Binance Labs, the incubation arm of Binance, has invested in Memecoin (MEME), the native crypto of the Memeland network.
Key Takeaways
- Binance Labs invests in Memecoin (MEME), the native cryptocurrency of the Memeland network.
- The collaboration focuses on SocialFi and creators, utilizing MEME tokens and NFTs within internet meme culture.
- The announcement of Binance Labs’ investment triggers a 9% surge in MEME token prices, followed by a subsequent decline.
- Memecoin had previously joined Binance Launchpool as its 39th project, allowing users to stake BNB, TUSD, and FDUSD for MEME token rewards.
Strategic Investment by Binance Labs in Memecoin (MEME)
Binance Labs, the incubation arm of the renowned cryptocurrency exchange Binance, has recently disclosed its strategic investment in Memecoin (MEME), the proprietary cryptocurrency of the Memeland network. Memeland, intricately connected to the popular meme platform 9GAG boasting 200 million monthly users, serves as a creative hub.
Binance and Memeland’s Collaborative Journey
Before Binance Labs‘ investment, MEME had already gained recognition as the 39th project on Binance Launchpool in October 2023. As part of this initiative, Binance users were given the opportunity to stake Binance Coin (BNB), TUSD, and FDUSD in specific pools for a 30-day farming adventure, earning MEME tokens as rewards.
Binance Labs Invests In Memecoin, MEME Price Rally Ahead?https://t.co/IuA8eYD5uK
— John Morgan (@johnmorganFL) January 4, 2024
MEME Crypto Price Dynamics
Following the announcement of Binance Labs’ investment, the MEME crypto price witnessed surge by over 8%. However, this bullish trend proved transient, and the crypto experienced a pullback within a short timeframe. At the time of reporting, the MEME crypto price had receded by 2.67% to $0.02739 on Thursday, January 4, 2023.
To Conclude
Binance Labs’ investment in Memecoin reflects a strategic move to tap into the potential of SocialFi and creator engagement within the internet meme culture.
While the initial surge in MEME token prices post-announcement was followed by a decline, the project’s association with Binance Launchpool and its commitment to community empowerment through memes position it for continued growth and resilience in the volatile cryptocurrency market.
