Markets News Report
November 27, 2023

9GAG Buys ‘memecoin.eth’ Domain for 42 ETH Amid Surging Memecoin Market

9GAG Buys 'memecoin.eth' Domain for 42 ETH Amid Surging Memecoin Market

The popular meme community 9GAG, behind Memeland, has recently purchased the ENS domain ‘memecoin.eth’ for approximately 42 ETH. This acquisition comes at a time when Memecoin (MEME), the cryptocurrency of the Memeland ecosystem, is experiencing substantial growth — reaching a market cap of $200 million.

On-chain data shows that 9GAG purchased the ‘memecoin.eth‘ domain name, created four years ago, for 42.069 ETH, significantly increasing its value. Just two days earlier, someone had sold the domain for 4.2069 ETH, demonstrating a tenfold increase in its value.

Memecoin, the digital currency of the Memeland ecosystem by 9GAG, has made a significant impact in the SocialFi and creator economy spaces. Its listing on Binance has further heightened its market presence.

With projections of its value reaching between $0.20 to $0.50 in the medium term, Meme stands as a strong contender in the meme coin market, rivaled by the emerging ApeMax cryptocurrency.

Source: Opensea

A notable investor, known as GeneralGordon.eth on social media, recently received an airdrop of nearly $8 million USDT worth of MEME tokens, with 20% readily accessible.

Demonstrating faith in Memecoin’s potential, the investor further invested $2 million in MEME tokens via Binance, highlighting the growing investor confidence in this digital currency.

9GAG’s acquisition of ‘memecoin.eth’ signifies a strategic move within the Meme ecosystem, aligning with the token’s growing market cap and investor interest.

As the digital currency market continues to evolve, the performance of Memecoin and its competition with new entrants like ApeMax will be key factors in shaping the future of meme-based cryptocurrencies.

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About The Author

Nik is an accomplished analyst and writer at Metaverse Post, specializing in delivering cutting-edge insights into the fast-paced world of technology, with a particular emphasis on AI/ML, XR, VR, on-chain analytics, and blockchain development. His articles engage and inform a diverse audience, helping them stay ahead of the technological curve. Possessing a Master's degree in Economics and Management, Nik has a solid grasp of the nuances of the business world and its intersection with emergent technologies.

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Nik Asti
Nik Asti

Nik is an accomplished analyst and writer at Metaverse Post, specializing in delivering cutting-edge insights into the fast-paced world of technology, with a particular emphasis on AI/ML, XR, VR, on-chain analytics, and blockchain development. His articles engage and inform a diverse audience, helping them stay ahead of the technological curve. Possessing a Master's degree in Economics and Management, Nik has a solid grasp of the nuances of the business world and its intersection with emergent technologies.

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