Crypto Mania Exchanges

What is the Hype Behind the Memecoin (MEME)?

  • Binance lists MEME on Launchpool, farming since October 28.
  • 69B total supply, 1.38B rewards, 8.8B circulating MEME tokens.

The year 2023 has been a thrilling ride for the cryptocurrency market, and one of the standout moments has been the meteoric rise of memecoins. Leading players like Dogecoin, Shiba Inu, and Floki captured the limelight, and new entrants like Pepe made waves. As we examine the memecoin space, it resembles a buzzing beehive with numerous new coins emerging. However, one memecoin is currently stealing the spotlight – MEME.

MEME, an Ethereum-based memecoin, operates on the ERC-20 network and boasts a total supply of 69 billion MEME tokens. This token was crafted by Memeland, a web3 startup, and launched by the same team behind the globally renowned meme platform, 9GAG.

The latest buzz in the crypto world revolves around Binance’s announcement of MEME’s listing. MEME has become the 39th project on Binance Launchpool, allowing users to stake their BNB, TUSD, and FDUSD in separate pools for farming MEME tokens over a 30-day period, with farming commenced on October 28.

With a total and maximum token supply of 69,000,000,000 MEME and Launchpool Token Rewards amounting to 1,380,000,000 MEME (2.00% of the total token supply), the initial circulating supply stands at 8,797,500,000 MEME (12.75% of the total token supply).

Popularity vs. Functionality

While one group of enthusiasts eagerly anticipates the coin’s future developments, another segment of the community is intrigued by an unusual aspect of MEME. In line with MEME’s whitepaper, the team emphasizes that the token has “no functions, no utility, and no intrinsic value, no promise or expectation of any financial return, profit, interest, or dividend.” 

Furthermore, the team asserts that, concerning the Memeland ecosystem, MEME does not confer “any entitlement to any voting rights.”
Despite the absence of a roadmap, utility, or the promise of future returns, crypto investors have not hesitated to invest in this memecoin. The crypto community’s support for this startup underscores their faith in this new memecoin, with MEME even amassing more than a million followers on its X account.

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