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Meme was a direct Tumblr competitor at the time, or at least they thought it was.

A very friend of mine was involved in the project and it was developed by Yahoo's São Paulo office here in Brazil. :)

I don't know the real reason why they shut it down, but probably because they couldn't fetch Tumblr's success or something like that.

I wonder if it was meant to be pronounced 'meame' or 'me-me'.