The $MEME Sensation Explained
If you’ve been following the crypto market, you may have heard of the $MEME coin sensation. In just a few days after its launch, $MEME reached a market cap of $253 million, making it one of the trending meme coins of the month. Listings on major exchanges like Binance, OKX, Bitget, and Kucoin fueled its initial surge. While it did experience a 22.75% drop in price over the week, $MEME is regaining momentum as Bitcoin climbs towards $37K.
Currently, $MEME has jumped 18.94% on the daily chart with a 24-hour trading volume of $234,583,055. It’s now among the top meme tokens by market capitalization, ranking fifth on CoinMarketCap’s list behind Dogecoin, Shiba Inu, Pepe, and Floki Inu.
Despite having no utility or roadmap and no expectations for financial returns according to its official website, $MEME has garnered hype due to its association with Memeland Group and the success of 9GAG. The private sale before the token launch saw $8 million flow into the project within 28 hours.
What Are Investors Buying Next?
As the momentum for $MEME slows down, a new meme coin called Meme Kombat (MK) has caught the attention of investors. Meme Kombat stands out with its play-to-earn token with GambleFi elements. It offers AI-powered virtual battles between popular meme characters where MK holders can bet on outcomes to win rewards.
Meme Kombat’s unique stake-to-earn system has attracted bullish outlooks from analysts and traders alike. With an APY of 112% right from the presale stage, it offers both passive and active avenues for returns. The project also boasts transparency with a public team headed by Matt Whiteman.
The ongoing bull wave is likely to send Meme Kombat’s presale to a sell-out soon as it continues to gain traction in the meme coin market.
Hot Take: Is $MEME Out of Steam?
$MEME is one of the hottest meme coins of this month. Despite having little going on in terms of ecosystem development and no real value proposition, it has managed to attract a large community of speculative investors. However, with its market cap already at $183 million and limited room for growth ahead, some wonder if $MEME is running out of steam in the crypto market.
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