The influx of new meme coins is overwhelming.
Despite that, a few of these become overnight successes, bringing generous returns to investors who made their way in on time.
The most recent example is Memecoin or $MEME, which has managed to generate significant speculative attention this month.
But is it worth the hype, having lost 20.94% of its value already?
Here is an analysis of whether $MEME can make a comeback in the coming days or whether investors are better off with new alternatives like Meme Kombat.
What you'll learn 👉
A Closer Look at the $MEME Mania
Although $MEME might look like a basic project, it has more going on for it.
The seemingly uninspired name is actually clever as it allows the project to place itself at the forefront of the meme coin niche with little effort.
A brief inspection of the Memecoin website confirms this.
It describes the project as nothing more than a meme coin that lacks utility, roadmap, promises, and financial expectations. But that hasn’t stopped investors from expecting. Especially given the project’s affiliation with the reputed Memeland Group, investors are hoping for massive integrations and partnerships along the road for the meme coin.
Memecoin has done its part to clarify that $MEME is not intended for use as payment for goods or services, inside or outside the Memeland ecosystem.
That doesn’t mean it will never attempt that, suggests the trajectory of the token so far.
For example, the seemingly useless coin attracted $8 million during its private sale in just 28 hours. Binance recently announced a Launchpool for $MEME, reshared by CEO Changpeng Zhao. The token has made its way to major exchanges like Binance, OKX, Bitget, and Kucoin within days of going live.
At one point, the coin went on to accumulate a massive $253 million market cap.
Can $MEME sustain momentum?
$MEME has lost 26% of its value since the launch. Clearly, it has failed to sustain the hype.
But the recent jump of Bitcoin has revived most of the market and $MEME has been no exception. The token has recorded a 13.63% jump on the daily chart with a 180.08% increase in trading volume capitalizing on the broader market momentum.
If the market continues to follow the upward trajectory, $MEME is likely to follow suit and climb the charts. However, in the event of a downturn, the token has no robust foundation or community engagement to support its value.
Meme Kombat all-time price action, CoinMarketCap
The short-term picture of the token hinges on the broader market trends.
The long-term picture, on the other hand, depends on whether Memecoin sticks to its meme coin label or explores more avenues of demand and engagement.
If it breaks the shackles of its website and white paper definitions, $MEME has the potential to rise to the top-3 meme coin chart.
Currently, CoinMarketCap ranks Memecoin fifth on the ‘Top Memes Tokens by Market Capitalization’ list, following Dogecoin, Shiba Inu, Pepe, and Floki Inu.
Investors Are Moving to Meme Kombat
Meme Kombat is the next meme coin predicted to explode.
With the slow decline of $MEME, and alternatives like Pepe and Floki showing no signs of progress, investors are looking for greener pastures.
Meme Kombat has caught their attention for multiple reasons.
To begin with, Meme Kombat distinguishes itself as a play-to-earn token with GambleFi elements. The growth potential of the project anchored in both utility and speculative appeal helps it stand out in a market traditionally flooded with lackluster coins.
An Introduction to Meme Kombat
Meme Kombat is a play-to-earn platform that introduces AI-powered virtual battles featuring popular meme characters.
$MK is the native cryptocurrency of the platform that also comes with a meme coin label. It gives holders the opportunity to wager on the outcomes of the virtual battles.
The first season of Meme Kombat is slated to follow the presale and kindle the price action of the meme coin. It will feature 11 popular meme characters.
Traders and analysts are optimistic about the coin.
For example, Crypto Whale Pumps group’s Telegram admin (who previously signaled the growth potential of $MEME before it went viral) is optimistic about Meme Kombat.
Prominent trader and YouTuber Michael Wrubel has also highlighted the value of Meme Kombat’s distinctive stake-to-earn system.
The impressive APY of 112% right from the presale stage is compelling, yet robust. For a better perspective, Floki and Rollbit are two striking examples of significant pumps through native staking programs this year.
The stake-to-earn system provides users with both passive and active avenues for returns, catering to a broad user base with diverse preferences.
Meme Kombat’s commitment to transparency is another factor that underscores the project’s credibility and growth potential. The team led by Matt Whiteman establishes its accountability.
The upcoming bullish wave is likely to send the project to an early presale sell-out soon.
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