The meme coin market has seemingly transcended from a degen sub-culture to a viable, albeit high-risk, crypto asset class.
This is evident in Binance’s recent listing of Memecoin ($MEME), a new project aiming to capitalize on the hype of predecessors like Pepe, Dogecoin, and Shiba Inu.
$MEME Plunges 20% With Traders Expecting a Further Sell-Off
Memecoin recently emerged from a presale after raising $10 million powered by its founding team’s connections to the popular 9GAG meme platform.
The project’s X account boasts a staggering 2.4 million followers, and the coin currently holds a $210 million market cap.
Binance announced that the platform would launch Memecoin in its “launchpool” on 27 October.
However, launch pool investors saw the excitement building as an opportunity to sell into late buyers, creating a 20% selloff after it went live for trading.
The project’s trading went live on 3 November, peaking at $0.02909 shortly after. Nevertheless, it has since sold off as investors lock in profits, currently trading at $0.02447 (-17.5% from its all-time high).
Currently, it has a significant 24-hour trading volume of $858,989,322, illustrating massive community interest.
Several other high-profile exchanges have listed $MEME since it launched on Binance. Some of these include KuCoin, OKX, and ByBit.
However, market sentiment is that Memecoin will not fare strongly, as evidenced by its recent sell-off.
X commentator ngochai98 strategized liquidating 75-80% of holdings within five minutes of its launch on Binance.
Meanwhile, RyanNguyenHC believes that Memecoin’s current $200 million+ market cap is in overvaluation, noting that it is not on the level of Pepe or Dogecoin. According to the analyst, $MEME’s fair value is around a $50 million market cap, “like other launchpool projects”.
While its future price remains to be seen, a $50 million market cap would equate to over 75% downside from its current price.
Given its already significant valuation, this likely means that traders may be better poised to look elsewhere for the next meme coin to explode.
For instance, new project Meme Kombat is in its early stage presale, having raised $1.1 million but already capturing significant backing from high-profile traders.
Meme Kombat Offers 112% Staking APY and Boasts 10x Predictions After Raising $1.1M
Meme Kombat is a multi-purpose meme coin. On the one hand, it benefits from the viral, community-centric allure of meme coins, while on the other, it is a cutting-edge, utility-driven GambleFi project.
Users can battle with infamous meme characters and gamble on the outcome using the $MK token. There are several sophisticated betting mechanisms, and users can partake in multiplayer and player vs game modes. It also leverages traditional odds mechanics for a fair and compelling gambling experience.
Yet, while it pushes ahead on the GambleFi front, it also rivals market leaders with its flawless social media meme game.
The project clearly understands meme culture but also brings utility to the most viral market in crypto.
What’s more, it is doing this with an unprecedented layer of legitimacy and transparency. Unlike most other meme projects, Meme Kombat boasts a doxxed team, with its founder’s social media and experience listed on its website.
However, those looking to secure the most upside potential must act fast, as the presale price is set to rise in five days.