Memecoin

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MEME

Binance Labs, a venture capitalist and incubator of the finance cryptocurrency exchange, has invested in the Memecoin (<a href="https://crypto.news/price/Memecoin/">MEME</a>) token. 
According to <a href="https://www.binance.com/en/blog/ecosystem/binance-labs-invests-in-meme-the-native-token-of-memeland-from-the-creators-of-9gag-1370020903256087146" target="_blank" rel="noopener">an announcement</a> 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 <a href="https://crypto.news/binance-adds-memecoin-to-launchpool-partners-with-9gags-memeland/">launching</a> 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 <a href="https://crypto.news/tag/binance/">Binance</a>, <a href="https://crypto.news/tag/OKX/">OKX</a>, 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 (<a href="https://crypto.news/price/bitcoin/">BTC</a>) 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%. 
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 <img loading="lazy" decoding="async" width="1024" height="530" src="https://crypto.news/app/uploads/2024/01/Screenshot-2024-01-04-at-12.55.17-1024x530.png" alt="Binance Labs invests in Memecoin, MEME rallies 9% - 44" class="wp-image-14234391">
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 Source: CoinMarketCap
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Following the rumors that the U.S. Securities and Exchange Commission (<a href="https://crypto.news/tag/sec/">SEC</a>) <a href="https://crypto.news/sec-will-reject-all-bitcoin-etfs-in-january-says-matrixport/">may not approve</a> spot Bitcoin <a href="https://crypto.news/tag/etf/">ETFs</a> in Q1 2024, the cryptocurrency market has declined. The meme coin market cap, in contrast, <a href="https://crypto.news/memecoin-market-cap-falls-12-during-todays-liquidation/">fell</a> by 12%, and the total market capitalization has decreased by 5.6% over the last 24 hours. 
 Read more: <a href="https://crypto.news/why-is-crypto-down-today-matrixport-and-other-fud/"> Why is crypto down today? Matrixport and other FUD </a>

Binance Labs invests in Memecoin, MEME rallies 9%

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