Our experts tell us why all major crypto exchanges supported the MEME token. Which “does not represent any usefulness or value” and what provoked demand for it
On November 3, cryptocurrency exchanges started trading Memecoin (MEME) token. MEME rate was fixed at $0.02, which is 2000% higher than the price. At which the project participants received tokens at the pre-sale, organized earlier on its official website.
The token launch was announced by the developers of the Memeland project. Participants of the community formed around it, performing a certain set of activities. And could get on the list of those who will have access to the sale of MEME. According to the project’s website, they collectively invested $10 million in just 40 minutes from the start of the token sale.
All major exchanges, including Binance, Bybit, OKX, KuCoin and HTX (formerly Huobi) launched token trading on the spot market. And later announced the launch of open-ended futures on MEME with leverage up to 50x. The token’s capitalization at the time of publication exceeds $200 million, and the daily trading volume is $600 million, according to Coinmarketcap.
Memeland was created by the team that founded 9GAG. It is a popular meme and news sharing site that has received support from YCombinator and other influential investors. The project team has branded three NFT collections (You The Real MVP, The Potatoz, and The Capatainz). And has developed apps for games and meta universes. And where their NFTs are also zapped and the token will be involved.
According to the developers, players can earn MEME by holding the token in stacking. Or by actively playing and creating content. And along with NFT, its owner gets the rights to commercialize the associated image.
According to published details, Memeland’s upcoming platforms include travel service Holders.com, video sharing service GMGM.com, cryptocurrency app Stakeland and service Petsland. The team also noted that MEME does not represent “any voting rights” in the Memeland ecosystem. And that is, it is not a so-called governance token.
Large audience of this project and its prospects for further growth
The website 9GAG was created in 2008 by Ray Cheng, a student at the University of Hong Kong, and his brother Chris Cheng as an alternative online platform for socializing. And on which users could share humorous photos or videos. 9GAG’s main server is located in Hong Kong. Ray Cheng’s account on social network X (formerly Twitter) has 2.4 million followers. And he is a well-known influencer, including in the cryptocurrency community clarify our experts.
According to 9GAG itself, 150 million people visit the site every month. The service has 40 million active users and 3.5 billion page views. The information is generally confirmed by Similarweb statistics – according to the analytical service. That 9GAG is among the 500 most visited sites on the Internet.
“9GAG has more social potential than all existing cryptocurrency apps today combined,” said investor Jason Choi of the Tangent fund, which invested in Memeland. It was the fund’s most unconventional bet, he noted. And the investment decision was made without the usual pitch deck or roadmap presented explicitly.
That said, he said, the project has a ready-made strategy already lined up. “With every investment we try to bring cryptocurrency to people. What if we, on the contrary, try to bring people to cryptocurrency?”, – wrote Choi. Our experts are closely following the development of this project, it is too early to say and the price in the future.