MEME token exchange rate from the 9GAG team has risen by 10% after the announcement of farming program payouts

What’s new? Web 3.0 ecosystem Memeland from the creators of entertainment platform 9GAG has announced payments to participants of the Memecoin (MEME) native token farming program. The developers revealed that 4 million accounts have already joined the revenue program, making it necessary to remove bots and other accounts with suspicious activity to ensure fair payouts to honest participants.

Source: Twitter.com

What else is known? To qualify for the program’s payouts, users need to store 69 MEME coins ($1,88 at CoinGecko’s January 12 exchange rate) in a wallet tied to the platform, as well as pass two CAPTCHA checks to confirm that they are real people.

Developers can also additionally analyze on-chain data and IP addresses, leaving the final decision on whether users are eligible for payments.

Participants in the program have until January 18 to top up and pass the verification process. “Our measures are not perfect, but we hope they help,” Memeland concluded.

In the coming months, the company will launch a staking platform, participate in the NFT Paris and TOKEN 2049 conferences, and release merch in collaboration with an unnamed partner.

Memeland previously received an investment from the venture capital arm of crypto exchange Binance. The amount of the investment was not disclosed.

Binance’s venture capital arm has purchased MEME tokens from the creators of 9 GAG

The amount of investment of the venture capital arm of the exchange in the asset is not disclosed

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Memecoin is an ERC20 standard token based on the Ethereum blockchain. According to the project’s White Paper, “MEME has no functions, no utility and no intrinsic value, no promise or expectation of any financial return, profit, interest or dividend.” The coin also has “no roadmap and there is no promise or expectation that any ecosystem will even be developed for MEME.” The developers emphasize that “MEME is completely useless and for entertainment purposes only.”

The coin was launched in November last year, its rate reached its highest point of $0,04648409 on December 6. Since then, MEME has corrected by 41% and is trading at $0,02728636 as of January 12, 11:40 UTC. At the same time, amid the news about the upcoming payments for the day, the rate rose by 10%, according to data from the aggregator CoinGecko.

Earlier, against the backdrop of the growing activity of meme token users, the daily volume of transactions on the Solana blockchain reached the highest level since October 2022.