The Telegram channel of the new Polkadot-based memecoin quickly attracted over 20,000 airdrop enthusiasts within days.

However, modifications made to the airdrop of the Polkadot-based memecoin DOT is $DED (DED) have sparked significant criticism within the community after the initial allotment was reduced.

Explaining the decision during a March 24 X Spaces session, one of the developers, Giotto De Filippi, under the pseudonym, stated that the initial airdrop allocation was decreased from 100% to just 5% to ensure a longer financial runway for the memecoin:

"When you distribute 100%, you deplete your resources... Since the community was not willing to financially support the project, it made more sense to distribute a smaller portion, with the rest of the tokens allocated for project financing."

DED gained traction on X on March 23 after members of the Polkadot community launched the memecoin to capitalize on the memecoin craze and attract more attention to the Polkadot ecosystem. Holders of Polkadot were eligible to receive 36 DED tokens for each 1 DOT held.

However, sentiment among retail investors soured following the team's decision to reduce the initial airdrop allocation. A pseudonymous crypto investor known as Orlando expressed disappointment on X on March 23:

"Like many others, I'm dismayed by how the DED situation unfolded. The treasury was spent, and numerous individuals recently purchased and held DOT, driven by the excitement surrounding this experimental DED memecoin. I hope the team will find ways to compensate holders for these missteps in the long run."

According to Dune data, over 85% of the DED airdrop supply has already been claimed, with more than 1.3 million eligible addresses. Unlike many other popular memecoins, DED's airdropped supply remains frozen until future exchange listings to mitigate selling pressure.

The launch of the Polkadot-based token occurs amid heightened retail interest in memecoins. Last week, Book of Meme (BOME) surged over 1,100% on the weekly chart, briefly ranking as the 130th-largest token by market capitalization.

BOME is part of a series of new memecoins that raised funds for unreleased coins through a controversial presale model. Presales for these Solana-based memecoins garnered over $100 million worth of Solana tokens in the three days leading up to March 18.

Other blockchain networks are also seeking to capitalize on the frenzy. On March 21, the Avalanche Foundation unveiled a $1 million liquidity mining incentive program for Avalanche-native memecoins and community-owned tokens.