The prices of popular meme coins Pepe (PEPE) and Memecoin (MEME) have declined sharply in recent days amid a broader crypto market downturn.
Regulatory scrutiny on major exchanges like Binance and Kraken has spooked investors and added to the selling pressure.
However, a new meme token, Meme Kombat (MK), appears poised to buck this trend – with some traders and analysts suggesting potential for 10x growth from its presale price.
Meme Coin Prices Plunge Amid Broader Crypto Pullback
Top meme coins PEPE and MEME have seen their prices cool off considerably as the broader market pulls back.
PEPE, which reached highs of $0.00000145 just two weeks ago, has declined to $0.00000108, marking a 25% drop.
Meanwhile, MEME touched $0.041 last Wednesday but now trades for $0.025, representing a 39% decline.
Trading volumes have also dipped, with PEPE seeing $105 million in activity in the past 24 hours, far less than in previous weeks.
MEME has fared slightly better, with $192 million during the same time frame, making it the world’s second-largest meme coin based on spot trading volume.
The hype around both meme coins has died down as the broader market suffers a correction, with Bitcoin (BTC) and Ethereum (ETH) also seeing significant dips.
Coin360’s crypto market heatmap shows a sea of red, with only a few altcoins able to escape the bearish momentum.
Additionally, the Crypto Fear & Greed Index, a measure of investor sentiment, has fallen to 62, a significant drop from its value of 71 earlier this week.
Regulatory Spotlight Adds to Meme Coin Uncertainty
The regulatory crackdown on major crypto exchanges like Binance and Kraken also seems to be hurting meme coin prices.
The news that Binance founder Changpeng Zhao has pleaded guilty to violating anti-money laundering laws and is stepping down as CEO sparked fear among investors.
Binance is a major trading venue for meme coins like PEPE and MEME, and the uncertainty surrounding its position has likely contributed to a more cautious approach from traders.
Furthermore, the SEC’s lawsuit against Kraken, alleging it operated as an unregistered crypto exchange and reportedly commingled user funds, has added to doubts about the future of smaller tokens.
As regulators expand their investigations and dish out fines to top exchanges, it has created uncertainty among the investor base – prompting a decrease in demand for riskier assets like Pepe and Memecoin.
New Project Meme Kombat Continues Gaining Traction as Viral Presale Nears $2m Milestone
While the outlook for meme coins like PEPE and MEME seems dire, one new coin is still performing admirably.
Meme Kombat (MK) combines memes and gaming with battlefield duels between well-known characters and offers staking rewards up to 499% APY.
The platform allows users to bet on unpredictable meme battles while earning passive income, providing a new twist on traditional meme coins.
Underpinning these features is a robust tokenomics model, which sees 50% of the total MK supply allocated to presale buyers.
This setup is working well, as almost $2 million in funding has been raised since Meme Kombat’s presale began.
Investors worldwide have shown interest in the presale, given that MK tokens are currently available for just $0.205.
Notably, Meme Kombat’s presale employs a tier-based structure – meaning this price is only available for one more day before rising significantly.
