Pepe more than doubled in value over the past week, surging 106% to a high of $0.0000013. But the move could be short-lived as Pepe is already giving back some of its recent gains.
Savvy traders and crypto analysts are already looking beyond the headline-grabbing meme coin to newer tokens surging in its wake. Meme Kombat is closing in on its presale goal of $1 million, while Wall Street Memes is up 40% since launching its new casino.
Let’s take a closer look at what’s going on in the meme coin market this week.
Pepe jumps 106% after massive token burn, but gains may not last
Pepe has wallowed in recent months, sliding more than 70% from July to October. Part of that slide is over concerns that the projects’ developers hold an outsized share of Pepe tokens that aren’t locked. The fear is that these tokens could be released onto the market and tank the price of Pepe.
In response to these concerns, the Pepe team decided to burn 6.9 trillion Pepe tokens—worth around $6 million—last week. The burn, along with a note that Pepe has brought on new advisors to help manage its remaining 3.79 trillion tokens in the developers’ wallet, led to an immediate surge in Pepe’s price.
Over the span of three days, Pepe jumped 106% and saw its trading volume rocket to more than $500 million, according to CoinMarketCap.
However, the latest pump may already be past its prime. In the last 48 hours, Pepe has declined 15%, and trading volume has fallen to less than $90 million. The token remains well below the key $0.0000015 resistance level that it held for much of the summer.
Without another catalyst, it’s difficult to see how Pepe could avoid faltering. The token has weak support around $0.00000093, a 20% drop from the current price. The next significant support is at $0.00000065, the price that Pepe held prior to the token burn announcement.
The broader battle for Pepe is that as a pure meme coin, it has no purpose other than speculation. In the absence of trading opportunities, there’s little use for the token. While Pepe has proven that it has staying power, it’s difficult to maintain consistent interest in a token that provides no inherent value for its community.
In this context, Pepe will likely return to its long-term decline unless the project team makes more fundamental changes to the Pepe ecosystem.
New meme coin to watch: Meme Kombat raises $800k, offers 112% APY staking interest and betting on memes
While Pepe is fading, a new meme coin called Meme Kombat ($MK) is rising. This meme coin has raised over $800,000 in its ongoing presale and is rapidly approaching its $1 million presale soft cap.
Meme Kombat is more than just another meme coin. Unlike Pepe, it offers real utility for token holders.
After Meme Kombat’s launch, community members can stake their $MK tokens on virtual battles between popular memes. Pepe will battle Shiba Inu, and Milady Maker will fight Spongebob and more.
Each meme has unique fighting statistics and powers, and a randomization algorithm on the blockchain controls all virtual battles. This ensures that every battle is fair and exciting.
Players who win their bets will earn additional $MK tokens, which they can roll into more bets on the next round of the Meme Kombat tournament or stake to earn interest.
Investors who buy $MK during the Meme Kombat presale can stake their tokens and start earning interest right away. During the current stage, investors earn 112% APY—and that interest accumulates even before the project officially launches.
The current presale stage is set to last for just a few more days, so investors need to hurry to buy $MK before the next price increase.
Wall Street Memes surges 40% after launching new crypto casino
Wall Street Memes held one of the most successful crypto presales of all time, raising more than $25 million this year before launching on Tier-1 crypto exchanges, including OKX and MEXC, in early October. The project’s $WSM token then exploded 280% after launch, delivering huge gains for early investors.
Now, Wall Street Memes is making headlines—and fortunes—again. The token is up 40% in the past week after Wall Street Memes announced a new online crypto casino and sportsbook.
The Wall Street Memes Casino offers over 5,000 games and betting on over 35 sports markets. A welcome bonus worth up to $25,000 is pulling in players rapidly, and the platform seems poised to grab a huge share of the online gambling market.
The project is using revenue from the casino to support a buyback program for $WSM tokens. The aim is to support the price of $WSM well into the future and keep rewarding the Wall Street Memes community.
Investors in $WSM can also stake their tokens and earn 39% APY. Within weeks of introducing staking, the project already has over 500 million $WSM staked.
$WSM is currently priced at $0.026, but this token has plenty of room to run. The major developments since the token’s launch show that Wall Street Memes is just getting started.
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