Benzinga - The meme cryptocurrency MEME has significantly outperformed its counterparts, Dogecoin (CRYPTO: DOGE) and Shiba Inu (CRYPTO: SHIB).
What Happened: MEME’s value soared by 50% to trade at a price of $0.33, despite its peers experiencing declines; DOGE and SHIB fell by 2-4%, trading at $0.074 and $0.000008548, respectively.
Alongside the price surge, MEME’s market capitalization expanded by 46.54% to reach $288 million. Furthermore, its trading volume saw an exponential increase of 780.47%, amassing a total of $1.2 billion within the same time frame.
Why It Matters: The MEME cryptocurrency is unique as it was straightforwardly launched with the declaration that it stands solely as a meme coin. The official statement from the project’s website emphasizes its character: “Memecoin is literally a meme coin. No utility. No roadmap. No promises. No expectation of financial return. Just 100% memes.”
The MEME token’s success can also be partly attributed to its alliance with the Memeland Group, known for the renowned entertainment platform 9GAG. This partnership aims to empower the sharing of creativity between creators and communities, leveraging the MEME token and non-fungible tokens (NFTs) in this emerging space.
Notwithstanding the current hype, the project's white paper outlines an essential disclaimer regarding the token’s use, stating, “The MEME token is not intended for use as a means of payment for goods or services, whether through the Memeland Group or otherwise.”
Will The SEC Finally Approve Long-Awaited Bitcoin Spot ETF? Ask industry experts directly at Benzinga's Future of Digital Assets event happening in NYC on Nov. 14, 2023. Be a part of the discussions where you won't just be a passive spectator. Don't let this chance slip away – secure early bird discounted tickets now!
On The Flip Side: Anticipation for MEME has been building since a private sale raked in $8 million in just 28 hours prior to the token’s official launch.
Lookonchain, an analytical firm specializing in blockchain, shed light on an airdrop event that greatly fueled interest in MEME.
Photo by Avi Rozen on Shutterstock
Read Next: Here’s How Much You Should Invest In Shiba Inu Today For A $1M Payday If SHIB Hits 1 Cent?
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.