Memeland (MEME) Token: Is It a Good Investment?
MEME is the native token for the Memeland platform, an entity involved in a range of Web3, NFT, and SocialFi projects. It positions itself as an ecosystem primarily centered around entertainment.
The coin's launch sparked significant excitement within the crypto community. Prior to its exchange listing, the project team introduced several intriguing features, such as token farming via X account, a token sale exclusive to NFT holders, a referral scheme, and Launchpool, among others.
Let's elaborate on the MEME token, its tokenomics, funding rounds, and future prospects.
What is Memeland?
In 2022, 9GAG, the viral entertainment platform, ventured into the Web3 realm with the launch of Memeland studio.
The company's initial offerings included three NFT collections: the MVP collection with 420 NFTs, the Potatoz collection featuring 9,999 potato avatar NFTs of varying rarities, and the Captainz collection comprising 9,999 pirate toddler NFTs designed to evolve alongside the project’s ecosystem.
MEME thus stands as Memeland’s fourth creation.
The project's assets are multifunctional, allowing holders to:
- Gain access to MVP lounge in the project’s Discord channel;
- Qualify for upcoming raffles and airdrops;
- Access exclusive events and prizes;
- Stake assets to earn passive income;
- Participate in a referral program and gain entry into the MEME token sale.
The Memeland team also plans to launch various SocialFi platforms and the Holders.com travel app.
The MEME token has a maximum supply limit set at 69 billion coins. The distribution strategy for the tokens is as follows:
- 30% for ecosystem development;
- 17% for contributors;
- 12% for private investors;
- 11% for community members;
- 25% for Airdrops;
- 3% for advisors and hired experts;
- 2% for Binance Launchpool.
MEME Tokenomics. Source: www.memecoin.org
Token Metrics and Unlocks
Most MEME coins are subject to a lock-up period, which resulted in 1.9 billion MEME coins being in circulation on the first day of trading, plus an additional 2 billion from the 'Ecosystem' category designated for providing liquidity on exchanges.
The MEME project conducted two token sale events (private and public), raising $15.87 million. The average sale price of a MEME token was $0.001.
Here's the schedule for different types of investors to receive their tokens:
- Private round participants will have their coins locked for six months, after which 10% will be released, followed by daily unlocking over the next 18 months.
- In the public round, 25% of the tokens were immediately available at the listing, with the remainder to be progressively unlocked over 18 months.
Consequently, no significant sell-off pressure on the MEME chart is expected in the near term, as it's likely that the majority of the available coins have already been sold by investors.
MEME Coin Token Sales. Source: Cryptorank.io
Additionally, the Memeland team assures that both private investors and regular MEME holders will enjoy numerous benefits through engaging with the ecosystem and its various offerings.
Users had the opportunity to claim a certain number of MEME tokens for specific actions taken before the official listing. Below are the details of how the coins were distributed and the activities that qualified for them:
- Public round: The token sale allocation was $300 per wallet, equating to 300,000 MEME coins. Holders of Captainz were guaranteed a spot in the sale, while Potatoz owners could invest through a lottery system. The expected acceptance rate ranged from 1-3%.
- Private round: Allocation details for the sale have not been made public.
- Farming tokens via X accounts: A user could earn up to 18,000 special points, with additional tokens granted through a referral program for various Memeland NFT owners. The number of MEME tokens that these points will fetch is currently unknown.
- Binance Launchpool. The annual percentage yield for the pool with BNB was 9.6%, with TUSD at 8%, and BUSD at 9.4%. More information about the rewards from this campaign can be found on the respective website.
Tokens Listings and Market Situation
The first exchange to list the MEME cryptocurrency asset was the derivatives platform AEVO. MEME futures became available for trade on AEVO on October 28th, a week before the coin's listing on the exchange. The average price for a MEME futures contract before its exchange debut was $0.023.
Considering the asset's listing price was $0.025, AEVO users slightly undervalued it, with a marginal difference of 5%.
MEME futures details on AEVO. Source: app.aevo.xyz
As of November 3, MEME is actively traded on several cryptocurrency exchanges including Gate, OKX, Bybit, Mexc, Binance, and KuCoin. The token’s average price is hovering around $0.02. The project’s market capitalization has surpassed $140 million, ranking it above other cryptocurrencies such as Dao Maker (DAO), Galxy (GAL), Stargate Finance (STG), and METIS, among others. The daily trading volume, as reported by CoinMarketCap, stands at around $200 million.
Is MEME a Good Investment?
The company is notable for advancing its roadmap on time, a feat not common among 90% of crypto projects. Despite the bear market and liquidity crisis, the prices for NFT MVPs, Captainz, and Potatoz have remained stable.
The project's driving force is a substantial community that actively supports and promotes the company’s products and holds its assets for the long term. Given these factors, investing in MEME looks interesting and potentially rewarding, provided that the investor keeps a close watch on the market dynamics, token release schedules, and the project's activities. Remember to always do your own research (DYOR)!