Binance Labs Initiates Strategic Investment With Memecoin:

Binance Labs, the investment arm of Binance, has made a strategic investment in Memecoin (MEME), the native cryptocurrency of the Memeland network. Memeland, a creative hub linked to the popular meme platform 9GAG, focuses on social media and creators, utilizing MEME tokens and NFTs within internet meme culture.

Following this announcement, MEME crypto experienced a brief price surge of over 9% before facing a downturn.

Binance and Memeland Partnership

Memeland, connected to the massive meme platform 9GAG with 200 million monthly users, acts as a creative space. The Memeland team, boasting over 15 years of experience, aims to empower communities globally. Before Binance Labs’ investment in MEME, the crypto became Binance Launchpool’s 39th project in October 2023.

On October 28, 2023, crypto exchange introduced a farming initiative, allowing users to stake Binance Coin (BNB), TUSD, and FDUSD in separate pools for a 30-day adventure to earn MEME tokens. 

This effort allowed crypto enthusiasts to gain MEME token rewards through participation in the Launchpool. A substantial pool of 1,380,000,000 MEME tokens, equivalent to 2% of the total token supply, was allocated as rewards for users engaging in this campaign.

Following the investment by Binance Labs, the MEME crypto experienced an immediate price surge of over 9%, although this gain was short-lived as the crypto saw a quick pullback. 

According to CoinMarketCap data, the MEME crypto price decreased by 2.67% to $0.02739 in the past 24 hours. Despite the recent decline, the digital asset has substantially recovered since facing a plunge of over 12% in today’s trading session.

The crypto’s market cap also experienced a 2.70% dip, reaching $243.16 million. Contrary to the market cap decrease, the MEME crypto witnessed a surge in demand, with its 24-hour trade volume skyrocketing by an impressive 352.19%, reaching $268.29 million.

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