Memecoin Whales Score Millions While MEME Trends

• LBank tweeted about Memecoin (MEME) gaining attention in the crypto space.
• Airdropped MEME transfers to just two holders exceeded $5 million in total value.
• Memecoin is backed by Memeland’s hyper-web3 project and has surged over 2500% since launching on exchanges this month.

Cryptocurrency exchange LBank tweeted that Memecoin (MEME) is a top trending token to watch currently, sparking buzz around the meme-inspired asset. Shortly after, data revealed that two enormous “whale” wallets scored tens of millions in MEME tokens via free airdrops.

LBank tweeted that Memecoin, which is backed by the Memeland web3 project, is a hot token garnering attention in the crypto space right now.

Users receive millions worth Memecoin

According to blockchain data platform Lookonchain, an address named “memeland.eth” was then airdropped around 77 million MEME on Tuesday, worth $1.39 million at current prices. The tokens originated from an unknown wallet address.

The same memeland.eth account also separately received around 138 million MEME worth $2.49 million via another distribution from an unknown wallet.

Additionally, the address “degensfund.eth” received nearly 58 million MEME worth over $1 million through an airdrop from the first unknown whale wallet. That same account got another 27 million MEME worth $489,000 via yet another transaction from the other unknown address.

The massive airdropped MEME transfers to just two holders exceeded $5 million in total value. The activity mirrors the meme coin price frenzy that occurred earlier this year with Pepecoin after large holders bought up the tokens.

Memecoin is backed by the hyper-web3 project Memeland. Since launching on exchanges this month, MEME has surged over 2500%, according to one report. The sudden transfers to whales suggest some expect a similar rally is possible.

However, MEME has declined by around 30% over the past week. Analysts say that while meme coin mania could strike again, sustainability is questionable. The token may need real utility to justify long-term gains, rather than relying on speculation.

For now, the airdrops have vaulted Memecoin into the conversation among the crypto community on the heels of LBank’s announcement. But analysts advise caution in chasing sudden meme coin spikes, which have proven fleeting multiple times before.