Binance Labs Invests in Memecoin (MEME) Token
The investment arm and incubator of the cryptocurrency exchange Binance, Binance Labs, has made an investment in the Memecoin (MEME) token, according to an announcement on January 4. The investment is part of Binance Labs’ focus on creating and investing in the social economy. However, the size of the investment has not been disclosed.
Binance Launchpool Features MEME Token
Prior to Binance Labs’ investment, MEME was featured as the 39th project on Binance Launchpool in October 2023. Binance Launchpool allows users to stake their Binance Coin (BNB), TUSD, and FDUSD in separate pools for a 30-day farming adventure, earning MEME tokens as rewards.
Earning MEME Tokens Through Binance Launchpool
On October 28, 2023, Binance officially announced the opportunity for crypto enthusiasts to participate in the Launchpool and earn MEME token rewards. By staking their assets in specific pools, users could receive MEME tokens as rewards. A significant pool of 1,380,000,000 MEME tokens, equivalent to 2% of the total token supply, was allocated for participants in this campaign.
About Memeland
Memeland is an independent Web3 venture studio operating under 9GAG. It aims to bring ownership to communities worldwide. The team behind Memeland has over fifteen years of experience in creating community-based products. In addition to NFTs and the MEME token, Memeland offers features such as MEME Farming and plans to introduce upcoming services like unique NFT staking mechanisms and collaborative social networks for community members.
Meme Token Price Surges After Binance Labs Investment
Following the announcement of Binance Labs’ investment, the price of MEME token surged by over 8%, although it later experienced a pullback. At the time of writing, the MEME token price had dropped by 2.67% to $0.02739 on January 4, 2023.
Market Volatility and Recovery
Despite recent declines, MEME token witnessed a significant recovery after experiencing a plunge in value. In the past week, the token lost over 5% in value and dropped by 15% in the last 30 days. However, there was an increase in demand as its 24-hour trade volume skyrocketed by 352.19% to $268.29 million.
Future Plans for Memeland
Memeland has announced upcoming platforms such as travel service Holders.com, video sharing service GMGM.com, crypto staking application Stakeland, and Petsland, a pets-focused service.
Hot Take: Binance Labs Supports Memecoin (MEME) Token
Binance Labs has invested in Memecoin (MEME), supporting its vision for creating a social economy within the Memeland ecosystem. The investment comes after MEME was featured on Binance Launchpool, allowing users to earn MEME tokens as rewards. Despite market volatility, the announcement of Binance Labs’ investment led to a temporary surge in MEME token price. With upcoming projects and features planned for Memeland, including unique NFT staking mechanisms and collaborative social networks, the platform aims to become fully decentralized and community-driven in the long run.
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