In a significant move, Binance Labs, the venture capital arm of Binance, has invested in Memecoin (MEME), the native token of Memeland – a Web3 venture studio spawned.
Binance Labs has invested Memeland, a startup that aims to create and invest in the social economy using its naïve ecosystem currency. The investment’s size is kept a secret. Memeland, which debuted on October 27, 2023, became the 39th new launch pool project.
Users might stake their assets in different pools for a 30-day farming plan to earn MEME tokens by the end of that month, according to a report from Binance.
Through this effort, those interested in cryptocurrency could participate in a Launchpool for Memeland projects and earn MEME token prizes.
Consequently, in the fall of 2023, MEME emerged as one of the most lucrative tokens. The token’s price increased by 2000% after major cryptocurrency exchanges, including Binance, OKX, and HTX (previously Huobi), started trading it.
On January 3, the price of MEME increased by 9% to $0.02702 after the news of the Binance Labs investment. But since then, the token’s value has drastically decreased.
This is due to the collapse of Bitcoin (BTC), which had a 6.2% loss in value in a single day. The alt-coin market also suffered greatly, with many coins seeing a 10% drop.
The cryptocurrency market has dropped due to reports that the Securities and Exchange Commission (SEC) of the United States might not approve spot Bitcoin ETFs in Q1 2024. In comparison, the meme coin market cap dropped by 12%, and the total market capitalization has dropped by 5.6% for the past day.
