The cryptocurrency space is full of surprises, and recently an emerging meme coin called $MEME has achieved a major milestone with its ongoing firesale. MEME is an Ethereum-based memecoin that operates under the ERC-20 network and has a total supply of 69 billion MEME tokens. The token was designed by web3 startup Memeland and launched by the team behind 9GAG.
According to the Memecoin fire sale page, over 11.4 billion MEME tokens have been sold at $0.001 each in the firesale, resulting in a significant 150% surge. This has surpassed the team’s expectations for the coin from the beginning. Despite being a waitlist-only sale, the active firesale has already raised over $11 million.
In its whitepaper, Memecoin emphasizes that the token has no functions, utility, intrinsic value, or promise of financial return. It also does not grant any voting rights within the Memeland ecosystem. However, these factors have not deterred crypto investors from purchasing the meme coin and demonstrating their trust in the startup.
Data from MEME’s tokenomics reveals that 2.7% of the total supply of MEME tokens will be released on October 27, with the remaining portion being unlocked daily over eighteen months.
Meme Coin Appeal to Crypto Investors
The interest in MEME token among crypto investors can be attributed to the profit potential of meme coins. Meme coins have offered substantial returns for investors, although they come with risks for those who do not conduct proper research.
An example of a meme coin that generated significant returns and created millionaires is Shiba Inu (SHIB). The Dogecoin rival gained fame in 2021 after experiencing substantial price surges and remains a prominent meme coin today.
Shiba Inu was initially priced at $0.000000001009 and reached $0.00003469 by May 2021, representing a surge of over 10,000%. As of now, the token is trading at $0.000008.
Hot Take: The Rise of Meme Coins
Meme coins like MEME and Shiba Inu have captured the attention and interest of crypto investors due to their potential for high returns. Despite lacking a roadmap, utility, or future return, these meme coins have still managed to attract significant investment. However, it’s important for investors to exercise caution and conduct thorough research before investing in meme coins, as they can be volatile and risky. As the cryptocurrency space continues to evolve, meme coins are likely to remain a popular and intriguing aspect of the market.
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