The decision comes after Shiba Inu raised $12 million to develop its own layer-3 blockchain.
Meme coin HarryPotterObamaSonic10Inu (BITCOIN) has announced today the launch of its blockchain, powered by AltLayer and EigenDA, the data availability layer of EigenLayer. On May 14th, the meme coin completes its first year.
Despite not revealing details, the X post shared that this new blockchain will be a “memechain.” Since the announcement, BITCOIN has risen by 8.5%, 4% over the past 24 hours, and 1,140% since its inception, according to data aggregator CoinGecko. However, the meme coin is nearly 60% below its all-time high at the time of writing.
The token is inspired by a famous meme back in the 2010s, which is the picture of a backpack containing all the words that compose the meme coin’s name.
The movement comes after fellow meme coin Shiba Inu (SHIB) raised $12 million from names such as Mechanism Capital, Animoca Brands, DWF Ventures, and Polygon Ventures, with plans to launch its own layer-3 blockchain. The chairman of Cypher Capital, Bill Qian, stated that Shiba Inu’s blockchain is “set to power up blockchain real-world utility.”
Moreover, Berachain raised $100 million recently to develop its layer-1 blockchain. The blockchain originated from Bong Bears, an NFT project collection that fostered an active community, which then engaged in Berachain’s development.