The crypto market is brightening up again. Following suit, meme coins have been performing well, with projects like BONK and PEPE recording small surges.
While BONK charted an 18.78% surge over the week, PEPE climbed 4.65%.
The meme coins give an optimistic outlook this week. But the broader picture is bleak. BONK has been struggling to reclaim its all-time high that was recorded in Dec 2023. For better context, the meme coin has lost 65.07% of its value since then. PEPE, on the other hand, has lost 75.78% since May. It is down to the 120th position on the meme coin chart now.
Price Corrections Imminent
It doesn’t seem like occasional surges fueled by speculation and FOMO will help these tokens withstand competition. New projects are stealing their thunder. A good example is Meme Kombat ($MK), which is on its way to the $8M milestone in the ongoing presale of its native tokens.
Both $BONK and $PEPE are anticipating further price corrections.
BONK 1-year price action, source: CoinMarketCap
With its market cap down to $759,317,843, $BONK is losing momentum. Although the meme coin has time and again managed to capture the attention of the market with its Solana affiliation, the lack of purpose and utility continue to deplete it. It doesn’t stand a chance against utility-centric meme coins like Meme Kombat ($MK) in the long run.
The emergence of these meme coins with a purpose poses a significant challenge to the future prospects of $BONK and $PEPE. The rapid progress of the $MK presale shows that meme coin investors have begun shifting to more robust trends.
Meme Kontest Time! 🔥
It’s time for you to show your dank meme skills and for us to give away 900 USDT!!!
3 winners chosen at random and each will receive 300 USDT🤩
Wanna win some sweet cash? Follow the instructions in the thread below👇 pic.twitter.com/pTHLYJSYBG
— Meme Kombat (@Meme_Kombat) January 25, 2024
$MK is a GambleFi Meme Coin
The growing influx of investors and funds into the Meme Kombat presale is pleasantly surprising. The GambleFi platform introduced by the project is themed around an AI-powered battle arena. Iconic meme coins fight it out in these combats for victory.
What is the token’s role in all of this?
Meme Kombat presents a refreshing addition to the GambleFi market, which has predominantly featured casino and sports betting platforms. $MK tokens will give holders the opportunity to bet on the outcomes of AI-powered meme battles. If their prediction is right, they will secure attractive rewards.
Within the Meme Kombat battle arena, popular meme characters will be characterized by unique strengths, weaknesses, and attack animations. Token holders can choose to wager on Player versus Player (PvP) matchups against other participants or Player versus Game (PvGame) battles against an AI opponent.
A High-Yield Staking System
$MK, the native ERC-20 currency of the platform, also serves as the reward token of the ecosystem. By gamifying staking, Meme Kombat brings an additional layer of engagement and excitement to the ecosystem, while mitigating sell-offs. The platform also supports passive staking, rewarding investors with attractive APYs ranging up to 121% in the presale stage.
Together, gamified and passive staking systems armor the token against price downturns.
Staking will play a crucial role in sustaining a robust price action for Meme Kombat, particularly during the initial launch phase. For investors, it offers long-term benefits, emphasizing stability over chasing short-lived market movements.
Passive staking best suits investors who recognize the potential of the project but prefer a more hands-off approach. But in passive staking, the reward rate declines as more investors take advantage of the opportunity. Early investors benefit the most from the system.
Gamified staking, on the other hand, is more rewarding. In addition, leaderboards reward top performers as a tool to fuel user engagement on the platform.
NFA, but one reason why @BuryCrypto thinks we’re the next big thing might be our staking🔥$MK is for top memers, so we dub Jacob a top memer⚔️ pic.twitter.com/z18nRImOyC
— Meme Kombat (@Meme_Kombat) January 29, 2024
Inaugural Season of Meme Kombat Set to Go Live Soon
Meme Kombat Season 1 will launch shortly after the presale ends. Having raised $7.7M already, it is approaching a sell-out. Users eager to bet on the outcomes of meme coin battles won’t have to wait long for the excitement to kick off.
In its first season, Meme Kombat will feature 11 iconic meme coins, pumping social media engagement around them to its platform. Given the history of social media wars between meme coin communities, Meme Kombat is anticipated to ignite strong engagement.
In the next seasons, additional meme fighters, battle modes, and rewards will be introduced, enriching the gaming dynamics. The gamified staking utility will stimulate organic demand for $MK tokens and sustain their price action over time.
For the same reason, unlike meme coins, $MK is largely resilient to the fluctuations in the broader market.
Whales and Retail Investors Crowd the Presale – Early Sell-out on the Horizon
Meme Kombat has caught the eye of prominent crypto analysts and influencers, who predict the token to go anywhere from 10X to 100X on its launch.
Positive sentiments are evident in the social media space as well.
Both whale and retail investors have been joining the Meme Kombat presale in large numbers over the last few days. The presale is rapidly approaching its sell-out, leaving investors with little time to secure the token for discounted prices.
Meme Kombat can outperform meme coin giants like $BONK if the ecosystem unfolds as planned, and claim the third position on the meme coin chart.
