On the morning of November 3, cryptocurrency exchanges began trading the Memecoin (MEME) token. The MEME rate was fixed at $0.02, which is 2000% higher than the price at which project participants received tokens at a pre-sale organized earlier on its official website.
The launch of the token was announced by the developers of the Memeland project. Participants in the community that formed around him, by performing a certain set of activities, could be included in the list of those who will gain access to the sale of MEME. According to the project website, they collectively invested $10 million in just 40 minutes from the start of the token sale.
All major exchanges launched trading of the token on the spot market, and later announced the launch of perpetual futures on MEME with leverage up to 50x. The token’s capitalization at the time of publication exceeds $237 million, and the daily trading volume is $468 million, according to data from the Coinmarketcap service.
Memecoin exists as an ERC-20 token on the Ethereum blockchain. The total supply is 69 billion MEME tokens. “No usefulness. No road map. No promises. No expectations of financial return. Only 100% memes,” is how its creators position the coin.
According to cryptocurrency aggregator CoinGecko, on the first day of trading, MEME took sixth place in terms of capitalization in the “memecoin” category, second only to DOGE, SHIB, PEPE, FLOKI and BABYDOGE. $MEME $DOGE $SHIB
Meme ecosystem
Memeland was created by the team that founded 9GAG, a popular meme and news sharing site backed by YCombinator and other influential investors. The project team has released three NFT collections under its brand (You The Real MVP, The Potatoz and The Capatainz) and developed applications for games and metaverses, where their NFTs will also be used and the token will be used.
According to the developers, players can earn MEME by holding the token in staking or by actively playing and creating content, and along with the NFT, its owner receives the rights to commercial use of the image associated with it.
According to published data, nearby Memeland platforms include the travel service Holders.com, the video sharing service GMGM.com, the cryptocurrency application Stakeland and the Petsland service. The team also noted that MEME does not represent “any voting power” in the Memeland ecosystem, meaning it is not a so-called governance token.
Governance tokens are the basis for decentralized decision making in projects around which autonomous organizations (DAOs) are formed. To simplify, this is reminiscent of the decision-making process of company shareholders, only projected onto the sphere of blockchain applications. Typically, users receive management tokens for loyalty and activity in the project community in the form of airdrops or buy them on crypto exchanges. Tokens provide the opportunity to vote on issues of project development (the more tokens, the greater the “weight” of the vote). As a rule, voting is carried out through software smart contracts - in this case, the voting results, if technically possible, are implemented automatically.
Large audience
9GAG was created in 2008 by Hong Kong University student Ray Cheng and his brother Chris Cheng as an alternative online communication platform where users could share humorous photos or videos. 9GAG's main server is located in Hong Kong. Ray Cheng's X (formerly Twitter) account has 2.4 million followers and is a well-known influencer in the cryptocurrency community.
According to 9GAG itself, the site is visited by 150 million people monthly, the service has 40 million active users and 3.5 billion page views. The information is generally confirmed by Similarweb statistics - according to the analytical service, 9GAG is one of the 500 most visited Internet sites, and its traffic is comparable to the Russian Pikabu or the popular online petition site Change.org.
“9GAG has more social potential than all existing cryptocurrency apps today combined,” said investor Jason Choi of Tangent, which invested in Memeland. He noted that this was the fund’s most unconventional bet, and the investment decision was made without the usual pitch deck or road map presented explicitly.
At the same time, according to him, the project has already built a ready-made strategy. “With every investment we try to bring cryptocurrency to people. What if we, on the contrary, try to lead people to cryptocurrency?,” Choi wrote.
