STORY : $COCK-ADA: A Meme Coin Rollercoaster
This is the story of $COCK, a meme token launched on the Cardano blockchain in 2023.
Early Success:
May 29, 2023: $COCK shatters the Cardano presale record, raising a whopping 5.2 million ADA (Cardano’s native token) against a target of 0.6 million.
June 3, 2023: $COCK launches on Minswap, a decentralized exchange (DEX), sparking immense hype with record trading volume.
The Downfall:
Malicious actors exploit the hype, manipulating the market with bots and preying on enthusiastic supporters.
Within 48 hours, the price plummets. The original team abandons the project, taking the 125,000 ADA development funds with them.
A Community Rises:
A passionate $COCK holder, steps up on June 13th.
A new team forms, dedicated to reviving the project with the remaining community and locked liquidity.
Current Status:
$COCK claims to be “rug-pull proof” due to the smart contract locking DEX liquidity for life.
The token continues to exist, though its future remains uncertain.
Note: The term “rug pull” refers to a scam where developers abandon a project after taking investor funds.
What is a Liquidity Pool?
As the name suggests, a liquidity pool is a pool of tokens. The difference here is that a smart contract manages these tokens. A smart contract is a self-executing code riding on the decentralized, public ledger like Cardano.
By providing liquidity in a given pool, these tokens guarantee and facilitate smooth trading in decentralized exchange, which relies entirely on smart contracts, enabling trustless operation.