If you’ve ever felt that twinge of disappointment upon unwrapping a birthday gift and seeing a pair of socks, DeFi is here to give you a wake up call.
Unisocks (created by Uniswap) is DeFi’s twist on…well, socks. And just like pretty much everything else in DeFi right now, they’re on a major bull run.
Socks for Bulls
Around the end of 2020, one $SOCKS token—forever limited to 500 units and redeemable for a real, physical pair of exclusive Unisocks socks—was valued around $3-5k USD. Granted, that’s still double the cost of the most expensive socks in the world which made headlines in 2014 for costing all of $1.5k. (Those $1.5k socks were also woven from Cervelt, which is an exceedingly rare down fiber gathered from a New Zealand Red Deer.)
But even $3-5k is mere foot lint compared to the price of $SOCKS now.
Yes, right now, one single $SOCKS token (again, redeemable for one real pair of Unisocks, which are normal cotton socks with a printed Unisocks logo) will set you back $75k. That’s down from the Feb. 16 high of nearly $93k.
Socks for Whales
In January, $SOCKS leaped from $5.8k on the 15th all the way to over 20k by the end of the month. In a Jan. 29 tweet, Uniswap’s founder (and the mind behind Unisocks) Hayden Adams wrote: “If anyone is wondering why SOCKS jumped to ~$22k its because this whale bought $220k worth. We’re going to need to put outstanding Unisocks in a bank vault soon.”
But that whale was only the beginning for $SOCKS, as the price has rocketed over 240% in the past two weeks (and over 1070% in the past month), with a current market cap of $23.8M. To be frank, this is insane for an asset based entirely on regular cotton socks.
Big Shoes to Fill
Then again, if we can meme $DOGE to the stratosphere, why not $SOCKS, too? $SOCKS owners may be driven by the same urge to flex as NFT owners spending thousands on what some say are just jpegs. It’s a status symbol, a way to show, “I was here in the early days of DeFi, when all the cool kids were buying tokens linked to a clothing item sold by an exchange with a unicorn logo.”
To be sure, $SOCKS isn’t a safe investment. With a range of over $34k in low-high swings over the past 24 hours, $SOCKS seems to be showing the same sort of price volatility typical in meme assets. It’s impossible to predict where $SOCKS will stand in a week, let alone in another day or two.
Still, even if $SOCKS comes crashing all the way to the ground, at the very least, the token will always be redeemable for a fresh pair of socks.
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