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What is $COOP Coin? Algorand Wild Community Coin

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$COOP coin’s sudden explosion within the Algorand Ecosystem is shaping up to be the perfect storm of hype, community, and absurdity. In early, $COOP has become Algorand’s fourth largest token, surpassing the once Yieldly and AlgoFi’s $BANK. $COOP originated as part of a series of hilarious and ridiculous twitter videos created by Algorand content creator Cooper Daniels. They follow Cooper’s alter ego “DEV’N” (depicted by extremely close-camera and personal twitter videos) and his quest to travel to Bitcoin Beach and covert it to CoopCoin beach. The story quickly devolves into absurdity as our protagonist is hunted by cartel members and falls in love with Esmerelda, a guatemalan who saves Dev’n’s life and convinces him to abandon his dream, resulting in all $COOP coin being airdropped to every person who had opted in.

Source: MerchantofAlgo

If this sounds absolutely ridiculous and absurd, it is because it is. Every time I opened twitter and watched one of Cooper’s videos I had to wonder if the bear market had finally gotten to everyone’s favorite Algorand influencer. Some of the community look back on the videos as a brilliant parody of the nonsensical actions of greedy crypto influencers and how absurd the promises they make are. Others wondered what exactly possessed Cooper to make these hilariously insane videos with close-ups like the image below.

Cooper Daniel’s Alter Ego “Dev’N”

Regardless of what anyone thought of the series, nobody could expect that airdrop would begin to blow up in the way it did. At the culmination of the series, Cooper airdropped all the $COOP he had equally to every holder that was simply opted into the ASA ID for Coop Coin (796425061). He jokingly proclaimed that he had granted everyone generational wealth and that he did not want to see any “whole coiners.”

In an insane twist of events, that airdrop of ~59,000 $COOP tokens has exploded in value. Every time I checked the chart it had only gone higher. That initial airdrop is became worth over 27,000 $ALGO (currently around 6,000 $ALGO), which was more than $4,000 USD. $COOP is rocketing in Algorand community-driven hilarity.

2 week chart showing $coops meteoric rice from less than 1 cent to nearly 10 cents per coin.

Part of what is driving this is the fact that Cooper kept zero tokens for himself— a move that made it explicitly clear that it was not some get rich-scheme from him. Though anyone who had watched any of his videos could clearly tell that.

Since then, in typical Algorand style, the community has banded together to create tons of content and games around $COOP coin. This in combination with the well distributed tokenomics has resulted in a meteoric explosion of coop coin’s price.

Coop coin is 4th in algorand tvl
$COOP is now 4th in Algorand TVL after a 100% 24-hour price increase. Source: Vestige

What is next for Coop Coin?

$COOP has been exploding in value, and is currently the most traded coin on Algorand by a huge margin— it’s 24 hour volume is sitting at over $3300000 and is over 6x that of second place. $COOP has also become the 4th largest algorand token by TVL, and is approaching a 9 cent valuation. The token has ironically strong tokenomics and distribution, with all tokens fully out and no vesting schedules— probably because the token was created as an actual joke.

What’s next for $COOP coin’s price, development, and community? I have no clue. The craziness of $COOP has just continued to build on top of itself and has been one of the most entertaining things to happen to the Algorand community in a while. Just look at this interaction between Cooper Daniels and The Algorand Foundation’s CEO Staci Warden.

Cooper Daniels and Staci Warden

If you are looking to buy into the $COOP craze, keep in mind that you’re investing in “fun and community,” as Cooper Daniels puts it. $COOP is a satire token created to undermine the absurd greed that exists within crypto, do not get caught up seeing it as a full blown investment and something that will change your life. Enjoy the hilarity while it grows and appreciate seeing what kind of creativity the Algorand community can produce.

My personal perspective on $COOP is that it has been a lot of fun during a pretty brutal bear market. It has made me engage with Algorand a lot more over the last 2 weeks, and I’ve been constantly surprised at how strong the community is. If anything, it served as a strong reminder that the Algorand community has a lot of strength behind it, even if it lacks the large scale capital of other blue chip crypto ecosystems.

Where Can You Buy $Coop on Algorand?

Note: This article is not financial advice, and does not recommend you buy or sell $coop.

Swapping for $COOP can be easily done through the use of DEX such as Tinyman. Simply connect your Algorand Wallet and swap your $ALGO or desired ASA into $COOP (confirm that the ASA ID is 796425061). Look for the blue verification mark to be sure.

Swapping $ALGO to $COOP

If you are new to Algorand, you can read this ecosystem guide for a short primer on how to set up your first wallet. It is a super easy process that makes other blockchain wallets feel overly complex.

Learn More About Algorand

Follow the @algonautblog on twitter.

Keeping up with this blog and reading other articles is a great way to learn about the ecosystem. Here are the most popular articles I’ve written.

  1. Algorand Explained: Without Using A Single Crypto Term
  2. The Ultimate Guide to Easing Into the Algorand Ecosystem
  3. Crypto Wallets on Algorand: Exchange, Self-Custodial and Ledger

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