Dogecoin Rival Memecoin Rallies 18% After Binance Labs Investment, Analyst Predicts '2024 Will Be Huge' For Memecoins

Memecoin MEME/USD may be the latest memecoin to take off following a Binance Labs investment. 

What Happened: Binance Labs, the venture capital and incubation arm of Binance, announced backing Memeland’s native MEME token.

As the studio behind popular meme platform 9GAG, Memeland aims to connect its monthly 200 million users globally through MEME, NFTs, and social features like farming.

Read Next: Solana Meme Coin Silly Dragon Slays Giants, Explodes 119%

Why Does It Matter: Originally launched as jokes, memecoins like Dogecoin DOGE/USD and Shiba Inu SHIB/USD have found real adoption and growth. 

Dogecoin rose 19% over the last two months, while Shiba Inu SHIB/USD climbed 22.4% in 60 days.

Other trending memecoins last year include Pepe PEPE/USD, which saw a 2,109.8% gain in the past year and Bonk BONK/USD.

It remains to be seen whether MEME can follow in the footsteps of these popular memecoins.

Analysts like crypto investor Mr. BIG WHALE are bullish on memecoins in 2024. He tweeted: “2024 Will Be HUGE For #Memecoins.”

Another X user, Carnation, said: “Memecoins are just leveraged trades without liquidations. few.”

Price Action: MEME surged 17.6% in 24 hours as volumes grew 160.5%, defying a market-wide dip.

Also Read: Rally Alert: Solana Dog Token BONK Leads Dog Coins Surge — Will The Rally Peak Further?