MEMEcoin is a new cryptocurrency that is gaining popularity in the digital space. It is backed by the Memeland platform, which aims to combine internet memes with blockchain technology.
On one end of the crypto spectrum, you'll find altcoins like Solana and Ripple that promise to better the world with their unique blockchain-based solutions. On the opposing end, you'll find memecoins. Whether you're a crypto veteran or a beginner in the crypto scene, you'll likely have heard of these meme-based coins and tokens. From Dogecoin to Pepe tokens, these memecoins are often plastered across social media as crypto enthusiasts often post about them while poking fun at their popularity. While the trend seems to have slowed down as of late after the meteoric rise of PEPE, Memeland seems to have got the meme train going again with their latest project, Memecoin. Wondering what's the hype behind the memecoin brought to us by the team behind 2008's legendary internet humor platform 9GAG? From grasping the Memeland ecosystem to MEME tokenomics, here is what you need to know about Memecoin and the excitement behind the MEME token.
What is Memecoin?
Pegged as the one meme to rule them all, Memecoin is an ERC-20 digital token launched by Memeland, the Web3 venture backed by the creative minds behind the original 9GAG. With no functions, utility, intrinsic value, roadmaps, promises or expectations of financial gains, Memecoin is designed by Memeland to be a token that's completely useless and designed for entertainment purposes only.At surface value, Memecoin seems to be your run-of-the-mill meme token that checks all the boxes. From a whitepaper that's vague about MEME's future potential to supply tokenomics that pays homage to a commonly referenced number in internet culture, Memecoin's foundations seems to unashamedly be based on internet pop culture and poking fun at the overt seriousness of cryptocurrencies. However, digging deeper and researching on Memecoin's associated NFT ecosystem might reveal more nuggets of information that MEME token traders might want to take note of.
How does Memecoin work?
Being a publicly traded memecoin, it's key to first understand how Memecoin fits in with fellow meme-related coins and tokens. Similar to how PEPE handles its roadmap, Memecoin lacks a structured roadmap that we're typically used to. There are no signs or indications of Memeland intending to make MEME deflationary or improve the Memecoin ecosystem down the line. Rather, Memeland seems to be making a statement that pokes fun at the state of today's crypto scene with its Memecoin whitepaper. In it, Memeland states that "MEME has no functions, no utility and no intrinsic value" and "there is no promise or expectation that any ecosystem will even be developed for MEME". This contrasts the sentiment and planning present in original memecoins like Dogecoin and Shiba Inu that pride themselves on both being a memecoin and having a structured plan for the memecoin's future. Whether this project is intended to be a parody or not, it's up to the community to decide. But what we do know is that Memeland has created a unique memecoin with an interesting use case and potential for entertainment value.With how Memeland and 9GAG have a habit to mislead and 'troll', we can likely infer that there's more to this than meets the eye when it comes to understanding how Memecoin works beyond being just a joke in the crypto scene. While Memeland has outrightly mentioned that there may not be any plans for MEME in terms of use cases, it seems that there are some efforts towards linking it to the Memeland ecosystem and its array of NFTs. To uncover more information about Memecoin and how MEME tokens intend to play into Memeland's overarching plan, we can delve into Memeland's background and tokenomics. This will likely shed some light on how MEME is going to be incorporated into Memeland's ecosystem.
Who is Memeland: a brief history of what Memeland is
Memeland is a Web3-focused venture studio that's focused on building social products for the community and creating an all-inclusive Web3 platform. According to a now-deleted Memeland tweet, Memeland has a three-part strategy that involves NFTs for community building, the MEME token for creating and decentralizing value, and an overall product for reaching the masses. Thus far, Memeland has launched three NFT projects, which are all utility-enabled profile pictures (PFPs). They include YOU THE REAL MVP (launched in June, 2022), The Potatoz (launched in June, 2022), and The Captainz (launched in January, 2023).
Memeland Raids
YOU THE REAL MVP, THE POTATOZ, and THE CAPTAINZ NFT holders were able to participate in Raids in May, 2023. They were large-scale SocialFi events that involved working with other participants to pool their Memeland resources in organized Crews. The Crews would then compete for the top spot on the leaderboard. Thanks to the introduction of these community events, there was even more incentive to own and trade Memeland NFTs as community engagement spiked and Crews learned to combine different NFTs to earn more Raid rewards.
Future Memeland utility
While details are rather cryptic when it comes to the future utility of these PFPs, a couple of details surfaced of events and projects in their "IN THE WORKS" section. They include:
HOLDERS.COM: termed as the "Tripadvisor for your Web3 journey”.
GMGM.COM: described as a “Web3 OnlyFans” platform but with clothes required.
STAKELAND: Memeland stated the project focuses on "making crypto staking fun".
PETSLAND: termed as a project for "pet lovers only".
Memecoin tokenomics
Interested to find out more about the supply and price of MEME? Here are Memecoin's tokenomics to keep in mind:
- Total MEME token supply: 69,000,000,000
- Full diluted value: $69,000,000
- Price of MEME at launch: $0.001
Memeland also provided information about the overarching distribution of MEME tokens. With the handy graphic below, we're able to see that MVP, Captainz and Potatoz are rewarded for their loyalty through airdrops of 25% of the overall MEME supply. Also, a hefty 30% of Memecoin's total supply is allocated to the treasury. This likely implies that Memeland has huge plans for growing their overall ecosystem with the locked up supply of MEME.
Final words and next steps
As with all crypto projects, traders should definitely keep in mind the risks of trading tokens which have been labeled as one big internet joke. As mentioned at the start of our Memecoin guide, MEME is said by its creators to be a useless token. Is this truly the case? While outrightly stated to be for entertainment purposes, Memeland's numerous community initiatives to get their fanbase involved might hint otherwise. From vague future plans to innovative community engagement events, Memecoin might be a rabbit hole worth going down considering how the Memeland team is going all out to make MEME the next big thing in the crypto space.Intrigued about the future of Memecoin? Create your trading plan and trade MEME with us today.
Frequently Asked Questions (FAQs)
Who created Memecoin?
Memecoin was founded by the team at Memeland, a Web3 venture studio that was spun off from global meme platform 9GAG. With over 15 years of experience in building community-focused products, those interested in the Memeland ecosystem definitely have plenty to be excited about when it comes to the future of MEME.
What is the all-time high of Memecoin?
As of 6 November, 2023, MEME token reached an all-time high of $0.0265 on OKX. This represents an increase of almost 25 times the original MEME listing price of $0.001.
What is the total supply of Memecoin?
MEME has a total supply that's fixed at 69,000,000,000. While this specific number may seem like a reference to an internet meme, Memeland has gone on to state that this supply amount was chosen so that it ensures the long term sustainability of the Memecoin project while also adding enough initial liquidity in the early phases to keep active momentum for MEME.
Where can I learn more about Memecoin and MEME token?
For real-time prices and the latest market data regarding Memecoin, you can check out our MEME price page, where you'll find useful statistics like daily trading volume, market cap, and the last traded price of MEME tokens. Also, you can find out more about Memecoin and Memeland by checking out their respective websites.
Where can I trade Memecoin?
On top of being listed on OKX, MEME can also be traded on other cryptocurrency exchanges like Binance, Bybit, BitVenus, KuCoin, and Gate.io.
© 2024 OKX. This article may be reproduced or distributed in its entirety, or excerpts of 100 words or less of this article may be used, provided such use is non-commercial. Any reproduction or distribution of the entire article must also prominently state: “This article is © 2024 OKX and is used with permission.” Permitted excerpts must cite to the name of the article and include attribution, for example “Article Name, [author name if applicable], © 2024 OKX.” No derivative works or other uses of this article are permitted.
