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Meme Dollar

Not approved Too small to exit at size
Issued
2026-08-16
Last confirmed
2026-08-16
Next check due
2026-11-16
Research basis
Capacity evidence not established
Chains
Ethereum · No freeze key

Meme Dollar issues PINA, an Ethereum algorithmic stablecoin and DontDieMeme utility token whose disclosed design was inspired by Dynamic Set Dollar. Current evidence shows a sharp difference between roughly $913K of token circulation and investable protocol liquidity: the DefiLlama protocol API reported zero core TVL and only about $988 in pool2 liquidity on 2026-08-16. At that size an advised allocation cannot enter or exit without dominating the measured venue. The size rule therefore decides before any review of the peg, coupons, governance, reserves and redemptions.

The research file

Mechanism applicability

The verified Ethereum token description identifies PINA as both the DontDieMeme utility token and a dollar-pegged token using mechanisms inspired by Dynamic Set Dollar. DefiLlama separately classifies it as an algorithmic USD peg. The disclosed project does not establish a fiat reserve or issuer redemption right, and this class review does not treat token supply as liquid collateral.

Current observation and lifecycle

On 2026-08-16 the DefiLlama protocol API reported zero core TVL and approximately $988 only in Ethereum pool2 liquidity, while the stablecoin API reported about $913K circulating on Ethereum. The project website is absent from the protocol record and current official materials are limited to the labeled contract and legacy social-link hub. That thin project history and set of documents supports, but does not replace, the size decision.

Control and exit applicability

PINA holders depend on the token contract, its algorithmic peg and coupon or staking mechanics, the DontDieMeme application, and outside market liquidity. Neither token circulation nor a nominal one-dollar target proves a redeemable dollar claim. With only about $988 of measured pool liquidity, a proposed $1M practice position has no visible market exit in the surveyed markets.

Why the class rule decides

Even the approximately $913K circulating amount is below one percent of the size floor, and measured protocol liquidity is far smaller. The shared version-1 size rule therefore decides, and we do not open an individual review until the protocol clears the size floor. Reopen only after attributable investable liquidity, not token supply, remains above the size floor for 30 consecutive days, then require current primary documents on peg controls, authorities, reserves or collateral, coupon liabilities, incidents, audits, redemption mechanics and stressed market depth.

Research status

This is a capacity-unproven record for Meme Dollar, not a quality rejection or approval. Reported TVL says how big the venue is, not what the client owns, who can change the rules, or how a position exits at a proposed size. The individual review opens when the protocol clears the size floor.

Sources

The claims above trace to these. Where a number could not be independently verified, the thesis says so.

Inherited controls

The research above describes the protocol layer. Every position also inherits the asset it holds and the chain it settles on. The layer with the most administrative power sets the position’s effective control; that describes control, not quality or suitability.

ChainVerdictControlControl constraint
EthereumApproved No freeze key No sequencer, no upgrade key, no operator who can be compelled. Rule changes require social consensus.
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