MemeFi, a tap-to-earn game on Telegram, has taken the crypto world by surprise. Its native token, MEMEFI, soared over 300% in less than 24 hours, jumping from below $0.002 to above $0.0057. The sudden price surge has sparked a wave of trading activity and loud buzz across social media.
But what’s really fueling this explosive rally—and can it last?
Short Squeeze Sends MEMEFI Price Skyrocketing
The main reason for today’s price spike is tied to Binance’s recent decision to delist MemeFi’s perpetual contracts from its futures platform on August 11. Thus, many traders holding short positions rushed to close them, causing a rapid spike in spot buying.
This led to a major “short squeeze,” where buying pressure shot up, pushing the price higher. Reports say this event triggered close to $376 million in trading volume for MemeFi in one day, with the token topping lists of the highest gainers across major crypto price trackers.
Similar movements were seen in past Binance delistings, such as with ALPACA. In these cases, reduced futures activity led to unexpected price volatility in spot markets.
MemeFi’s Comeback—or Just Another Crypto Trap?
Even though the recent price jump in MEMEFI caught attention, not everyone is convinced it’s a real comeback.
Crypto analyst Tola Joseph Fadugbagbe pointed out that MEMEFI is still down over 80% from its peak. He thinks the rise may be due to trading pressure, not real investor interest, possibly caused by sudden short squeezes or bot-driven trades.
What’s making people even more uneasy is the silence from the MEMEFI development team. The project’s official X account hasn’t posted anything since May, until a sudden post appeared today. This has raised questions about how committed the developers really are.
What Is MemeFi?
MemeFi isn’t just another meme token. It started as a simple tap-to-earn game on Telegram, but has since grown into a large ecosystem of mini-games and connected rewards. The project now has over 55 million users and 10 million on-chain wallets, making it one of the biggest platforms bridging Telegram and blockchain.
It has become a leader in this new gaming space, especially among Telegram mini-apps. However, despite this strong user base, the team has been unusually quiet in recent months.
