Binance Labs, the investment arm of major cryptocurrency exchange Binance, has invested in Memecoin (MEME), the native token of Memeland from 9Gag. Specific details regarding the investment amount have not been disclosed.
Background on MEME and Memeland
Memecoin (MEME) was previously featured in Binance Launchpool’s 39th project in October 2023, allowing users to stake BNB, TUSD and FDUSD to earn MEME tokens. A total allocation of 1,380,000,000 MEME tokens, representing 2% of the total supply, was set aside for the Launchpool rewards.
Memeland, associated with Memecoin, is a Web3 venture studio under 9GAG with a monthly audience of over 200 million. Having been in the field for over fifteen years, Memeland has gained a lot of experience creating community-focused products.
Memeland offers NFTs, MEME Farming and plans to provide NFT staking, social networks and liquid staking of ETH. Ultimately, Memeland aims to become a decentralized, community-driven DAO where NFT holders can govern.
Impact of Investment Announcement on MEME
Following the investment announcement by Binance Labs, the value of the MEME token surged by 8%. The token had fallen by over 5% in the previous week and 15% in the past 30 days. MEME’s market cap decreased by 2.70% to $243.16 million, but its trade volume jumped by 352.19% to $268.29 million.
Memeland’s Growth Plans
Memeland announced $10 million in commitments for a token sale, as well as plans for airdrops and a firesale for MEME. The MEME token is predicted to reach $0.1 after a firesale price of $0.001.
The investment from Binance Labs indicates the potential Binance sees in Memeland and its MEME token as they aim to apply 9Gag’s vast experience in creating community platforms to Web3 and DeFi.