The Memecoin (MEME) token has been purchased by Binance Labs, which is the investment arm and incubator of the cryptocurrency exchange known as Binance.
An statement made by Binance Labs on January 4 indicated that the company has made an investment in the naïve ecosystem token of Memeland, which is a project that focuses on developing and investing in the social economy. On the other hand, the magnitude of the investment has not been disclosed as of yet.
Before the investment in MEME that was made by Binance Labs, the coin was highlighted as the 39th project that was listed on Binance Launchpool in October of 2023. Binance Launchpool is a platform that gives users the opportunity to stake their Binance Coin (BNB), TUSD, and FDUSD in separate pools for a farming experience that lasts for thirty days. Meme tokens are the prizes that users receive for their participation.
Cryptocurrency fans were given the option to take part in the Launchpool and receive MEME token incentives on October 28, 2023, when Binance made the formal announcement of this program. With the ability to stake their assets in certain pools, users would be rewarded with MEME tokens in exchange for their participation. Those who took part in this campaign were eligible to receive incentives from a sizeable pool of 1,380,000,000 MEME tokens, which is comparable to 2% of the entire token supply.
Memeland is an independent Web3 venture studio that runs under 9GAG, a well-known meme network that has a monthly audience of 200 million people globally. Memeland was announced in April 2022. The Memeland team has more than fifteen years of expertise in the creation of community-based products, and they are committed to the objective of delivering ownership to communities all around the world.
Memeland provides features such as MEME Farming in addition to non-fungible tokens (NFTs) and the MEME token. Additionally, Memeland intends to create forthcoming services that will better enhance user experiences and community interaction. A few examples of these are the use of liquid ETH staking, collaborative social networks for community members, and one-of-a-kind systems for staking non-fungible tokens.
Memeland is intended to evolve into a completely decentralized and community-driven platform in the long run. This would enable existing NFT holders to take part in the governance of the Memeland Decentralized Autonomous Organization (DAO).
In the midst of recent dips, the price of the MEME cryptocurrency skyrocketed by more than eight percent after the news of Binance Labs' involvement. The cryptocurrency, however, had a retreat after a few minutes, which meant that the gain was just temporary. On Thursday, January 4, 2023, the price of the MEME cryptocurrency had decreased by 2.67%, reaching $0.02739 at the time of publication.
In spite of the decline, a notable recovery was observed, considering that the digital asset had previously experienced a drop of more than 12 percent during the trading session that took place today. At the beginning of the previous week, the value of Memecoin dropped by more than five percent. The price has also dropped by fifteen percent during the past thirty days.
The whole value of the cryptocurrency's market cap decreased by 2.70 percent, reaching $243.16 million. On the other hand, the demand for MEME cryptocurrency increased significantly. It was noted that its 24-hour transaction volume was $268.29 million, which is a staggering 352.19% increase from the previous day's volume.
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As a means of boosting investor interest in MEME in the midst of the coin's volatility, Memeland has planned airdrops and a firesale for the token. Previously, Memeland had said that it had received pledges totaling $10 million for the token sale. After a firesale price of $0.001, it is anticipated that the token would eventually reach $0.1.