Binance Labs invests in Memecoin (MEME): token pumps

January 04, 2024 10:38 PM AEDT | By Invezz

Binance Labs invests in Memecoin (MEME): token pumps — Image source: Invezz

Binance Labs’ investment in Memecoin (MEME)

Binance Labs’ investment marks a strategic move into the social economy and creator-centric ecosystems, with Memecoin as its entry point.

Memeland, positioned as the 39th Binance Launchpool project by Binance on October 27, 2023, is dedicated to fostering SocialFi and creator economies. Users quickly embraced the 30-day farming plan, staking various crypto assets to earn MEME tokens. This initiative not only facilitated user engagement but also propelled MEME into one of the most lucrative meme tokens in the fall of 2023.

The listing on major exchanges, including Binance, OKX, and HTX (previously Huobi), triggered a staggering 2000% surge in MEME’s value, transforming it into a sought-after digital asset. However, recent market turbulence, exacerbated by a Bitcoin dip and uncertainty surrounding spot Bitcoin ETFs, has seen MEME’s price retract from its recent high.

MEME price pumps and dumps

Despite rallying 9% immediately after Binance Labs announced its investment, MEME has since dumped by almost 10% in the last 24 hours, due to the headwinds in the broader crypto market correction.

The broader cryptocurrency market, grappling with the impact of regulatory speculations, witnessed a 12% dip in meme coin market capitalization. The total market capitalization has also dwindled by 6% in the last 24 hours. The uncertainty surrounding SEC’s stance on spot Bitcoin ETFs in Q1 2024 has added a layer of complexity to market dynamics, affecting not only Bitcoin but also other digital assets, including MEME.

The post Binance Labs invests in Memecoin (MEME): token pumps appeared first on Invezz

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