YEREVAN (CoinChapter.com) — MemeFi, a cryptocurrency associated with Web3 gaming and social tech, has experienced a notable price surge. Following its recent airdrop, the MEMEFI token jumped over 120%, hitting an all-time high and pushing its market cap beyond $127 million, according to CoinGecko data. Multiple factors have contributed to this rally.
MemeFi Airdrop and Increased User Retention
The airdrop has been a key driver for MemeFi’s price increase. MemeFi operates in the Telegram ecosystem with a user base of over 50 million worldwide. It rewards users for daily check-ins, playing games, making referrals, and engaging on social media platforms.
Most airdrop claimants are holding their MEMEFI tokens instead of selling them. This reduced selling activity has supported the price rally. MemeFi’s approach to user engagement appears to have created a more sustainable ecosystem, especially compared to similar platforms.
Exchange Listings Boost MEMEFI Token Access
Recent listings on major cryptocurrency exchanges, including OKX, Bybit, and Bitget, have significantly increased the token’s accessibility. These platforms provide MEMEFI with exposure to a larger trading community. Additionally, the introduction of perpetual futures trading on exchanges like OKX, Bybit, and MEXC has driven more activity. Consequently, open interest in MEMEFI’s futures has reached over $44 million, with most of the trading concentrated on Bybit and OKX.
MemeFi Listings Announcement. Source: MemeFi on X
These developments have enhanced the token’s liquidity and widened its user base, contributing to the sustained price increase.
MEMEFI’s Blockchain Choice and Utility
Notably, unlike other Telegram-based platforms that often use the TON Blockchain, MemeFi is built on the Sui Blockchain, a growing layer-1 network. This decision has indirectly driven higher activity on Sui’s decentralized exchanges.
The MEMEFI token offers multiple utilities. Users can stake or burn their tokens to generate derivatives. Additionally, the token allows participation in Telegram prediction markets and access to advertising discounts within the MemeFi ecosystem.
MemeFi operates alongside other platforms like Hamster Kombat and Notcoin. However, its focus on offering utility and building a strong ecosystem has differentiated it within the Telegram ecosystem.
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