What is cheems?
In 2017, a photo of 'Balltze' (a Shiba Inu prototype) was re-created into a meme 'Cheems', characterized by its 'deformed mouth' cute image, which went viral on Reddit and TikTok.
In 2021, along with the DogeCoin craze, 'Cheems' became a new favorite in the cryptocurrency community, giving rise to the subcultural narrative of 'Doge vs Cheems'.
In May 2023, an anonymous developer team CheemsDAO utilized the low Gas fee feature of the Solana chain to issue the initial version of the CHEEMS token, with a total supply of 1 trillion tokens, 30% of which were airdropped to DogeCoin holders.
The bumpy journey of cheems
July 2023: Following the community proposal to 'burn 50% of tokens', the price surged 470% in a single week.
September 2023: It was exposed that the development team's multi-signature wallet had management vulnerabilities (Slow Mist Technology audit report).
December 2023: Collaborated with the metaverse project Dogeland to launch the NFT 'Cheems Armor'.
March 2024: Following a lawsuit against a certain Meme coin project by the US SEC, the price of CHEEMS plummeted by half in a single day.
June 2024: The team initiated the '1000CHEEMS Upgrade Plan', splitting the tokens by 1000 times through smart contracts to solve liquidity fragmentation issues.
November 2024: Binance Labs announced an investment to promote it as a representative project in the 'MemeFi' (Meme + DeFi) track.
February 9, 2025: Officially launched on Binance.
The controversies faced by cheems
The dual-chain architecture (ETH main chain + Arbitrum L2) and an APY of 217% in the staking pool raised questions about 'Ponzi model' community governance.
Addresses holding more than 100,000 tokens account for only 0.3%, but control 67% of the voting power (Etherscan data) compliance risk.
In February 2025, when it launched on Binance, the project team had not obtained compliance licenses in Japan, Canada, and other regions.
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