Memecoin Weekly: Garlicoin

​

“the cryptocurrency you never thought you needed and you probably don’t.” - Garlicoin

All time high: $4,29 USD (Jan 28, 2018)

Current Price: $0,002108 USD (Oct 29, 2020)

The history of the coin.

Garlicoin started out with a Reddit user called 'DigitalizedOrange' who created Garlicoin early 2018. In the last months of 2017, DigitalizedOrange posted on Reddit that they would develop and release a “garlic bread dating simulator” if the post got 30,000 upvotes. On Christmas day, DigitalizedOrange posted in a new subreddit called Garlicoin that if the post got 30,000 upvotes they would create a new cryptocurrency called Garlicoin, and here was this new memecoin born.

The idea of the coin.

According to the website, it was “born from the shitposts of Reddit” and “baked with our special ingredient, copy/paste” because the code was copied from Litecoin. On the 21th of January the mainnet went live, and the website described the coin as: “Garlicoin is like the deadbolt for door locks; it’s secure and protects you from crypto-vampires,” and it is also “blazing-fast.”.

Is it a joke?

According to DigitalizedOrange the coin was intended as a joke and didn't hold any value, he stated:'' I am actually surprised it has any value at all. Reddit is stupid (love you guys).”. However, another Reddit user and co-founder “MIP5,” claimed that it had the same purpose of Litecoin or Bitcoin, but the difference is that Garlicoin focused on the community.

The scandal.

About 40,000 garlic coins that were premined by the developer team with the intention of giving them out to users for free as part of an “airdrop” went missing. There's been speculated that one of the developers has been involved, or stole it himself. The Garlicoin team holds a large amount of premined coins and the community can decide what they want to do with it.

thanks for reading, I hope you liked it :)

​

sources: Vice, Reddit, and Icoli