Fundamentals
MEME is a token issued by the NFT project Memeland, and the team behind Memeland is the well-known social media site 9GAG. As a communication platform for meme culture, 9GAG already has a large user base, which has also made MEME attract much attention after its launch. In addition, the 9GAG team is actually a Hong Kong team, which can also be said that the MEME coin is labeled with both "meme" and "Hong Kong concept". Since they are from the social media industry, the team itself is also very good at marketing. Before MEME was launched on Binance, they first found a large number of Twitter KOLs for promotion, and then rented a pirate ship to cruise in Hong Kong, and also found the Internet celebrity "Laughing Old Man" to do publicity, which can be regarded as a mastery of the routine of Internet communication.
According to the official plan, the total issuance of MEME is 69 billion, and only 11% (7.42 billion) will be in circulation in the early stage, and nearly 30% of them are in the hands of the team. According to its pre-sale price of $0.001, the initial circulation market value is only $7.42 million, but after a continuous rise in recent days, the total market value has reached $340 million.
Technical aspects
The 1-hour MACD indicator is close to forming a death cross, and there is also a top divergence. Currently, MEME can only solve the two problems of death cross + divergence if it continues to rise, otherwise the price may begin to enter a callback and oscillation mode. The OBV indicator has begun to loosen and decline, indicating that some funds have been withdrawn.
The small-scale trend has formed an ascending wedge (bearing pattern), and the direction is about to emerge. If the yellow line below is broken, the price will test the support effect of the red line again.
risk point
Memeland emphasized in the white paper of MEME that the tokens have no meaning and no detailed economic model. To put it nicely, this is to be more in line with the "meme" spirit. To put it bluntly, it is to not want to be responsible and take precautions in advance. According to the latest official Twitter content, it is claimed that Memeland has never had a roadmap, but will continue to improve the direction, and also draw 5 goals (pie) for everyone. To put it bluntly, it is to issue a coin to raise money before anything is ready, and then do things after getting the money. As for whether this thing can be done, anyway, you have tried your best, so don't worry too much, and show the spirit of meme!
Let's talk about the website 9GAG. From the popularity of Google searches, we can see that 9GAG has been on a downward trend since 2012. Under the impact of giants such as TikTok, Twitter, and Instagram, it is almost on the verge of bankruptcy. Its entry into Web3 is, after all, a self-rescue. But so far, which company has succeeded in transforming from web2 to web3? In the end, they all came in to collect some money and then disappeared.
Target price: 0.1 (mid-term target)
MEME is the project of Binance's 39th Launchpool. It is not without reason that Binance has chosen it. Binance's Launchpad projects have performed worse and worse this year, and now it is in urgent need of a new project with an exaggerated rate of return to save face. MEME itself has the fan base of the 9GAG platform, and it also has the dual attributes of "meme" and "Hong Kong". Binance obviously has high hopes for it.
Another popular meme project PEPE at the beginning of the year currently has a market value of 490 million US dollars, the representative Hong Kong concept project CFX currently has a market value of 560 million US dollars, and MEME currently has a market value of 340 million US dollars, which is obviously still a gap from the previous two projects.
After listing on Binance, MEME reached a peak of $0.1, which was a full 100 times increase compared to the pre-sale price of $0.001. New coins fluctuate greatly at the beginning of listing, so the location of the needle is generally not of much reference value, but the gimmick of "100x coin" is likely to be what Binance wants to see. It can be inferred that MEME is likely to close the needle after this, and actually create a "100x myth". The medium-term target is set at $0.1, and the short-term may still take some time to shake and clean up.
Finally, I have to emphasize that this project itself is indeed full of too many uncertainties. Binance also took a fancy to the traffic behind it, which is a result of mutual benefit. At present, it is not optimistic about its long-term investment value, and the team seems to be very good at marketing skills. So no matter what heights MEME finally reaches or what new concepts it hypes, don't let yourself get too involved.
