Key Takeaways:
- Binance Launchpool announced the introduction of the Memecoin token on its platform.
- Users can farm MEME tokens by staking BNB, TUSD, and FDUSD
- Bitget announced listing the token on its exchange.
NEW DELHI (CoinChapter.com) — Binance Launchpool announced the introduction of Memecoin (MEME), making it the 39th project on the platform.
The Binance Launchpool allows users first-look access to new crypto tokens. Memecoin is the native token of the blockchain project Memeland, a Web 3 venture by meme platform 9GAG.
Binance would allow users to farm the MEME crypto tokens by staking their BNB, TUSD, and FDUSD into separate pools for 30 days. Afterward, the exchange plans to list the token for trading on Nov. 3.
Binance will list the MEME/BTC, MEME/USDT, and MEME/BNB trading pairs on its platform. The exchange sharted that it will calculate users’ hourly average balance to calculate user rewards.
Furthermore, the Binance BNB vault will support the MEME Launchpool, allowing users who staked BNB tokens in the vault to participate in the MEME Launchpool automatically.
Bitget Will List the MEME Token
Meanwhile, crypto exchange Bitget announced the initial listing of the MEME token in the Innovation Zone and Meme Zone.
The exchange shared that the listing would go live on Nov. 3, with spot trading going live 24 hours after the listing.
Bitget’s Innovation Zone lists newly launched tokens for a 60-day valuation period. However, if the token fails to meet certain criteria, such as market depth, within that period, the exchange delists the crypto token.
Bitget will list the MEME/USDT trading pair only for now.
What is Memecoin?
Memecoin is the native token of the Memeland platform. Per its whitepaper, the MEME crypto token has ‘no functions, no utility and no intrinsic value, no promise or expectation of any financial return, profit, interest, or dividend.‘
Furthermore, the whitepaper claims that the team has no plans of developing any ecosystem or promoting the Memeland native token as a medium of exchange.
The Memeland team goes out of its way to state that the MEME crypto token is not a capital market product, currency of any kind, security, or finance-related product. It seems the 9GAG team is covering its bases so that the SEC does not come knocking on its door.
Memeland claims that the Memecoin token is “for entertainment purposes only.”
MEME has a total supply of 69 billion tokens, with a fully diluted value of $69 million (the fairly obvious reference to 69). The token will have a fire sale supply of 7.59 billion MEME tokens.
As of note of caution, CoinStats updates that there are duplicate MEME tokens spread across the crypto market. For example, the coin Memetic’s ticker is also MEME.
