Binance Labs invests in Memecoin, MEME rallies 9%

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Binance Labs, a enterprise capitalist and incubator of the finance cryptocurrency trade, has invested within the Memecoin (MEME) token.

In response to an announcement on Jan. 4, Binance Labs has invested within the naive ecosystem token of Memeland, a undertaking targeted on creating and investing within the social financial system. The dimensions of the funding is just not revealed.

Memeland turned the thirty ninth new launchpool undertaking after launching on Oct. 27, 2023. By the top that month, Binance reported that customers may stake crypto belongings in distinct swimming pools for a 30-day farming plan to earn MEME tokens. This initiative allowed crypto fans to accumulate MEME token rewards by collaborating in a Launchpool for Memeland tasks.

In consequence, MEME turned some of the worthwhile me tokens within the fall of 2023. With it main cryptocurrency exchanges together with Binance, OKX, and HTX (previously Huobi) started buying and selling the token leading to a 2000% improve in value.

Amid information of the Binance Labs funding, the value of MEME jumped 9% to $0.02702 on Jan. 3. Nevertheless, the token has dropped considerably since then, following a crash in Bitcoin (BTC) shedding 6.2% in worth over the previous 24 hours, the alt-coin sector additionally took an enormous hit with many cash down in extra of 10%.

Binance Labs invests in Memecoin, MEME rallies 9% - 1
Supply: CoinMarketCap

Following the rumors that the U.S. Securities and Alternate Fee (SEC) may not approve spot Bitcoin ETFs in Q1 2024, the cryptocurrency market has declined. The meme coin market cap, in distinction, fell by 12%, and the full market capitalization has decreased by 5.6% over the past 24 hours.

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