The meme coin market has seen renewed momentum over the past week, with Pepe’s (PEPE) 30% surge since Saturday being one of the most talked-about events.
This impressive growth has left traders wondering whether PEPE could continue rising and challenge the dominance of Shiba Inu (SHIB) and Dogecoin (DOGE).
Meanwhile, the new meme coin Meme Kombat (MK) continues to make exceptional progress in its presale phase, having raised $700,000 in its first month.
Token Burn Prompts Sharp PEPE Price Surge
PEPE has benefited from the sharp uptick in crypto investor sentiment, soaring to the crucial $0.0000010 level on Tuesday.
Although PEPE has since pulled back to $0.00000093, the token’s momentum remains positive, with many backers believing this is simply a minor correction before another upward leg.
PEPE’s positivity was prompted by the project’s developers burning $5.5 million worth of tokens from circulation, representing 6.9 trillion PEPE.
By permanently removing these tokens from the supply, the developers aimed to reassure investors following concerns raised in August about their multi-sig wallet holdings.
Now the team controls just 3.79 trillion PEPE, worth $3.7 million – a small portion of the total supply.
With PEPE’s 24-hour trading volume soaring to $270 million, any potential selling pressure from the team would have a minimal impact on price.
As such, this token burn has increased retail investor demand for PEPE, helping push its value higher.
PEPE Faces Uphill Battle to Maintain Value Without Increased Utility
Now that PEPE is trading at its highest point since August, investors are wondering if the meme coin can maintain its momentum.
The successful token burn has demonstrated the developers’ commitment to decentralization and boosted confidence, yet PEPE will require more utility or significant partnerships to sustain itself in the long term.
Currently, PEPE has no apparent use cases beyond speculative trading, meaning the token’s value is influenced solely by social media-driven hype.
Like other major meme coins like DOGE, this reliance on hype can create volatile price swings and make long-term growth challenging.
PEPE will likely need to expand into different areas like decentralized finance (DeFi), NFTs, or the metaverse to evolve beyond being just a speculative asset.
Without new use cases, the risk is that PEPE falls back into obscurity and loses relevance in the crowded meme coin market.
Given this, PEPE’s price surge may be short-lived unless paired with further innovation in the coming weeks.
Meme Kombat’s Unique Battling & Staking Model Makes It a Top Meme Coin Contender
As the meme coin market continues pushing, a new contender called Meme Kombat (MK) is emerging and could be poised for sizable growth.
This innovative presale project blends the viral appeal of memes with crypto-based gambling for an immersive gaming experience.
Meme Kombat allows users to bet on battles between their favorite meme characters like DOGE, SHIB, and Pepe the Frog using the native MK token.
Moreover, the Meme Kombat platform has been subject to a comprehensive audit from Coinsult, ensuring its smart contracts are secure.
The project has already raised over $700,000 in its presale so far, showing strong early traction within the retail investor community.
Meme Kombat’s innovative model and inherent potential have even led to backing from major crypto influencers like Michael Wrubel, who described himself as “bullish” in a YouTube video viewed over 11,000 times.
As seen with PEPE and DOGE before it, the right combination of hype and fundamentals can lead to enormous returns in the meme coin market – and Meme Kombat’s team appears to be capitalizing on both elements for potential success.
Top crypto platforms in the US | December 2023
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