Memecoin Skyrockets Over 2500% as Airdrop Surpasses $52M

Memecoin (MEME) has emerged as today’s standout, with its trading debut on exchanges sparking significant interest. Consequently, an airdrop mania appears to be on the horizon. 

Memecoin Surges over 2500%

From the early hours, the buzz around Meme Token’s impressive 2500% surge has been palpable. This meteoric rise for a newly launched token has caught many eyes, with MEME now at $0.025699. The question on everyone’s mind is what comes next, especially with an airdrop event looming since the demand has already started pouring in.

MEME/USDT 24-hour price chart (source: Binance)

Lookonchain broke the news today, hinting at an impending airdrop craze for MEME. The reported figures are staggering, with 2.35 billion MEME tokens requested. This move translates to approximately $52.4 million, accounting for 13.6% of the supply.

Moreover, Lookonchain also sheds light on the profiles of the requesters, pointing toward cryptocurrency whales. An interesting detail to note is that upon MEME’s listing on Binance, its price soared to $0.1. Focusing on the whales, @lastvikingeth has requested 50.73 million MEME tokens, amounting to $1.13 million. On the other hand, @dingalingts has put in a request for 26.88 million tokens, roughly equating to $599,000.

Looking at other MEME whales, @Keungzeth has asked for 24.92 million tokens, valued at about $555,000, while @BitroxEth has requested 20.62 million tokens, approximately $459,000.

Implications of the Demand Surge

This massive influx of MEME requests could signal an impending sale wave. Moreover, Binance rewards those staking BNB, USDT, and FUSD with MEME tokens, indicating ongoing distribution.

Consequently, the swift action by whales to sell could significantly impact MEME’s price, potentially leading to a market dip. Significantly, MEME’s market value has just surpassed the $1 billion mark.

Read Also: Binance Announces Memecoin Perpetual Listing, MEME Price Falls 20% On Debut

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Kelvin is a distinguished writer specializing in crypto and finance, backed by a Bachelor’s in Actuarial Science. Recognized for incisive analysis and insightful content, he has an adept command of English and excels at thorough research and timely delivery.

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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.