Ethereum-based Memecoin has no roadmap or utility, but this has not stopped investors from buying it.

Memecoin (MEME), an ERC-20 token launched by the team that worked on 9GAG, has raised more than $11 million in just a few hours, shortly after a waitlist-only sale started.

The Memecoin fire sale page says over 11.4 billion MEME tokens valued at $0.001 have been sold, representing a 150% surge from what the team initially planned.

What is Memecoin

MEME is a token made by a web3 startup called Memeland, which basically has “no promise” or utility. According to the token’s whitepaper, MEME “has no functions, no utility and no intrinsic value, no promise or expectation of any financial return, profit, interest or dividend.”

The team also pointed out that MEME does not represent “any entitlement to any voting rights” regarding the Memeland ecosystem.

While the developers emphasize “no roadmap” and “no commitment to list MEME on any exchange,” the crypto community is still willing to support the startup.

The token has a total supply of 69 billion MEME tokens generated, according to Etherscan. According to MEME’s tokenomics, the first 2.7% of the total supply will be unlocked on Oct. 27, with the remaining amount “unlocked daily over the next eighteen months.”