What is MEMECOIN, and what does MEMECOIN stand for?

MEME coin stands as the inherent ecosystem token within Memeland, a web3 venture studio established by 9GAG, a widely recognized platform for memes globally.

MEMECOIN (MEME) emerged as an ERC-20 token on November 3, 2023, serving as the native token for Memeland. Its essence aligns with its name – a meme-centric coin lacking any specific utility. Nevertheless, its debut and simultaneous airdrop triggered a surge of excitement, attributed to 9GAG's prominent position in internet culture as a pioneering force in memes. To reward all Memeland NFT holders, 17,250,000,000 MEME tokens (constituting 25% of the maximum supply) were airdropped.

Memeland functions as a web3 platform primarily focused on NFTs with meme themes. Financed by 9GAG and overseen by 9GAG CEO Ray Chan, this initiative amalgamates meme-related elements from 9GAG with a community centered on NFTs. NFT holders have the opportunity to participate in the decentralized autonomous organization (DAO) governing Memeland, thereby influencing the platform's operations.

While sharing similarities with other social media NFT projects like Reddit NFT, Memeland distinguishes itself through its distinctive approach. Unlike Reddit NFT, which exclusively generates NFTs based on Reddit avatars, Memeland offers greater diversity and depth.

The NFTs featured on Memeland contribute to a captivating narrative and backstory, with plans to transition into a metaverse to broaden the Memeland economy. Moreover, as per Chan's vision, Memeland's objective is to curate collections centered on micro NFT trends and grant creators control over their respective NFTs. Through Memeland, users can modify and advance their NFTs, fostering the creation of truly unique assets.

Who operates Memeland for MEMECOIN?

Memeland is operated by 9GAG, a well-known entity shaping internet meme culture. Boasting over 70 million followers across various social media platforms, 9GAG has played a vital role in the lives of countless internet users for more than ten years. Headquartered in Hong Kong, it has gained widespread recognition for curating and circulating amusing images and videos that resonate with global audiences.

Despite its association with 9GAG, Memeland aims to establish itself as a decentralized platform driven by the community. Its goal is to gradually transition into a Decentralized Autonomous Organization (DAO). This strategy aligns with the principles of Web3, allowing the community to actively engage in the decision-making and governance processes of Memeland.

What are the recent developments in MEMECOIN?

In 2023, Binance Labs invested in Memeland's ecosystem token, a pioneering venture that combines SocialFi and meme culture. Although the specific amount of the investment hasn't been revealed, this collaboration signifies a notable progression for Binance, broadening its investment portfolio.

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