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In a surprising turn of events, Memecoin (MEME) has experienced an extraordinary surge in value after receiving a significant investment from Binance Labs, the venture capital and incubation arm of the world's leading cryptocurrency exchange, Binance. The announcement, made by Binance Labs, reveals that the investment is geared toward supporting Memecoin's native ecosystem token and fostering the development of Memeland.
Memeland, the brainchild of the creators behind the immensely popular meme platform 9GAG, is an independent Web3 venture studio. With a staggering monthly audience of 200 million users worldwide across its various channels, Memeland focuses on SocialFi and the creator economy.
The primary objective of Memeland is to connect creators and communities through the innovative use of the MEME token and non-fungible tokens (NFTs), tapping into the vibrant culture of the meme internet. Aside from its iconic NFTs and the MEME token, Memeland introduces additional features such as MEME Farming, signaling a commitment to enhancing user experiences and fostering community engagement.
MEME's price roller coaster
Following the announcement, MEME experienced a brief spike in price to $0.03 before undergoing a subsequent correction. As of the latest update, the current price stands at $0.02702, reflecting a 6.18% decrease in the last 24 hours. Despite the temporary dip, the trading volume of MEME has surged dramatically by 370.50%, reaching an impressive $292,535,846.
Regarding the overall sentiment, there has been a recent downturn in the cryptocurrency market, particularly affecting meme coins. This decline can be attributed to Matrixport's report, indicating a probable rejection of Bitcoin spot ETF applications by the U.S. Securities and Exchange Commission (SEC). The cryptocurrency market has undergone a substantial shakeout, resulting in a massive $730 million in liquidations within a single day.
Overall, investors and crypto enthusiasts alike are closely monitoring MEME's developments, anticipating further advancements in the project's ecosystem. With Binance Labs' backing, Memecoin appears to be well-positioned to capitalize on the growing intersection of meme culture, NFTs and decentralized finance.
Godfrey Benjamin
Gamza Khanzadaev
Dan Burgin
Alex Dovbnya