$MEME is one of the most popular meme coins this month.
Despite the cleverly uninventive name and lackluster value propositions, it has gained a large community of speculative investors.
With its market cap already at $183 million and little happening in the ecosystem, is $MEME running out of steam?
The $MEME sensation explained
Within days of its launch, $MEME amassed a massive market capitalization of $253 million.
Listings on Binance, OKX, Bitget, and Kucoin fueled the price surge shortly after the token’s initial launch. Although market forces have been at work, causing the price to drop 22.75% on the weekly chart, $MEME is regaining momentum.
bitcoin‘s rise towards $37,000 has generated energy in the market as a whole. As one of the trending meme coin options of the month, $MEME has also been taking advantage of the bullish movement.
$MEME is up 18.94% on the daily chart with a 24-hour trading volume of $234,583,055.
The token joins the new wave of meme coins like Pepe and Floki with its explosive launch and initial price action.
The ‘Top Memes Tokens by Market Cap’ list on CoinMarketCap finds $MEME in fifth place, after Dogecoin, Shiba Inu, Pepe, and Floki Inu.
The overall ranking is also good for a new token at 168th position.
According to the official website, “Memecoin is literally a meme coin. Useless. No roadmap. No promises. Without expectations of financial return. Just 100% memes.”
But the project’s partnership with Memeland Group has added to its enthusiasm. It’s from the same team that brought you the popular 9GAG. Its goal is to connect creators and communities through creativity, MEME and nft.
The whitepaper, however, states that $MEME is not “designed or intended to be used by any person as payment for any goods or services, whether through the Memeland Group or otherwise.”
In the private sale held before the token launch, $8 million was invested in the project within 28 hours. FOMO was further fueled when Binance announced a Launchpool for the token, retweeted by Binance founder and CEO Changpeng Zhao.
Listings on leading exchanges such as Uniswap, MEXC, BitMEX, and ByBit helped investors around the world access the token in a short time.
Analysts and traders are bullish on $MEME.
That said, with its market capitalization already at $184,055,317, its room for growth will be limited in the future. Short-term price actions will also be subject to market movements, with the risk of sharp declines.
What will investors buy next?
As $MEME momentum slows, a new meme coin has caught the attention of $MEME investors: Kombat Meme (MK). It is expected to cause multiple price action in the meme coin market next.
As a gaming token to earn with GambleFi items, Meme Kombat stands out in the meme coin market that has long been saturated with useless coins. Its growth potential is rooted in both profit and speculation.
The project hosts ai-powered virtual battles between popular meme characters. $MK holders can bet on the outcomes of these battles for a chance to win attractive rewards. The first season of Meme Kombat will be released shortly after pre-sale.
He crypto Whale Bomb Pool (25K) TG admin, who has been bullish on $MEME, revealed that he is also bullish on Meme Kombat. More crypto communities, influencers, and analysts are putting forward bullish outlooks for the token.
For example, popular trader Michael Wrubel highlighted the merit of the unique bet-to-win system proposed by the project. From the pre-sale stage it offers an APY of 112%.
If history is any teacher, native betting programs set off strong bombs. Two striking examples this year are Floki and Rollbit. The bet-to-win system built into Meme Kombat offers users both passive and active avenues for profitability. It allows the project to attract a wide user base based on their preferences.
There is one more factor that gives Meme Kombat a strong competitive advantage: transparency. The identity of the team, led by Matt Whiteman, is public. A doxxed team is rare, if not unheard of, in the meme coin market. Underlines the credibility and responsibility of the project.
Meme Kombat has raised $1.36 million in pre-sale so far. The current bullish wave is likely to cause pre-sales to sell out soon.
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