#BinanceLabs , the investment and incubation division of the cryptocurrency exchange Binance, has made an investment in the memecoin from the Memeland ecosystem (#MEME ).
On January 4th, Binance Labs announced its support for the #MemeLand project, focusing on development and investment in the social economy sector. However, the exact amount of the investment remains undisclosed.
Before this investment, MEME appeared as the 39th project on the Binance Launchpool platform in October 2023. #BinanceLaunchpool allows users to stake Binance Coin (BNB), TUSD, and FDUSD in various funds, earning MEME tokens as rewards during a 30-day "farming adventure."
Binance officially announced this initiative on October 28, 2023, offering users the opportunity to participate in the Launchpool and earn MEME tokens. A total of 1,380,000,000 MEME tokens, representing 2% of the total supply, were allocated for this campaign.
Memeland was introduced in April 2022 and operates as an independent Web3 studio under the 9GAG brand. The team, with over 15 years of experience in creating community products, is committed to providing ownership to communities worldwide.
In addition to NFT and MEME tokens, Memeland offers features like MEME Farming and plans to introduce new services to enhance user experience and community engagement. The goal is to become a fully decentralized community-driven platform, Memeland DAO.
Rise in Value of MEME Cryptocurrency Following Binance Labs Investment
Following the announcement of Binance Labs' investment, the value of the MEME cryptocurrency rose by more than 8%, although a slight decline followed. As of January 4, 2023, the price of MEME fell by 2.67% to USD 0.02739.
Despite the drop, MEME experienced a significant increase compared to a previous 12% slump and a 5% loss last week. Over the last 30 days, its value decreased by 15%.
The market capitalization of cryptocurrencies also fell by 2.70% to USD 243.16 million. Meanwhile, MEME saw a sharp rise in trading volume, skyrocketing by 352.19% to USD 268.29 million.
Memeland plans further sales and airdrops of MEME tokens to increase investor interest. The token's price is expected to reach USD 0.1 from the original selling price of USD 0.001.
Upcoming platforms from Memeland include the travel service Holders.com, the video sharing service GMGM.com, the cryptocurrency betting app Stakeland, and Petsland, a service focused on pets.
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