- January 6, 2024
- Posted by: [email protected]
- Category:
Binance Labs, the investment arm and incubator of the renowned cryptocurrency exchange Binance, has recently invested in Memecoin (MEME), the native ecosystem token of Memeland. This strategic investment, announced on January 4, underscores Binance Labs’ commitment to supporting projects within the burgeoning social economy.
While the exact size of the investment remains undisclosed, the move follows Memecoin’s previous association with Binance Launchpool. In October 2023, Memecoin became the 39th project featured on Binance Launchpool, allowing users to stake Binance Coin (BNB), TUSD, and FDUSD in dedicated pools for a 30-day farming adventure, earning MEME tokens as rewards.
The initiative, officially unveiled on October 28, 2023, provided participants with the opportunity to stake their assets and receive MEME tokens in return. A substantial pool of 1,380,000,000 MEME tokens, equivalent to 2% of the total token supply, was allocated as rewards during this campaign.
Founded in April 2022, Memeland operates as an independent Web3 venture studio under the umbrella of 9GAG, a well-known meme platform with a global monthly audience of 200 million users. The experienced Memeland team, boasting over fifteen years of creating community-based products, is dedicated to bringing ownership to communities worldwide.
Beyond NFTs and the MEME token, Memeland offers unique features such as MEME Farming and plans to introduce additional services to enhance user experiences and community involvement. These include innovative NFT staking mechanisms, collaborative social networks for community members, and liquid ETH staking. The long-term vision is for Memeland to evolve into a fully decentralized, community-driven platform, with current NFT holders participating in governing the Memeland DAO.
Following the announcement of Binance Labs’ investment, the MEME crypto experienced an initial surge of over 8%, counteracting recent declines. However, this gain proved short-lived, as the crypto saw a pullback within minutes. At the time of reporting, the MEME crypto price had dropped by 2.67% to $0.02739 on Thursday, January 4, 2023.
Despite this setback, the digital asset showed signs of recovery after experiencing a decline of over 12% earlier in the trading session. Over the past week, Memecoin lost over 5% in value and witnessed a 15% plunge in the last 30 days.
Additionally, the crypto’s market cap dipped by 2.70% to $243.16 million. Contrary to this, MEME crypto witnessed a surge in demand, with its 24-hour trade volume skyrocketing by a remarkable 352.19%, reaching $268.29 million.
Memeland, in a bid to bolster investor interest amid market volatility, previously announced $10 million in commitments for the token sale. The project is planning airdrops and a firesale for MEME, with predictions pointing towards the token reaching $0.1 from a firesale price of $0.001.
Publicly disclosed details hint at upcoming Memeland platforms, including the travel service Holders.com, video sharing service GMGM.com, crypto staking application Stakeland, and Petsland, a pets-focused service. These developments position Memeland and its native token, MEME, as promising players in the evolving landscape of decentralized social economies.
