MEME Coin Surges 10% Outperforms Dogecoin, Shiba Inu Amid Airdrop Frenzy

MEME Coin MEME/USD is up 10% in the last 24 hours, outperforming Dogecoin DOGE/USD, Shiba Inu SHIB/USD.

What Happened: MEME was trading at $0.22. DOGE and SHIB were up 1% and 0.22% in the last 24 hours.

Recent reports from Lookonchain, an on-chain analytics firm, reveal a potential airdrop frenzy for MEME, a cryptocurrency. The numbers are staggering, with a total of 2.35 billion MEME tokens requested, amounting to approximately $52.4 million and representing 13.6% of the token supply.

What makes this even more interesting is the profile of the requesters, indicating that they are cryptocurrency whales. For instance, @lastvikingeth has requested 50.73 million MEME tokens, which translates to $1.13 million. Similarly, @dingalingts has put in a request for 26.88 million tokens, equivalent to around $599,000.

Will The SEC Finally Approve Long-Awaited Bitcoin Spot ETF? Ask industry experts directly at Benzinga's Future of Digital Assets event happening in NYC on Nov. 14, 2023. Be a part of the discussions where you won't just be a passive spectator. Don't let this chance slip away – secure early bird discounted tickets now!

Why It Matters: It’s worth noting that the price of MEME experienced a significant surge to $0.1 after its listing on Binance.

According to the official website, "Memecoin is literally a meme coin. No utility. No roadmap. No promises. No expectation of financial return. Just 100% memes.".

Adding to the hype surrounding the MEME project is its association with Memeland Group, the same team behind the popular platform 9GAG. The project aims to foster connections between creators and communities through creativity, utilizing the power of MEME and NFTs.

However, it’s important to note that according to the project’s white paper, the MEME token is not intended for use as a means of payment for goods or services, whether through the Memeland Group or otherwise.

During the private sale held prior to the token launch, the project managed to attract $8 million in funding within just 28 hours. 

Photo by JMCA.photo on Shutterstock

Read Next: Here’s How Much You Should Invest In Shiba Inu Today For A $1M Payday If SHIB Hits 1 Cent?