Binance Labs makes an investment in Memecoin (MEME)

The venture capital industry from Binance a invested in the same corner launched by 9GAG.

This Thursday, Binance Labs, the incubator and investment arm of the giant Binanceannounced a investmentan undisclosed amount, in the token Memecoin (MEME).

Launched last year by entertainment website 9GAG, via its Memeland initiative, the Memecoin project collected over 8,700 ethers in a public sale at the end of October. Binance listed its digital coin on its platform in early November.

Memeland’s main objective is to create and invest in SocialFi economies with the aim of connecting creators and communities via its MEME token and NFTs by leveraging the Internet culture of memes. […] Memeland also offers MEME Farming and plans to introduce several upcoming features and services,” reads the announcement.

As the name suggests, MEME is positioned as a meme coin, i.e. a token which generally has no utility and is reserved for pure speculation. Leading meme coins today include DOGE and SHIBA, with market capitalizations in the billions of dollars.

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The price of MEME, which has fallen sharply over the past 30 days, has risen slightly following the statement by the number 1 cryptocurrency exchange.

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