Within the past month, a new meme cryptocurrency by the name of Garlicoin has established itself, with a community primarily present on its subreddit (/r/garlicoin) and Discord server.
At approximately 5 PM EST on January 23, a Reddit thread was posted by Garlicoin's developers, with a link to the site from which airdropped coins would be distributed to anyone with an established Reddit account (with an age of likely at least a few days) subscribed to /r/Garlicoin and a receiving address:
~~~ embed:garlicoin/comments/7sikmp/garlicoin_airdrop_megathread/?st=jcs8wt4w&sh=0dc70c0c reddit metadata:fGdhcmxpY29pbnxodHRwczovL3d3dy5yZWRkaXQuY29tL3IvZ2FybGljb2luL2NvbW1lbnRzLzdzaWttcC9nYXJsaWNvaW5fYWlyZHJvcF9tZWdhdGhyZWFkLz9zdD1qY3M4d3Q0dyZzaD0wZGM3MGMwY3w= ~~~
Within two minutes, the site went down due to a massive influx of user traffic. Given that the Garlicoin subreddit currently has over 11,000 subscribers, and its Discord server over 8,100 active members, it's easy to see why the airdrop site quickly succumbed to the infamous Reddit Hug of Death. While the site itself recovered for the most part after the initial wave died down, it's still been having trouble processing requests by users wanting some free coins (myself included):
The coin is still very much in its infancy stages, having been officially launched just days ago. Demand for the new meme coin seems to be very high, with it tending to fetch around $2-3 per on the cryptocurrency's trading subreddit, /r/GarlicMarket. While the coin's price could go anywhere as it matures, it is estimated that if it ever reaches the popularity of Dogecoin, each coin would be valued around $5-10, based on the differences in circulating supply. Approximately ~113 billion Dogecoin are currently in circulation according to CoinMarketCap, while Garlicoin's total supply will never exceed 69 Million (as detailed under section 4 of this Reddit post).
Whether or not the new cryptocurrency has any staying power, it has certainly been interesting to follow over the past few days, and I've had fun being a part of the Garlicoin community.
Just as a disclaimer, I do own a handful of GRLC that I've obtained via mining, so I am somewhat invested into this new cryptocurency.
My Garlicoin receiving address: GXesQWXJeJ2Cdesv5Td6vEPikzQv1WtC6f