Memecoin (MEME) Transactions Plummet by Nearly 100%

The number of Memecoin (MEME)  transactions peaked at 141,010 on Jan. 16.

However, according to Artemis Terminal, since then, its number has steadily decreased and does not exceed 1,000 as of today.

On the last day of January, the network processed 459 transactions, and on Feb. 5, 389, marking a decrease of about 99.72%.

Transactions on the Memecoin network for January and February. Source: Artemis Terminal

Is the Memecoin project still alive?

The price of MEME reached an all-time high (ATH) of $0.04702. At the time of writing, the cryptocurrency is trading at around $0.02165, indicating a decline of about 54% in two months.

Memecoin price chart. Source: CoinMarketCap

MEME’s trading volume is also dropping. According to CoinMarketCap, it has dropped 42.63% in the last 24 hours. 

According to Etherscan, more than 25 delayed MEME transactions involve the project’s smart contract. Some of them have been pending for more than a week.

List of delayed MEME transactions. Source: Etherscan

However, Memecoin has an active channel on Discord. There are 177,463 participants, including 6 team members. 

Memecoin also conducts live streams on X, with the most recent one organized on Jan. 31, focusing on Yacht Club. These streams predominantly delve into topics surrounding the non-fungible token (NFT) market and Web3.

Memecoin channels on Discord. Source: Discord

On Jan. 17, a user named Captz. JoyaHache posted about scammers sending emails regarding the new season of MEME.

The post about a scam with Memecoin. Source: Discord

Memecoin also has an X account – for Memeland, the official Memecoin account has not posted in a year – with 2.2 million followers, with a recent post from Jan. 11 about farming. 

https://twitter.com/Memeland/status/1745544945845571921?ref_src=twsrc%5Etfw” target=”_blank” rel=”noopener

The project claims that over 4 million people have joined MEME, likely contributing to most of the trading volume. They should be rewarded if they hold more than 69 tokens.

The distribution of the reward was supposed to occur seven days after the time of writing.

Who is backing MEME?

One of the most popular online resources for memes, 9GAG, is associated with the project. Its website has a link to Memeland, the name of Memecoin social networks. 

9GAG website with a link to Memoland. Source: 9GAG

Additionally, the official X account references the cryptocurrency, and the Memecoin page has a post which mentions 9GAG’s founder.