Binance's introduction of Memecoin ( MEME ) on Binance Launchpool has surprised many investors who have experienced previous Launhpool projects. MEME has just had its first day of trading on Binannce and has also been listed on a series of other exchanges.
The following are Memecoin (MEME) reviews from BeInCrypto with multi-dimensional information and first day trading data.
#first. Memecoin (MEME) was sold strongly from the first minute it went on the floor
If calculated from lowest to highest price, MEME increased 10 times on Binance, but dropped 80% immediately after. And all this huge upheaval happened in the first minute of listing on Binance.
Therefore, it is very difficult for traders to take advantage of this opportunity. This decline is believed to be due to selling pressure from Memecoin's previous Airdrop program. But there may be many other reasons, because this Airdrop amount is only 52 million USD, too small compared to the first day's liquidation volume.
Price fluctuations of MEME on the first day of listing on Binance.- The consequence of the large amplitude in the first minute is to create unreliable price data for future investors to hope for. Most of MEME 's volume to date is within a very modest range, from 0.20 USD - 0.30 USD only.
- MEME 's first day volume was extremely impressive, more than 830 million USD and ranked 9th in the entire market ( according to CoinmarketCap ). And the ratio of 24h volume to circulating supply is over 395%. These numbers show that the demand for MEME trading is huge and the community's attention for MEME is superior to other recently listed Token .
Memecoin (MEME) belongs to the Token genre of price and volume playfulness, and Binance Launchpool's adoption of such a style is unusual.
#2. The huge supply of MEME causes concern for investors
The tokenomics information of Memecoin (MEME) is even more surprising. The total supply of MEME is 69 billion. This means that MEME 's fully diluted Capital value is more than 1.5 billion USD.
Information about Memecoin ( MEME ) Token distribution. Source: lookonchain@lookonchain has conducted investigations that are worth referencing for investors interested in MEME, specifically:
- 2% of the supply – equivalent to 1.38 billion MEME – is on Binance Launhpool and was loaded 6 days before MEME was listed.
- 11% of the supply – equivalent to 7.59 billion MEME – belongs to the Community Fire Sale (KOL sale round) and is locked for 18 months, with a purchase price of 0.001 USD. That means these investors are making a profit of 23 times.
- 12% of the supply – equivalent to 8.28 billion MEME – belongs to private sale investors, and will begin the unlocking process after 6 months. This MEME number is also purchased at 0.001 USD.
- 25% of the supply is for the Airdrop program, equivalent to 17.25 billion MEME. It is unclear whether the MEME number has been sold out or is still being held.
The remaining meme are for the team. With the current large volume , MEME is also being bought back very strongly in the range of 0.20 USD - 0.30 USD.
The price of 0.001 USD is the private sale price, and is very far from the current market price. This is a worrying factor for those who want to hold MEME. Investors with advantages are ready to apply selling pressure at any time.
#3. MEME's greatest and perhaps only strength: Community games
Memecoinn's (MEME) whitepaper does not hesitate to assert that this Token has no utility, no function, just a "useless" and "entertainment" ERC-20 Token .
Excerpt from the Whitepaper of Memecoin ( MEME). Source: memecoin.orgWhy does a useless Token have such incredible volume ? The most possible answer is probably because of the community:
- The founder of Memecoin (MEME) or Memeland is 9GAG. 9GAG is a famous entertainment website that specializes in Chia funny images and videos, with more than 100 million monthly visits.
- 9GAG is estimated to have up to 150 million users. And maybe this is the biggest driving force driving MEME prices. 9GAG has a huge community promoting their Token , even if the Token has no application.
Doge was also once a joke but is now in the TOP of Altcoins on the market, and so are many other memecoins. The actual application does not seem to be too important for this type of coin, what is needed most is the community and almost everyone knows they invest just as a "joke".
With all the above observations, perhaps you have answered the question of whether you should invest in MEME, and if so, for what reason...
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