- Binance Labs invests in 9GAG’s Memeland.
- MEME token value surges.
- Investment boosts Memeland’s utility case.
Memecoins are on the rise this market cycle. With tokens such as Bonk surging over 10000% since their recent launch, traders want to capitalize on memes. This includes projects that bend memes and utility.
Among these, 9GAG’s Memeland and its Memecoin (MEME) token recently got a significant nod from the crypto giant Binance Labs. The venture arm of Binance invested in the token, betting on its blend of utility and memes.
Binance Labs Investment in 9GAG Memeland Token
On January 4th, 2024, Binance Labs announced an investment in 9GAG’s Memeland token. This investment marks a critical endorsement for Memeland, a venture at the intersection of SocialFi and the creator economy.
Following the investment announcement, there was an observable surge in the value and market interest in the MEME token. The token briefly spiked above $0.039 before consolidating back to $0.026.
Memeland, backed by the popularity and reach of 9GAG, aims to redefine the creator economy by integrating meme culture with blockchain technology.
Understanding 9GAG’s Memeland
Memeland intersects blockchain with the viral nature of memes. As a creative studio, it transforms internet humor into digital assets using NFTs and its proprietary MEME token. The platform aims to give content creators and online communities ownership and agency over the memes they create and share.
The studio’s affiliation with 9GAG, a brand that used to be synonymous with internet memes, provides it with significant reach. 9GAG has a monthly audience of 200 million users and serves as a springboard for Memeland’s initiatives.
Memeland’s future-focused approach includes implementing NFT staking and creating a social network for user collaboration. These initiatives are part of a broader strategy to transition into a decentralized platform guided by a DAO, enabling NFT holders to participate in governance decisions.
On the Flipside
- In the announcement, Binance Labs did not reveal how much it invested in Memeland.
- Memecoins have faced criticism over their speculative nature and lack of utility.
Why This Matters
Binance Labs’ investment in a project like Memeland shows industry recognition of the SocialFi space and the potential of a blend of memes and blockchain tech.
Read more about Memeland’s ventures in the NFT space:
Memeland Goes Bananas for BAYC in $1.3M Spending Spree
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