New MEME Token Raises $10 Million in 42 Minutes

MEME is a new token, launched by Memeland, a “Web3-focused venture studio”. It joins the ranks of countless tokens launched in recent weeks and months, but already it has experienced significantly more success than most.

Memeland is founded by the team behind the now ‘old school’ 9GAG meme platform, a platform which Memeland’s website claims has an audience of some 200 million. 

A Bull Market Phenomenon?

MEME’s official token sale began less than a day ago. However, within just 42 minutes of the ‘fire sale’ beginning, MEME had already received some $10 million in community commitments.

What’s more, the sale appears to be still ongoing, with the token now some 65% oversubscribed, with a staggering 12.5 billion tokens (out of a supposed 7.6 billion) reserved at time of writing.

What makes MEME’s ostensible demand so impressive is the token’s utility - or lack thereof.

While some projects are desperate to assign as much genuine value to their tokens as possible, the official @Memeland account has made very clear that this is not the route that it is pursuing.

“$MEME is literally a meme coin. No utility. No roadmap. No promises. No expectation of financial return. Just 100% memes”, one recent post proudly states.

Though a pinch of cynicism is always advised, with MEME’s so far success, crypto pundits can’t help but analogise such activity with that seen in historical bull markets, when tokens with no utility, and driven by hype alone, produced outsized returns.

What’s Next for MEME?

Given the team behind MEME’s deliberate lack of a roadmap, the future of this brand new memecoin is far from certain. However, with successful memecoins establishing themselves even throughout recent bearish conditions, MEME’s now-dedicated community will likely be hopeful.