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Binance Labs Invests In Memecoin, MEME Price Rally Ahead?

After Binance Labs announced that it invested in Memecoin (MEME), the crypto's price rallied 9% before plunging again.

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Updated 04 Jan, 2024 | 02:37:05 PM UTC

Binance Labs Invests In Memecoin, MEME Price Rally Ahead?

In a strategic move, Binance Labs, the incubation arm of Binance, decided to invest in Memecoin (MEME), the native crypto of the Memeland network. The network focuses on SocialFi and creators, bringing them together using MEME tokens and NFTs, riding the wave of internet meme culture. The recent announcement propelled the MEME crypto price to surge over 9% before slumping again.

Binance And Memeland Collaboration

Memeland is a creative hub connected to 9GAG, a huge meme platform with 200 million users monthly. The Memeland team, with over 15 years of experience, aims to give ownership to communities worldwide. Prior to Binance Labs’ investment in MEME, the crypto was welcomed as Binance Launchpool’s 39th project in October 2023.

Also Read: US SEC Argues Terra Ruling Relevant In Binance, Binance.US, CZ Lawsuit

On October 28, 2023, Binance announced that users could stake their Binance Coin (BNB), TUSD, and FDUSD in distinct pools for a 30-day farming adventure to earn MEME tokens. This initiative provided crypto enthusiasts with a window to acquire MEME token rewards by participating in the Launchpool. A significant pool of 1,380,000,000 MEME tokens, equivalent to 2% of the total token supply, was allocated as rewards for users engaging in this campaign.

Memecoin Price Today

After Binance Labs’ investment announcement was made, the MEME crypto price shot up by over 8% amid recent declines. However, the gain was short-lived as the crypto saw a pullback within a few minutes. At press time, the MEME crypto price dropped by 2.67% to $0.02739 on Thursday, January 4, 2023.

Despite the slump, a significant recovery was recorded since the digital asset had earlier witnessed a plunge of over 12% in today’s trading session. Earlier, in the past week, the Memecoin price lost over 5% in value. Furthermore, it plunged by 15% in the last 30 days.

In addition, the crypto’s market cap dipped by 2.70% to $243.16 million. On the contrary, the MEME crypto witnessed a spike in demand. Its 24-hour trade volume skyrocketed by a whopping 352.19% and was recorded to be $268.29 million.

Also Read: Justin Sun Allegedly Moved 50Mn USDT to Binance

Coingape Staff

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Published by

Coingape Staff

Updated 04 Jan, 2024 | 02:37:05 PM

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