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%.
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.
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.
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.
On Jan. 17, a user named Captz. JoyaHache posted about scammers sending emails regarding the new season of MEME.
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.
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.
Additionally, the official X account references the cryptocurrency, and the Memecoin page has a post which mentions 9GAG’s founder.
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