In a surprising turn of events, Memecoin (MEME) has seen an extraordinary rise in value after receiving a significant investment from Binance Labs, the incubation and venture capital arm of the world’s leading cryptocurrency exchange, Binance. The announcement, made by Binance Labs, reveals that the investment is aimed at supporting the native Memecoin ecosystem token and fostering the development of Memeland.
In a surprising turn of events, Memecoin (MEME) has seen an extraordinary rise in value after receiving a significant investment from Binance Labs, the incubation and venture capital arm of the world’s leading cryptocurrency exchange, Binance. The announcement, made by Binance Labs, reveals that the investment is aimed at supporting the native Memecoin ecosystem token and fostering the development of Memeland.
Memeland, the brainchild of the creators behind the immensely popular meme platform 9GAG, is an independent company. web3 company study. With a staggering monthly audience of 200 million users worldwide across its various channels, Memeland is focused on SocialFi and the creator economy.
Memeland’s primary goal is to connect creators and communities through the innovative use of the MEME token and non-fungible tokens (NFTs), leveraging the vibrant internet culture of memes. In addition to its iconic NFTs and MEME token, Memeland introduces additional features such as MEME Farming, signaling a commitment to improving user experiences and encouraging community engagement.
MEME’s price rollercoaster
Following the announcement, MEME saw a brief rise in price to $0.03 before suffering a subsequent correction. From the last update, the current price stands at $0.02702, reflecting a decrease of 6.18% in the last 24 hours. Despite the temporary drop, MEME’s trading volume has increased dramatically by 370.50%, reaching an impressive $292,535,846.
As for general sentiment, there has been a slowdown in the cryptocurrency market recently, particularly affecting meme coins. This decrease can be attributed to the Matrixport report, which indicates a probable rejection of Bitcoin spot ETF applications by the US Securities and Exchange Commission (SEC). The cryptocurrency market has suffered a substantial shakeout, resulting in massive liquidations of $730 million in a single day.
Overall, both investors and cryptocurrency enthusiasts are closely following MEME developments, anticipating further developments in the project’s ecosystem. Backed by Binance Labs, Memecoin appears well-positioned to capitalize on the growing intersection of meme culture, NFTs, and decentralized finance.
