Source: Pixabay / Binance

The investment arm and incubator of the cryptocurrency exchange Binance, Binance Labs, has invested in the Memecoin (MEME) token.

According to an announcement on January 4, Binance Labs revealed that it has invested in the naive ecosystem token of Memeland, a project focused on creating and investing in the social economy. However, the size of the investment has yet to be revealed.

Prior to Binance Labs’ investment in MEME, the cryptocurrency was featured as Binance Launchpool’s 39th project in October 2023. Binance Launchpool is a platform that allows users to stake their Binance Coin (BNB), TUSD, and FDUSD in distinct pools for a 30-day farming adventure, earning MEME tokens as rewards.

On October 28, 2023, Binance officially announced this initiative, providing crypto enthusiasts with the opportunity to participate in the Launchpool and earn MEME token rewards. Users could stake their assets in specific pools, and in return, they would receive MEME tokens. A significant pool of 1,380,000,000 MEME tokens, equivalent to 2% of the total token supply, was allocated as rewards for participants in this campaign.

Announced in April 2022, Memeland operates as an independent Web3 venture studio under 9GAG, a well-known meme platform with a monthly audience of 200 million users worldwide. The Memeland team has over fifteen years of experience in creating community-based products and is dedicated to the mission of bringing ownership to communities worldwide.

In addition to NFTs and the MEME token, Memeland offers features such as MEME Farming and plans to introduce upcoming services to enhance user experiences and community involvement. These include unique NFT staking mechanisms, collaborative social networks for community members, and liquid staking of ETH.

The long-term vision is for Memeland to become a fully decentralized, community-driven platform, allowing current NFT holders to participate in governing the Memeland DAO.

Crypto Token MEME Surges 8% After Binance Labs Investment Announcement

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, 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.

Memeland had previously announced $10 million in commitments for the token sale and is planning airdrops and a firesale for MEME to boost investor interest amidst the coin’s volatility. The token is predicted to reach $0.1 from a firesale price of $0.001.

As per public details, some upcoming Memeland platforms are travel service Holders.com, video sharing service GMGM.com, crypto staking application Stakeland, and Petsland, a pets-focused service.

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