09 January What is Meme Coin (MEME)?
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Memecoin (MEME) is a digital currency created as an ERC-20 token on the Ethereum blockchain. MEME is defined by its creators as having no practical function, utility or inherent value, and is not intended to provide financial returns, profits, dividends, or any form of monetary gain.
It is important to note that MEME was created solely for entertainment and lacks a roadmap, with no promises or expectations to develop any ecosystem around it. MEME has a total supply of 69 billion tokens, divided into seven main categories (see below), each with a specific release schedule.
Meme Coin (MEME)
Memecoin (MEME) has made a major entry into the cryptocurrency market with its launch on Binance Launchpool, marking a noteworthy collaboration with 9GAG's Web3 project studio, Memeland. Binance has introduced MEME to its exclusive Launchpool platform, allowing users to participate in a 30-day staking period across multiple pools.
Starting October 28, 2023, Binance users have the opportunity to farm MEME tokens by staking Binance Coin (BNB), TrueUSD (TUSD), and First Digital USD (FDUSD). This launch created three distinct staking pools for BNB, TUSD, and FDUSD, providing a regulated and accessible way for users to earn new tokens with their existing cryptocurrency holdings.
In a separate development, on January 4, 2024, Binance Labs, the venture capital arm and incubator of the exchange, announced its investment in Memecoin (MEME). While the exact size of the investment remains undisclosed, the move signals Binance Labs' confidence in the MEME token and the broader Memeland project, which is focused on fostering a vibrant social economy.
How does MemeCoin work?
To manage and distribute MEME tokens, different mechanisms and contracts are used. For example, the MEMECOIN Fire Sale is a platform where community presale participants can purchase MEME using ETH, with a refund option available through a specific contract in the event of a failed deposit.
Additionally, MEMECOIN Claim and MEMECOIN MultiClaim are features designed for airdrop and presale participants to reserve and claim their MEME tokens. These claims are facilitated through different contracts, each of which adheres to its own opening schedule. Furthermore, MEME management uses multi-signature wallets to enhance security, requiring at least two out of three owners to approve the action before implementation.
This system is designed to mimic the maker, validator, and approval flow, ensuring strong governance and secure execution of transactions involving ETH, ERC20s, NFTs, or other smart contract functions. Finally, the project's smart contracts have been audited by third-party security firms, adding an additional layer of credibility to its technical infrastructure.
Why is Memecoin unique?
Simply put, it's not unique. In a world full of cryptocurrency tokens, with little to no utility or use case, Memecoin is just another token to add to that list.
Memecoin stands out primarily because of its lack of practical utility, intrinsic value, or functionality. Unlike most cryptocurrencies or tokens that aim to provide some form of benefit or financial return or that are part of a broader ecosystem with a strategic roadmap, MEME is explicitly designed without such intentions or promises.
Memecoin ecosystem
The creators of Memecoin (MEME) emphasize that MEME serves no practical purpose or utility and holds no intrinsic value. They are not designed to generate financial returns such as profits or dividends, and are intended solely for entertainment purposes. MEME is characterized by the fact that it does not follow a development roadmap and does not aim to foster any supporting ecosystem.
What is MEME code?
Memecoin (MEME) is a digital currency created as an ERC-20 token on the Ethereum blockchain. A total of 69 billion MEME tokens are scheduled to be created, with their distribution divided into seven primary pools, each with distinct issuance timelines.
This fixed supply of MEME tokens is carefully allocated across these seven categories, each governed by individual availability schedules. MEME's distribution strategy is designed to support the longevity of the project and to inject sufficient initial liquidity to maintain participation and momentum in its early stages.
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How to buy MEME with cryptocurrencies
1. Log in to your Bitfinex account or register to create an account.
2. Go to the deposit page.
3. In the Cryptocurrencies section, choose the cryptocurrency you plan to buy MEME with and create an Exchange wallet deposit address.
4. Send the crypto to the generated deposit address.
5. Once the funds arrive in your wallet, you can exchange them for MEME. Learn how to trade on Bitfinex here.
How to buy MEME with fiat currency
1. Log in to your Bitfinex account or register to create an account.
2. You need to get full verification to be able to deposit fiat currencies into your Bitfinex account. Learn about the different verification levels here.
3. On the Deposit page, under the Bank Wire menu, choose the fiat currency for your deposit. There are minimum fiat deposits on Bitfinex; Learn more here.
4. Check your registered Bitfinex email to get the transfer details.
5. Send money.
6. Once the funds arrive in your wallet, you can use them to buy MEME.
We also have Bitfinex on mobile, so you can easily buy MEME on the go.
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