- Memecoins are an investing anomaly.
- Dogecoin was not the first memecoin.
- An Ethereum memecoin is accused of hijacking Bellscoin.
Memecoins, born from internet culture and humor, have become a unique niche in the crypto world. Despite their reputation for volatility and rug pulls, these coins have attracted investors looking for quick gains, fueling their popularity.
While many believe Billy Markus and Jackson Palmer’s Dogecoin was the first memecoin, Markus’ “Bellscoin” ($BEL) came a week earlier. Over a decade later, an Ethereum-based clone with the ticker $BELLS faces accusations of impersonating the original.
Markus Doesn’t Recognize Ethereum, Solana Clones
The Ethereum-based Bellscoin took to social media to refute claims that it is posing as the original Bellscoin, created by Markus in 2013. The project’s team clarified that “we are not impersonating anyone” and emphasized that they “are not claiming to be OG Bells.”
$BELLS opened trading on October 23 and experienced a staggering surge, skyrocketing 26,000% in value within six hours and reaching a market cap just shy of $3 million. This explosive growth has captured significant attention, even as the project faces controversy over its legitimacy.
However, despite its denials, the Ethereum-based project’s social media presence heavily references the original Bellscoin, with posts and its profile making overt connections to Markus’ creation.
Billy Markus has distanced himself from the situation, stating that the original Bellscoin operates on its own blockchain, and that he doesn’t “recognize” any projects using the name on Ethereum or Solana.
Bellscoins is the Original People’s Coin
Markus created Bellscoin in 2013, eight days before Dogecoin, inspired by Nintendo’s Animal Crossing. While it was initially abandoned in favor of Dogecoin, Adam McBride and Luke Wright revived the project in 2023.
Bellscoin prides itself on having no pre-mined tokens, no team allocations, and being entirely community-driven, which distinguishes it from many other crypto projects.
Since its revival, the project has reached a $60 million market cap. To continue its growth, Bellscoin is raising funds for CEX listings, marketing, and market-making efforts.
On the Flipside
- Unlike traditional markets where brand protection is stringent, crypto‘s decentralized nature means anyone can launch a token with any name.
- A Chainplay study of 30,000 memecoin projects found that 97% died in 2024.
Why This Matters
While $BELLS denies any connection to Dogecoin’s creator, this saga demonstrates how crypto’s unregulated nature allows projects to blur the lines between homage and imitation, a red flag that seasoned investors should know all too well.
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