Binance Labs invests in Memecoin, MEME rises 9%
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Binance Labs, a venture capitalist and financial cryptocurrency exchange incubator, has invested in the Memecoin (MEME) token.
according to announcement On January 4, Binance Labs invested in the native ecosystem token of Memeland, a project focused on creating and investing in the social economy. The size of the investment was not disclosed.
Memeland was launched on October 27, 2023, becoming the 39th new launch pool project. By the end of the month, Binance reported that users could stake crypto assets into different pools for a 30-day farming program to earn MEME tokens. This initiative allows cryptocurrency enthusiasts to earn MEME token rewards by participating in the Memeland project’s Launchpool.
As a result, MEME became one of the most profitable me tokens in the fall of 2023. Major cryptocurrency exchanges including Binance, OKX, and HTX (formerly Huobi) began trading the token, resulting in a 2,000% price increase.
MEME’s price rose 9% to $0.02702 on January 3 following news of Binance Labs’ investment. However, since then, the altcoin sector has also been hit hard, with many coins losing more than 10%, as Bitcoin (BTC) plunged, losing 6.2% in value over the past 24 hours, with the token falling sharply.
The cryptocurrency market has declined following rumors that the U.S. Securities and Exchange Commission (SEC) may not approve a spot Bitcoin ETF in the first quarter of 2024. In comparison, meme coin market capitalization fell by 12%, and the total market capitalization fell by 5.6% in the past 24 hours.
