26 October 2023
The cryptocurrency space is indeed full of surprises. Recently, an emerging meme coin called $MEME, which has no roadmap or utility has already raised over $11 million in its ongoing firesale.
Memecoin (MEME) Achieves A Major Milestone With Firesale
MEME is an Ethereum-based memecoin that operates under the ERC-20 network, with a total supply of 69 billion MEME tokens. The token was designed by a web3 startup called Memeland and launched by the team that worked on 9GAG.
According to the Memecoin fire sale page, the brand new meme coin reportedly sold over 11.4 billion MEME tokens selling at $0.001 in its ongoing firesale. This indicates a significant 150% surge, beating the team’s expectations from the very beginning.
The token’s active firesale which has amassed over $11 million already has done this despite being a waitlist-only sale.
In line with Memecoin’s whitepaper, the team highlighted that the token “has no functions, no utility and no intrinsic value, no promise or expectation of any financial return, profit, interest or dividend.”
The team further asserts that in regard to the Memeland ecosystem, the Memecoin does not represent “any entitlement to any voting rights.”
However, despite the meme coin not having a roadmap, utility, and future return, it did not sway crypto investors from purchasing the meme coin. In addition, the crypto community is still eager to buttress the startup, demonstrating crypto investors’ trust and faith in the new meme coin.
According to data from MEME’s tokenomics, it was revealed that the first 2.7% of the total supply of the MEME token will be released on October 27. Meanwhile, the remaining portion will be “unlocked daily over the course of eighteen months.”
Meme Coin Captures Crypto Investors’ Interest
The cryptocurrency community’s interest in the newly introduced MEME token can be traced back to the future profit potentials of meme coins. Meme coins can offer huge investment returns for investors, although they can also be risky for those who do not engage in proper research before investing in the tokens.
One notable meme coin that has garnered huge returns for investors and produced hundreds of millionaires in the 2021 bull run is the Shiba Inu (SHIB) meme coin.
Related Reading: The Battle of Memecoins: EverLodge vs Shiba Inu – Which Holds the Key to Success?
The Dogecoin rival was launched in 2020 but later rose to fame in 2021 after significant price surges. The token has managed to remain a vital meme coin to this day.
The Shiba Inu was launched with an initial price of $0.000000001009, according to CoinMarketCap. By May 2021, the token was traded at $0.00003469, indicating an over 10,000% surge in price. The token is the currency being traded at $0.000008 as of the time of writing.