Binance Labs Invests in Memecoin
In a strategic move, Binance Labs has decided to invest in Memecoin (MEME), the native crypto of the Memeland network. Memeland is a creative hub connected to 9GAG, a popular meme platform with millions of monthly users. The aim of Memeland is to give ownership to communities worldwide. Prior to this investment, MEME was welcomed as Binance Launchpool’s 39th project in October 2023.
Users can stake their Binance Coin (BNB), TUSD, and FDUSD in distinct pools for a 30-day farming adventure to earn MEME tokens. This initiative allows crypto enthusiasts to acquire MEME token rewards by participating in the Launchpool. A pool of 1,380,000,000 MEME tokens, equivalent to 2% of the total token supply, has been allocated as rewards for users engaging in this campaign.
Memecoin Price Today
The announcement of Binance Labs’ investment caused the price of MEME crypto to increase by over 8%. However, this gain was short-lived as the price saw a pullback within minutes. Currently, the MEME crypto price has dropped by 2.67% to $0.02739 on Thursday, January 4, 2023.
Despite the slump, there has been a significant recovery since the digital asset experienced a plunge of over 12% earlier in today’s trading session. In the past week, the Memecoin price lost over 5% in value and plunged by 15% in the last 30 days.
Although the crypto’s market cap dipped by 2.70% to $243.16 million, there has been a spike in demand for MEME crypto. Its 24-hour trade volume increased by a whopping 352.19% and reached $268.29 million.
Hot Take: Binance Labs Invests in Memecoin, Boosting Price Before Slump
In a strategic move, Binance Labs has decided to invest in Memecoin (MEME), the native crypto of the Memeland network. This collaboration aims to bring together SocialFi and creators using MEME tokens and NFTs. After the investment announcement, the MEME crypto price surged over 8% but quickly saw a pullback. Despite recent declines, there has been a significant recovery from earlier losses. The market cap has dipped, but there is a spike in demand for MEME crypto. Overall, this investment by Binance Labs has had a notable impact on the price of Memecoin.
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