WeChat has had "Crazy Frog" as an unofficial mascot since 2016, but the company has officially announced its English name as "Froggie". This occurred after a support campaign from the community, including a Froggie meme coin.
This Token subsequently increased by 23% to reach a market Capital of 19 million USD, but then decreased. WeChat has no official interest in the meme coin field, and the likelihood of participating in this asset in the future seems low.
WeChat Names Froggie Mascot
In today's market, meme coin can have many different origins and stories, some of which are quite absurd.
For example, Changpeng "CZ" Zhao's dog has a series of related meme coins, and one of the top performers yesterday was actually USELESS. Of course, WeChat's recent decision about the "Froggie" mascot created its own token:
This popular chat application has used a frog as an unofficial mascot since 2016, but the poll to officially name it only took place last month.
Froggie became the name favored by the community, leading to the launch of a related meme coin, and WeChat agreed to this request. Since then, Froggie quickly increased by 26%, reaching a market Capital of 19 million USD:
Froggie Price Performance. Source: DexscreenerHowever, it is uncertain whether this will become a sustainable performer in the meme coin field. WeChat has over 1 billion monthly active users, but this makes Froggie's presence seem particularly small.
After a quick increase and traders taking profits, the token has dropped significantly, currently having a market Capital of 17 million USD.
Moreover, the Froggie token has no direct relationship with WeChat, and this does not seem likely to change. Although this platform has supported the digital yuan for many years, WeChat has repeatedly banned all other crypto and NFT activities.
Although China has a developing blockchain industry, their government still maintains a hostile attitude towards purely speculative crypto products.
Telegram, another chat application, has a strongly developing meme coin field, but cryptoassets and blockchain technology are integrated more directly with the platform. In contrast, WeChat has no corresponding history of accepting Web3, especially related to meme coins.
In other words, WeChat's activities might occasionally promote Froggie. The application has shared meme Froggie several times in the past week, so more involvement could theoretically support another price increase.
However, this is just a speculative meme coin driven by the community, which may continue to follow the pump-and-Dump pattern.
