$MEME is one of the hottest meme coins of this month.

Despite the cleverly uninventive name and lackluster value propositions, it has won a large community of speculative investors.

With its market cap already at $183 million and little going on in the ecosystem, is $MEME out of steam?

The $MEME Sensation Explained

Within days of launch, $MEME went on to accumulate a massive $253 million market cap.

Listings on Binance, OKX, Bitget, and Kucoin fueled the price pump soon after the token’s initial launch. Although market forces have been acting up, taking the price down 22.75% on the weekly chart, $MEME is regaining momentum.

Bitcoin’s climb toward $37K has sparked energy in the market as a whole. As one of the trending meme coin options of the month, $MEME has been capitalizing on the bull ride too.

$MEME has jumped 18.94% on the daily chart with a 24-h trading volume of $234,583,055.

The token joins the new wave of meme coins like Pepe and Floki with its explosive launch and initial price action.

The ‘Top Memes Tokens by Market Capitalization’ list on CoinMarketCap finds $MEME in fifth place, following Dogecoin, Shiba Inu, Pepe, and Floki Inu.

The general ranking is also good for a new token at the 168th position.

According to the official website, “Memecoin is literally a meme coin. No utility. No roadmap. No promises. No expectation of financial return. Just 100% memes.”.

But the project’s association with Memeland Group has added to its hype. It is from the same team that brought the popular 9GAG. Its goal is to connect creators and communities together through creativity, MEME, and NFTs.

The white paper, however, states that $MEME is not “designed or intended to be used by any person as payment for any goods or services, whether through the Memeland Group or otherwise.”

The private sale held before the token launch saw $8 million flow into the project within 28 hours. The FOMO was further fueled when Binance announced a Launchpool for the token, retweeted by Binance founder and CEO Changpeng Zhao.

Listings on leading exchanges like Uniswap, MEXC, BitMEX, ByBit helped investors from around the world access the token in a short time.

Analysts and traders are optimistic about $MEME.

That said, with its market cap already at $184,055,317, its room for growth will