MemeFi announces new token launch and partnership with SUI

MemeFi, becomes the first Telegram mini-app to partner with Layer 1 blockchain SUI, ahead of its token launch set for Nov. 22.

MemeFi’s token is set to launch Nov. 22, however its pre-market volume has almost reached $4 million on the crypto exchange OKX. According to the project’s press release, users will be able to access MemeFi tokens directly through major exchanges. MemeFi already plans to list its token on six major exchanges.

According to the MemeFi website, the new token will be launched on Sui(SUI), which it claims will offer a “cheap, fast and user-friend claim experience.”

The project has already prepared an airdrop model for its native token so that users will be able to receive fair portions based on community engagement. Around 85% of its total MEMEFI token supply will be allocated for Telegram users, while 5% will be given to its Web3 users. Though, MemeFi has chosen to keep some details classified to prevent token exploitation.

Through its partnership with Sui and its developer Mysten Labs, MemeFi plans to change the way Telegram apps are perceived, particularly in the crypto space. With over 26 million monthly active users, MemeFi is a Telegram mini app with an active role in facilitating the meme coin space.

The project’s collaboration with Sui and Mysten Labs is the first of its kind from a Telegram mini app. With Sui recently surpassing more than 26 million active wallets in its ecosystem, MemeFi looks to expand its reach and provide more services to the community.

Meme coins have been dominating the market this year, with a staggering $60.93 billion market cap and meteoric returns that keep traders on their toes and wanting more.

MemeFi recognizes this demand in the market, which is why it aims to transform itself into a meme coin ecosystem with two Telegram products in the works.

The pseudonymous founder of MemeFi stated that the project’s primary goal is to build a platform that will be beneficial for its growing community on Telegram.

“From ecosystem alignment to exchange partnerships, our focus has been on creating the best possible environment for our users as we prepare for our listing,” said the founder.

The MemeFi team has also prepared a number of reward campaigns for loyal users, including daily activities that offer multipliers and bonuses for active participation.

MemeFi was launched in April 2024 as a blockchain-based project that combines meme culture with community-driven Telegram apps. MemeFi’s model is quite similar to Hamster Kombat and TapSwap. In this game, players dive into battles for control and resources in a world filled with diverse factions, each inspired by various memes.

In October 2024, crypto.news reported that the MemeFi coin price is projected to soar by 225%, potentially hitting $0.001617 by Nov. 13, 2024.