IMARO, a meme coin inspired by the local elections held in Turkey in March, is making its first local exchange listing.

According to an announcement by crypto exchange Bitci, IMARO will be available for purchase and sale in Turkish Lira on June 7. The listing was announced on a meaningful day and time, May 29, 2024, at 2:53 PM, coinciding with the 571st anniversary of the conquest of Istanbul. The listing will also take place at 2:53 PM.

IMARO is currently available for purchase and sale on the decentralized exchange Raydium on the Solana blockchain, as well as on centralized exchanges LBank and Coinstore.

IMARO was created by Metin Redjepi, one of the senior executives of DLive, the world’s first blockchain-based live streaming platform, which was launched in 2017. IMARO experienced a significant increase shortly after the March 31 election, exceeding $0.0081. The meme coin is trading at $0.0044 at the time of writing.

IMARO has no connection to Ekrem İmamoğlu.

While cryptocurrencies are already risky investments, meme coins carry even greater risk. Experts warn that caution should be exercised when investing in meme coins and that there is a possibility of a potential investment being reset to zero.

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The IMARO team had made the decision to burn a portion of the token’s supply in order to create a deflationary tokenomics model. This means that the number of tokens in circulation will decrease over time, which can help to increase the value of the remaining tokens.

The burn process was streamed live on the IMARO website and was met with positive reactions from the community. The team has also announced that they will be hosting Twitter Spaces and Telegram sessions to discuss the burn and other IMARO developments.

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Meme Coin Craze in Crypto Markets

The crypto market has recently seen a surge in meme coins, especially those built on the Solana network. According to Webtekno’s Eray Kalelioğlu, IMARO, a meme coin created by a Turkish group, has quickly reached a volume of millions of dollars.

Origin of the Name “IMARO”

In a street interview before the local elections, a citizen was asked who he supported. He mispronounced “Ekrem İmamoğlu” as “Ekrem İmaro,” which went viral on social media. The IMARO meme coin was created by a team inspired by this viral event.

Who Launched It?

Metin Redjepi and his team are behind the rapid rise of IMARO. Redjepi is the founder of DLive, the world’s first blockchain-based live streaming platform launched in 2017. Redjepi says they took advantage of the natural “hype” surrounding the election process in Turkey when launching this meme coin.

20-Fold Increase in Value

According to Bireye data, the meme coin, which uses this image as its icon, was launched on March 31st. It was trading at $0.00006 when it first hit the market.

IMARO, which has gained more than 20 times its value in just a few days, is currently trading at $0.0012.

Metin Redjepi recently announced that the total volume on IMARO has exceeded $1.5 million.

CEHAPE and MANSUR Coins Launched

Following the rise of IMARO, developers looking to capitalize on this hype launched CEHAPE and MANSUR coins. The highly volatile CEHAPE coin quickly increased its value by almost 100X, but its decline was just as rapid. CEHAPE’s value crashed by 95% from its peak on Wednesday, April 3rd.

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