MEMEME Token Up 400%, Trending Coin on DEXTools - What is MEMEME?

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Everyone active in the crypto space must have heard of the reemerging memecoin craze. Unlike several months ago, the interest in cryptocurrencies, in general, has been increasing with more and more investors entering the industry regularly. Amidst all this, certain crypto projects; specifically memecoins have managed to stand out, thanks to their notable price pumps. The latest among these memecoins with a soaring price chart is MEMEME, which is currently one of the top trending tokens on DEXTools too.

What is MEMEME?

While the project has taken off in terms of value, many investors seem to be unaware of the specifics of the project. Some even expect MEMEME to be a utility-based token, which at the moment may not be the case. Infact, there are controversies surrounding the project too, despite it being barely a couple of weeks old.

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— Elon Musk (@elonmusk) May 10, 2023

On the afternoon of May 10th, Elon Musk, the owner of Tesla and SpaceX, and arguably one of the most influential figures in the crypto space posted a tweet that contained a photograph of a Milady Maker NFT accompanied by a cryptic caption which read, “There is no meme. I love you.” This enigmatic message caused a stir among members of the cryptocurrency community, who immediately took notice.

In the wake of the tweet, the floor price of the Milady Maker NFT collection on OpenSea skyrocketed from 3.8 ETH to 7.5 ETH, accompanied by an exponential increase in trading volume. On May 10th alone, there were 1,388 transactions recorded, representing an astounding 1,209% surge from the previous day’s levels.

In response to Musk’s tweet, several meme cryptocurrencies were created, named after the post’s self-referential statement. As usual, investors were quick to jump on board and invest in these projects, hoping to reap enormous profits. However, there has been controversy surrounding the MEMEME token and its similarity to another token named LADY, which was created at the same time as the tweet and also referenced Musk’s tweet.

This has led to a division among investors, who are uncertain about which project to back. While some argue that LADY was the true referential memecoin, the MEMEME community alleges that the MEMEME token was launched way before the tweet, and was the original project.

Despite these concerns, the MEMEME token has risen dramatically in value, even without any real-world utility. Currently, it is simply a memecoin with no intrinsic value. Nevertheless, the project’s website indicates that it plans to establish an art-based ecosystem for users where they can create artwork and earn money simultaneously.

The Token’s Recent Pump

Initially launched with a token supply of 69,420,000,000, MEMEME was quick to catch the attention of a massive chunk of memecoin investors, who helped the price surge by more than 400% within just a couple of hours. Despite its instant correction, the token managed to break its previous all-time high within just a few days and create a new one at the $0.000093 level. The token has, however, come back to its previous price levels, despite speculations of another upcoming pump.

The token has amassed a huge community too, that seems to bank on the potential of the memecoin, irrespective of the limitations it currently features, with the primary one being no utility. While the hype around Elon Musk may be dying down, the craze of memecoins may steer the price of MEMEME upwards, which is supposedly what a majority of the MEMEME, investors think too, as evident from their social media posts in recent hours.

While there is no real utility, MEMEME can be a good example of how investors may park funds into any project that moves with the trends. While it may surely be a very risky bet to invest in a token like MEMEME, entering at the right time may potentially help investors gain profits in the next couple of days, given the rise in memecoins and their popularity.

Coins Like MEMEME

There are also some MEMEME alternatives, other meme tokens following the same trend – such as NoMeme (NOMEME) which also pumped initially following Elon Musk’s tweet, and began to trend on Crypto.com.