Markets News Report
November 02, 2023

Binance Plans to Open Trading of the ‘Controversial’ Memecoin (MEME)

In Brief

Binance has announced its intentions to initiate trading for a new digital currency known as Memecoin (MEME).

Binance to Begin Trading for Controversial Memecoin (MEME)

Cryptocurrency exchange Binance has announced its plans to list Memecoin (MEME). Starting from 2023-11-03 08:00 (UTC), the platform will offer trading pairs including MEME/BNB, MEME/BTC, MEME/USDT, MEME/FDUSD, MEME/TUSD, and MEME/TRY.

Furthermore, Binance is set to activate Trading Bots services for the MEME/USDT trading pair within the initial 48 hours.

Notably, Binance is also promoting the MEME token by waiving maker fees for MEME/FDUSD and MEME/TUSD trading pairs until an unspecified date. However, users are reminded that TRY is a fiat currency and doesn’t represent other digital assets.

What is Memecoin ($MEME)?

Interestingly, Memecoin doesn’t follow the usual cryptocurrency blueprint. According to its whitepaper, $MEME possesses no functionality, utility, intrinsic value, or any financial prospects. Contrary to many other digital tokens, it doesn’t serve as a medium of exchange, nor does it represent any financial instrument or investment in any jurisdiction.

The creators are candid in stating that the coin is “completely useless” and designed solely for entertainment purposes. The Memecoin is not a representation of any monetary or capital market product and doesn’t entitle holders to any business rights, voting rights, or revenue shares. The token doesn’t offer any contractual rights for profit or loss prevention.

It’s also crucial to highlight that there’s no assurance of listing $MEME on any other exchange platforms.

Riding the Meme Wave or Genuine Trading Asset?

The move by Binance to list such a distinctive token sparks debate. Is this a marketing ploy tapping into the “meme” trend, or does Binance see potential in the token beyond its self-proclaimed ‘entertainment’ value?

Only time will tell if Memecoin will remain a novelty or carve a niche for itself in the volatile crypto space.

For now, traders and potential investors should approach with caution, keeping in mind Memecoin’s explicit lack of utility and value. As always, thorough research is advisable before diving into any investment.

Disclaimer

In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

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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