The cryptocurrency market was abuzz as Memecoin ($MEME) made its debut on Binance just five hours ago, marking a significant milestone for the popular meme-inspired digital currency. As traders and investors eagerly await the impact of this listing, it’s essential to explore the tokenomics of $MEME and delve into the on-chain activities following its Binance listing.
‼️‼️‼️#Binance Will Open Trading For #Memecoin $MEME On November 3, 2023 At 08:00 (UTC). 🟦🚀
More details here 👇https://t.co/2Q7iE8qFmv
— CoinEcho (@mycoinecho) November 2, 2023
The tokenomics of $MEME are intriguing, with a total supply of 69 billion tokens. When it was listed on Binance, the initial circulating supply was 8,797,500,000 $MEME, representing 12.75% of the total token supply. To get a clearer picture, let’s break down the token allocation:
- 1.38 billion $MEME (2%) for Binance Launchpool, which was deposited to Binance six days prior to listing.
- 7.59 billion $MEME (11%) designated for the community, with a fire sale price of $0.001.
- 8.28 billion $MEME (12%) allocated for investors in a private sale, also priced at $0.001.
- 17.25 billion $MEME (25%) set aside for an airdrop.
What’s particularly noteworthy is the allocation for the airdrop. After conducting an analysis of the top 10 addresses that received the most airdrops, it was discovered that seven of these addresses deposited their $MEME tokens to exchanges after receiving the airdrop. The total amount deposited amounted to a substantial 214.88 million $MEME, equivalent to $4.8 million.
7/ We noticed that the @Memecoin team transferred 10M $MEME to #DEX to provide liquidity.
And deposited 670M $MEME ($15M) to #Binance, #OKX, #Bybit, #KuCoin, #Gateio, and #Huobi, probably for market making.https://t.co/1jkkywiaiD pic.twitter.com/FkZOQjqRQQ
— Lookonchain (@lookonchain) November 3, 2023
Additionally, the Memecoin team exhibited a proactive approach to market liquidity. They transferred 10 million $MEME to decentralized exchanges (DEX) to provide liquidity for traders and investors. Furthermore, the team deposited 670 million $MEME, valued at approximately $15 million, to various exchanges including Binance, OKX, Bybit, KuCoin, Gate.io, and Huobi, likely for market-making purposes.
Final Thoughts
The Binance listing, coupled with the unique tokenomics and proactive liquidity measures, have piqued the interest of the crypto community. As the crypto world watches the Memecoin journey on Binance unfold, its impact on the broader market and investor sentiment remains to be seen. In a space known for its dynamism and unpredictability, $MEME is a coin to watch for its potential to capture the imagination of both meme enthusiasts and savvy investors alike.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any service.
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