculiar viral video of a Chinese woman presenting her pet, a Argentine monkey lizard called MacGyverrenamed “Magaiba“, which captured the attention of the crypto community.
The announcement of the launch of MAGAIBA was made in episode 171 of the show, where Ruocco and Wasserman explained their vision of creating a light and accessible on the Solana blockchain. They invited the audience to contribute funds into SOL to create liquidity, cwith the initial goal of reaching $1,200.
The response was overwhelming. In less than 12 hours, the established goal was greatly exceeded, generating unprecedented enthusiasm among the podcast’s followers. March 8 marked the official beginning of the MAGAIBA erawith the token available to trade on the Jupiter decentralized exchange.
Initially valued at $0.00006, MAGAIBA experienced a rollercoaster of price fluctuations, rreflecting the volatile and speculative nature of the cryptocurrency market. Despite an informal no-sell agreement among fans, the price of the token was still the subject of negotiationsdriven by growing demand and low liquidity.
What started as a fun experiment soon became a global phenomenon. Memes and social media dissemination took MAGAIBA beyond the boundaries of the podcast and attracted a wave of new investors. The token’s price chart, from its launch to the current date, shows a dizzying rise, with a maximum reached on March 13 of $0.02179, representing an increase of more than 363 times in just 5 days.
This rapid growth not only surprised the crypto community, but also demonstrated the power of meme culture in the cryptocurrency space and the ability of seemingly humorous projects to capture the imagination of investors around the world. MAGAIBA went from a simple joke to a disruptive force in the market, challenging conventions and generating a new type of conversation around cryptocurrency adoption.
Source: Ambito
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