9GAG's Crypto, Memeland (MEME), Gets Funds Injection From Binance Labs

9gag's meme coin, Memeland. (Photo; Doc. NFTSweek)

JAKARTA - Binance's crypto exchange-owned venture capital division, Binance Labs, recently announced its investment in the Memeland (MEME) crypto project. The project aims to connect software developers and NFT creators with their communities via its MEME tokens and NFTs.

Memeland is a Web3 studio venture that stands independently of 9GAG, a social media platform popular with funny and entertaining content. Memeland focuses on development and investment in SocialFi and creator economy, by utilizing the rapidly growing meme culture on the internet.

With an injection of funds from Binance Labs, Memeland plans to become a fully decentralized and community-run platform. NFT holders will currently have access to regulate Memeland DAO, a decentralized autonomous organization that regulates the Memeland protocol.

In addition, Memeland will also launch a variety of new products and services to increase ecosystem adoption. Some of them are NFT staking mechanisms, social networks for community collaboration, and Ethereum liquid staking (ETH). Memeland also provides opportunities for users to get passive rewards from crypto assets and their NFT through the MEME Farming feature.

This investment from Binance Labs is also an impetus for Memeland to compete with its predecessor memecoins such as Dogecoin (DOGE), Shiba Inu (SHIB), Pepecoin (PEPE), and Bonk (BONK) which have just been launched and experienced significant price increases.

According to data from CoinMarketCap, the current value of the MEME token is around $0.031 (Rp481.72) per token, up about 33% since the investment announcement on Thursday, January 4. Previously, this token had decreased and was trading around $0.0233 (Rp 361.86) per token.