Cocoro meme coin launches with $80M market cap

The newly launched meme coin Cocoro (CRYPTO:COCORO) has made a significant entrance into the cryptocurrency market, quickly achieving a market cap exceeding $80 million.

Developed by Own the Doge (CRYPTO:DOG), the group that manages the intellectual property rights of the original Doge meme, Cocoro is built on Ethereum's (CRYPTO:ETH) layer-2 network, Base.

The launch coincided with a blog post from Atsuko Sato, the owner of Kabosu (CRYPTO:KABOSU), the Shiba Inu (CRYPTO:SHIB) that inspired Dogecoin (CRYPTO:DOGE), introducing her newly adopted rescue dog named Cocoro.

This initiative aims to establish a legitimate token associated with Sato's pets, countering previous unauthorised uses of their images in token launches.

Upon its debut, Cocoro's market cap initially soared before stabilising around $46 million, with the token priced near $0.046.

Tokenomics for Cocoro indicate that 75% of its supply is locked in liquidity pools, while 20% has been allocated for airdrops to existing DOG and NEIRO (CRYPTO:NIERO) token holders.

The remaining 5% is reserved for a Decentralised Autonomous Organisation (DAO) to support future developments.

The pseudonymous CEO of Own the Doge, known as Smoke, expressed enthusiasm for using Base due to its scalability and affordability for building on Ethereum.

“We are big fans of what Base is doing for the ecosystem. They have made it fast and affordable to build on Ethereum at scale,” Smoke stated.

Following the launch of Cocoro, the value of the existing DOG token surged by 25%, indicating strong investor interest in the project.

Meanwhile, NEIRO, another meme token linked to Sato's dogs, experienced a decline of 14% after Cocoro's introduction.

Although NEIRO had previously secured backing through a DAO vote, no formal agreement has been finalised yet.

At the time of reporting, the Cocoro (COCORO) price was $0.03227.