MEME (Memecoin) rose 35.01% in 24 hours

Gate News Bot news, on August 21, according to CoinMarketCap data, as of the time of writing, MEME (Memecoin) is currently priced at $0.0028, with a rise of 35.01% in the last 24 hours, peaking at $0.0030 and dipping to a low of $0.0018, with a 24-hour volume of $367 million. The current market capitalization is approximately $147 million, an increase of about $38.2 million compared to yesterday.

Memecoin is a cryptocurrency project with the slogan "One $meme to rule them all." The project offers staking and farming features for MEME tokens, allowing users to claim and stake MEME tokens through the official website. Memecoin has also launched a staking platform called "STAKELAND" and has listed the MEME/USDT trading pair on a certain CEX.

Important recent news about MEME:

1️⃣ The overall Meme coin market is recovering Recently, the MEME coin market has shown an overall warming trend. Taking OKAY and XDOG on the X Layer chain as examples, OKAY's market capitalization reached 6 million USD, with a 24-hour rise of 73%; XDOG's market capitalization reached 6.74 million USD. This general upward trend may have driven the rise in MEME prices.

2️⃣ Token buyback trends or impact on MEME price The cryptocurrency market is experiencing a trend of token buybacks, with mainstream protocols repurchasing a total of approximately $40 million each week. This trend may affect the supply and demand dynamics of MEME, potentially driving its price rise. The buyback mechanism aims to reduce circulating supply, boost prices, and convey long-term confidence, which may have a positive impact on MEME.

3️⃣ MEME coin project risks raise concerns The case of the Libra Meme coin promoted by the Argentine president has new developments, involving the unfreezing of 57.6 million USDC. This incident may raise investor awareness of the risks associated with Meme coin projects, indirectly affecting the market performance of MEME.

From a technical perspective, the MEME price has significantly risen 35.01% within 24 hours, showing strong upward momentum. However, considering the high volatility of the Meme coin market, investors should closely monitor the potential risk of a pullback.

This message is not intended as investment advice, and investors should be aware of market volatility risks.