What is Memecoin (MEME)? – Bitfinex blog

09 Jan What is Memecoin (MEME)?

Memecoin (MEME) is a digital currency created as an ERC-20 token on the Ethereum blockchain. Defined by its creators as having no practical function, utility, or inherent value, MEME is not intended to offer financial returns, profits, dividends, or any form of monetary gain. 

It’s important to note that MEME was created purely for entertainment and lacks a roadmap, with no promises or expectations of developing any ecosystem around it. MEME is characterised by its total supply, which is fixed at 69 billion tokens, and this supply is divided across seven main categories (see below), each with a distinct schedule for release.

Memecoin (MEME)

Memecoin (MEME) made a significant entry into the cryptocurrency market with its launch on Binance Launchpool, marking a noteworthy collaboration with 9GAG’s Web3 venture studio, Memeland. Binance introduced MEME to its exclusive Launchpool platform, allowing users to participate in a 30-day staking period across multiple pools. 

Starting from October 28th, 2023, Binance users had the opportunity to farm MEME tokens by staking Binance Coin (BNB), TrueUSD (TUSD), and First Digital USD (FDUSD). This launch established three distinct staking pools for BNB, TUSD, and FDUSD, providing a structured and accessible way for users to earn new tokens through their existing cryptocurrency holdings.

In a separate development, on January 4th, 2024, Binance Labs, the venture capitalist and incubator arm of the exchange, announced its investment in Memecoin (MEME). While the exact size of the investment remains undisclosed, this move signifies Binance Labs’ confidence in the MEME token and the broader Memeland project, which focuses on fostering a vibrant social economy.

How Memecoin Works

To manage and distribute MEME tokens, various mechanisms and contracts are employed. For instance, the MEMECOIN Fire Sale is a platform where community presale participants could purchase MEME using ETH, with a refund option available through a specific contract if a deposit failed. 

Additionally, the MEMECOIN Claim and MEMECOIN MultiClaim are features designed for airdrop and presale participants to lock up and claim their MEME tokens. These claims are facilitated by different contracts, each adhering to its own unlocking schedule. Furthermore, MEME’s administration employs multisig wallets for enhanced security, requiring at least two out of three owners to approve an action before execution. 

This system is designed to mimic a maker-checker-approver flow, ensuring robust governance and safe execution of transactions involving ETH, ERC20s, NFTs, or other smart contract functions. Lastly, the project’s smart contracts have been audited by third-party security firms, adding an extra layer of credibility to its technical infrastructure.

Why is Memecoin Unique?

Simply put, it’s not all that unique. In a world full of crypto tokens, and with little to no actual utility or use case, Memecoin is just one more meme token to add to that list. 

Memecoin stands out primarily due to its self-proclaimed lack of practical utility, intrinsic value, or function. Unlike most digital currencies or tokens that aim to offer some form of utility, financial return, or are part of a broader ecosystem with a strategic roadmap, MEME is explicitly designed with no such intentions or promises.

The Memecoin Ecosystem

Memecoin (MEME) creators emphasise that MEME serves no practical purpose or utility and does not hold intrinsic value. It is not designed to yield financial returns such as profits or dividends and is intended solely for entertainment purposes. MEME is distinct in that it does not follow a developmental roadmap nor does it aim to foster any supporting ecosystem.

What is the MEME Token?

Memecoin (MEME) is a digital currency created as an ERC-20 token on the Ethereum blockchain. A total of 69 billion MEME tokens are set to be created, with their distribution segmented into seven primary pools, each featuring distinct timelines for release. 

This fixed supply of MEME tokens is carefully allocated across these seven categories, each governed by individual schedules for their availability. The design of MEME’s distribution strategy is crafted to support the project’s longevity and to infuse sufficient initial liquidity to maintain engagement and momentum in its initial stages.

MEME Tokenomics

How to buy MEME with crypto

1. Log in to your Bitfinex account or sign up to create one.

2. Go to the Deposit page.

3. In the Cryptocurrencies section, choose the crypto you plan to buy MEME with and generate a deposit address on the Exchange wallet.

4. Send the crypto to the generated deposit address.

5. Once the funds arrive in your wallet, you can trade them for MEME. Learn how to trade on Bitfinex here.

How to buy MEME with fiat

1. Log in to your Bitfinex account or sign up to create one.

2. You need to get full verification to be able to deposit fiat to your Bitfinex account. Learn about different verification levels here.

3. On the Deposit page, under the Bank Wire menu, choose the fiat currency of your deposit. There’s a minimum amount for fiat deposits on Bitfinex; learn more here.

4. Check your Bitfinex registered email for the wire details.

5. Send the funds.

6. Once the funds arrive in your wallet, you can use them to buy MEME.

Also, we have Bitfinex on mobile, so you can easily buy MEME currency while on-the-go.

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MEME Community Channels

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