Binance Labs Announced Its Plan To Invest In Memecoin (MEME)
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Binance Labs Announced Its Plan To Invest In Memecoin (MEME)

Binance’s venture capital and investment arm, Binance Labs, took an important step and announced that it has invested in Memeland’s native ecosystem token, Memecoin (MEME).

Memeland, an independent Web3 venture project of 9GAG, is known for its focus on building and investing in SocialFi and creative economies.

The platform aims to connect creators and communities through MEME tokens and NFTs by leveraging the power of meme internet culture.

9GAG, a popular meme platform, has a worldwide monthly user base of 200 million on its channels.

The team behind Memeland brings to the table over fifteen years of experience building community-based products, with a mission to bring ownership to every community in the world.

Memecoin (MEME) is the native token powering Memeland’s NFT ecosystem. Memeland, 9GAG’s independent Web3 startup studio, focuses on building and investing in SocialFi and the creator economy.

See Also: Binance Threatens To Delist These Privacy Coins

The aim is to connect creators and communities through MEME tokens and NFTs, further strengthening the bond between creators and their audiences.

This investment by Binance Labs is expected to accelerate the growth of this vibrant ecosystem.

Amid news of the Binance Labs investment, the price of MEME jumped 9% to $0.02702 on Jan. 3. 

MEME Price Chart | Source: Coinstats


However, the token has dropped significantly since then, following a crash in Bitcoin (BTC) losing 6.2% in value over the past 24 hours, the alt-coin sector also took a big hit with many coins down in excess of 10%.

Following the rumors that the U.S. Securities and Exchange Commission (SEC) may not approve spot Bitcoin ETFs in Q1 2024, the cryptocurrency market has declined. 

The meme coin market cap, in contrast, fell by 12%, and the total market capitalization has decreased by 5.6% over the last 24 hours.

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