According to a recent blog post, Binance Labs, the venture arm of the renowned cryptocurrency exchange Binance, made an unknown investment in Memeland’s Memecoin. This move has seen the value of Memecoin surge past the $0.03 mark, a robust high for the meme coin following the market crash.
Memeland Gets Support From Binance
When a meme coin is introduced with practical applications, it attracts interest from both the community and cryptocurrency trading platforms. This is currently being observed with a Web3 initiative known as “Memeland,” whose native token has gained financial backing from a major crypto exchange platform Binance.
Memeland is an NFT ecosystem rooted in meme culture, featuring three NFT collections and focusing on community-building through creative projects using the MEME token and NFTs. Initially serving NFT holders, the aim is to develop an inclusive Web3 platform, enabling users to engage with and benefit from meme culture.
Memeland, an independent Web3 venture studio from 9GAG, known for its global reach with 200 million monthly users, specializes in community-centric products. Its team, with over fifteen years of experience, is dedicated to boost communities with ownership opportunities.
In addition to its NFTs and MEME token, Memeland is expanding its offerings with MEME Farming and various upcoming features. These include unique NFT staking, social networks for collaboration, and liquid ETH staking, all geared towards enhancing user experiences and community engagement. The ultimate goal is to transition Memeland into a fully decentralized, community-led platform, with NFT holders playing a pivotal role in governing the Memeland DAO.
The debut of MEME emerged as a notable event in 2023. Even without any claims of utility, a roadmap, promises, or expectations of financial return, MEME attracted considerable interest. Memecoin’s official website went live on June 10, initiating the token’s launch. This launch sparked a notable 400% increase in trading activity for Memeland’s NFTs.
Memecoin Jumps Above $0.03 Following Investment
After Binance Labs announced its investment, the MEME token’s value surged impressively. Prior to the announcement, it was trading at approximately $0.0233 but quickly rose to $0.031 post-announcement.
Recent data shows that the MEME token has experienced a 6.6% decline in the last 24 hours, currently trading at $0.027. This decline brings its weekly loss to 7.3 %.
In October, Memecoin made a robust figure in its presale on Binance launchpool. Memecoin’s total supply of MEME tokens stands at 69 billion, with 7.59 billion allocated for the Fire Sale, representing 11% of the total supply.
According to the announcement, there were 25,300 units available in the Fire Sale, with each unit comprising 300,000 MEME tokens. The allowlist for the sale, capped at 21,544, was completely claimed. Additionally, Project Memeland’s MEME presale waitlist attracted 30,098 participants, resulting in a 12.47% success rate for allocations from this waitlist.
In November, Binance added Memeland to its listing. This came following Memecoin’s successful debut on the Binance Launchpool. The token’s introduction on Binance increased its exposure and tapped into the extensive communities of Memeland and 9GAG.
Binance offers a range of trading pairs for Memecoin, including BNB, BTC, USDT, FDUSD, TUSD, and TRY. Furthermore, Binance activated Trading Bots for the MEME/USDT pair within two days of the start of trading and provided zero maker fees for select pairs. Additionally, Binance Futures introduced a USDⓈ-M MEME Perpetual Contract, offering up to 50x leverage.
