The crypto exchange Poloniex has announced that from September 22, the users can find MEME Tokens in its DeFi Innovation Zone.
As per the notification released by the crypto exchange, the deposited MEME Tokens could also be traded for Tether.
Stake MEME Tokens To Earn NFTs
With the help of Meme protocol, the users can stake MEME Tokens in exchange and then earn points from it. Later, the earned points could be traded in for non-fungible tokens.
It is to be noted that soon after Poloniex integrated Meme to its platform, the price of the token rose above $1700 at one point.
Compared to the last day, the price of MEME surged over 100 percent in the market.
It has been reported that even before being listed by Poloniex, the value of MEME was high in the market.
On September 20, the price of MEME reached then all-time high of $1,342 but the very next day, its value dropped and reached below $1,000.
However, when Poloniex announced to list MEME in its DeFi Innovation, the value again soared to an all-time high of $1,708.
MEME Farm NFTs
According to a report, like any other DeFi Tokens, MEME does not farm yields, instead, it farms NFTs.
Usually, the DeFi protocol users are rewarded with tokens, which could be used by them to earn the interest. But MEME offers ‘pineapple points’ to users, which they can redeem for non-fungible tokens.
Reportedly, Bitcoin is considered to be the most valuable digital asset in the market because its final cap is 21 million BTC. But compared to BTC, NFTs are more scarce.
The individual can replace one BTC with another but in the case of NFTs, it can not be done because they are collectibles.
The founder of Namesake Domains stated that as MEME has been rooted in the present DeFi moment, it could be considered as a reason for the token’s increasing popularity in the market.