Memecoin (MEME) is the quintessential meme on the blockchain
However, one of these projects stands out from the crowd — Memecoin. The team of this project decided to go even further and created an entire ecosystem that incorporates almost all popular memes.
What is Memecoin?
Memecoin is the first cryptocurrency not based on a specific meme or image but combines them all and embodies this cultural phenomenon completely. It's a memcoin that even has a separate type of cryptocurrency reflected in its name, which may indicate the grand plans of the team and the entire community.
The cryptocurrency was released by the 9GAG team behind the popular Memeland project. Thus, 9GAG is not releasing a token from scratch but already has strong support from current backers and investors.
9GAG is a venture studio founded in 2008 that focuses on creating products for the community. This company now has over 200 million supporters worldwide and a combined total of over 70 million followers on various social platforms, which adds to the Memecoin project's significant chances of future success.
Like most memcoins, the Memecoin project is community-oriented, i.e. social. The Memeland team introduced the first NFT ecosystem based on memes, one of the main elements of modern internet culture.
Team Memelan released three significant collections summarized as MVPs: Memeland and Potatoz in 2022 and Captain in January 2023. The sale price for some collection items on the OpenSea Marketplace is as high as 40 ETH or around $75,000 at the time of writing. Each such collection contains 9,999 PFPs, and their owners could get MEME tokens for free in the form of an airdrop, which not only recouped the cost of the NFT but even allowed them to make a profit even with the tokens locked up for a long time.
In addition to the airdrop, Memeland's NFT holders receive a private club membership, exclusive access to the NFT creators' trading platform, and IRL (real-life) events.
Ecosystem
Memecoin itself is part of the Memeland ecosystem, so that we will describe it fully. Memeland is not any protocol or application — it is a social platform that brings together NFT creators from the Web2 and Web3 realms. Memeland does not yet have an NFT marketplace or any other product — there are only collections with an extensive trade volume and the creators' imagination.
No virtual world or meta-universe would unite all NFTs and allow them to use their functions to the fullest extent. So far, the developers haven't even promised anything like that.
The team is currently working on four apps for the Memeland ecosystem:
- Holders.com — a Tripadviser analogue for the Web3 industry;
- Gmgm.com — an analogue of OnlyFans for Web3 fans;
- Stakeland — an entertainment token-stacking app;
- Petsland — an app for pet lovers.
So far, not much is known about the functionality of future apps, but in this case, the team has intelligently thought out everything to gradually fuel the audience's interest rather than reveal all the cards at once.
MEME token
MEME is an ERC-20 token based on the Ethereum blockchain. Memecoin does not have its blockchain and only has a smart contract on the Ethereum network. The MEME token is the centre of the Memeland ecosystem and is likely to be used for all mutual settlements, including buying or selling NFTs.
The peculiarity of the token is that the developers have not endowed it with any features, giving this right to the community itself, which reflects the unconditional social orientation of the project. The team wrote directly to the White Paper about the token's lack of any functionality:
"MEME has no function, utility or intrinsic value, promise or expectation of any financial return, profit, interest or dividend."
"There is no roadmap, promise, or expectation that any ecosystem will be developed for MEME. MEME is completely useless and is for entertainment purposes only.", the team adds.
9GAG itself refers to its MEME token as a "shitcoin." In fact, the White Paper does not describe any technical features of the project or the token itself and is primarily a disclaimer. According to the team, the MEME token is not intended as a medium of exchange, payment for goods and services, use as a symbol of money, including digital money, and Memecoin does not provide voting rights in relation to the Memeland ecosystem or the right to receive commissions or dividends.
It is worth noting the honesty of the team is a plus, as 9GAG does not give the community any expectations regarding its token and indicates all the risks.
The MEME token became the 39th Binance Launchpool project. The Memecoin project has already gained popularity in the crypto community, but after the announcement of the listing on Binance, the real hype started.
The maximum number of tokens is limited and amounts to 69 billion MEME, of which only 8.79 billion are in circulation — 12.75% of the total float.
Memecoin's tokenomics is arranged so that investors cannot sell all tokens at once, relieving MEME of undue pressure on the price. Investors' tokens will be gradually unlocked over time. The airdrop community is allocated 25% of the total saplay, or about 17.25 billion MEME. If the tokens issued for the free giveaway are made available to users immediately, it could temporarily crash the exchange rate, as many will try to sell them directly after receiving them, and part of the community is even "hunting" for airdrop specifically for this purpose.
Users can earn MEMEs in other ways: through steaking, active gamification, or creating content.
When writing, the MEME token exchange rate was $0.0179. The price was corrected after listing on Binance in early November 2023, when it reached $0.029.
The MEME token can be exchanged on the decentralized exchange Uniswap and on the centralized exchanges Binance, OKX, HTX, and KuCoin. Also, in November 2023, users can get tokens for free for farming MEME on the project's official website by performing simple social tasks. To do this, you only need to connect an X (ex-Twitter) account and wallet.
Memecoin statistics and prospects
The project already had a large base of supporters, but after the start of farming points, which users can then exchange for MEME tokens and listing on the largest crypto exchange Binance, their number has grown even more.
Memecoin's profile on X (former Twitter) already has 2.5 million followers, and their number continues to grow steadily. However, when you pay attention to social activity indicators when evaluating a project, consider the number of bots as well: every project that conducts airdrop has a considerable part of fake followers. Therefore, the number of users interested in the project may be much lower. Nevertheless, even with this in mind, their audience is still a pretty impressive size.
Like some other memcoin-related projects, Memecoin and Memeland lack a roadmap or, in other words, a plan of action. As the team itself states, in line with the project's theme:
"There is no road in the sea, so [Memecoin] doesn't have a roadmap either."
However, the lack of a roadmap doesn't necessarily mean the absence of any goals: 9GAG's primary mission is to bring together the Web2 and Web3 communities, thus empowering them.
It's also worth considering that behind the project is a strong 9GAG team with over 10 years of experience working on creative projects with the support of significant players from the crypto industry and other fields. With such a large community, almost any of their startups can carve out a niche for themselves and, in this case, join the ranks of such notorious projects as Crypto Punks and The Bore Ape Yacht Club (BAYC).
