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Binance Labs, a venture capitalist and incubator of the finance cryptocurrency exchange, has invested in the Memecoin (MEME) token.
According to an announcement on Jan. 4, Binance Labs has invested in the naive ecosystem token of Memeland, a project focused on creating and investing in the social economy. The size of the investment is not revealed.
Memeland became the 39th new launchpool project after launching on Oct. 27, 2023. By the end that month, Binance reported that users could stake crypto assets in distinct pools for a 30-day farming plan to earn MEME tokens. This initiative allowed crypto enthusiasts to acquire MEME token rewards by participating in a Launchpool for Memeland projects.
As a result, MEME became one of the most profitable me tokens in the fall of 2023. With it major cryptocurrency exchanges including Binance, OKX, and HTX (formerly Huobi) began trading the token resulting in a 2000% increase in price.
Amid news of the Binance Labs investment, the price of MEME jumped 9% to $0.02702 on Jan. 3. 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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