$MEME is one of the hottest meme coins of this month.
Despite the cleverly uninventive name and lackluster value propositions, it has won a large community of speculative investors.
With its market cap already at $183 million and little going on in the ecosystem, is $MEME out of steam?
The $MEME Sensation Explained
Within days of launch, $MEME went on to accumulate a massive $253 million market cap.
Listings on Binance, OKX, Bitget, and Kucoin fueled the price pump soon after the token’s initial launch. Although market forces have been acting up, taking the price down 22.75% on the weekly chart, $MEME is regaining momentum.
Bitcoin’s climb toward $37K has sparked energy in the market as a whole. As one of the trending meme coin options of the month, $MEME has been capitalizing on the bull ride too.
$MEME has jumped 18.94% on the daily chart with a 24-h 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 Capitalization’ list on CoinMarketCap finds $MEME in fifth place, following Dogecoin, Shiba Inu, Pepe, and Floki Inu.
The general ranking is also good for a new token at the 168th position.
According to the official website, “Memecoin is literally a meme coin. No utility. No roadmap. No promises. No expectation of financial return. Just 100% memes.”.
But the project’s association with Memeland Group has added to its hype. It is from the same team that brought the popular 9GAG. Its goal is to connect creators and communities together through creativity, MEME, and NFTs.
The white paper, 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.”
The private sale held before the token launch saw $8 million flow into the project within 28 hours. The FOMO was further fueled when Binance announced a Launchpool for the token, retweeted by Binance founder and CEO Changpeng Zhao.
Listings on leading exchanges like Uniswap, MEXC, BitMEX, ByBit helped investors from around the world access the token in a short time.
Analysts and traders are optimistic about $MEME.
That said, with its market cap already at $184,055,317, its room for growth will be limited in the journey ahead. The short-term price actions will also be subject to market movements, with the risk of steep downturns.
What Are Investors Buying Next?
As the $MEME momentum slows down, a new meme coin has captured the attention of $MEME investors – Meme Kombat (MK). It is predicted to kindle a multifold price action in the meme coin market next.
As a play-to-earn token with GambleFi elements, Meme Kombat stands out in the meme coin market that has long been saturated with useless coins. Its growth potential is rooted in both utility and speculation.
The project hosts AI-powered virtual battles between popular meme characters. $MK holders can bet on the outcomes of these battles to stand a chance to win attractive rewards. The first season of Meme Kombat is set to go live soon after the presale.
The Crypto Whale Pumps group (25K) admin on TG, who has been bullish on $MEME, revealed that he is also optimistic about Meme Kombat. More crypto communities, influencers, and analysts are coming forward with bullish outlooks for the token.
For example, popular trader Michael Wrubel pointed out the merit of the unique stake-to-earn system put forward by the project. Right from the presale stage, it offers an APY of 112%.
If history is any teacher, native staking programs kindle strong pumps. Two striking examples this year are Floki and Rollbit. The stake-to-earn system integrated into Meme Kombat gives users both passive and active avenues for returns. It allows the project to attract a wide user base depending on their preferences.
There is one more factor that gives Meme Kombat a strong competitive edge – transparency. The identity of the team, headed by Matt Whiteman, is public. A doxxed team is rare, if not unheard of, in the meme coin market. It underscores the project’s credibility and accountability.
Meme Kombat has raised $1.36M in its presale so far. The ongoing bull wave is likely to send the presale to a sell-out soon.
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