Dogecoin has fallen by 3% in the past 24 hours, dropping to $0.117 as the crypto market as a whole loses 1% today.
It’s not the only major meme coin that has taken a significant hit today, with Bonk down by 1% and Pepe losing 3.5%.
Traders are seemingly losing confidence in the largest meme tokens, as the market weathers an unsettled period marked by the anti-climax of the recent Ethereum ETF approvals.
And many are apparently turning to presales, with ERC-20 token The Meme Games (MGMES) now raising $300,000 in its token offering as it increasingly attracts more investors.
Dogecoin, Bonk, Pepe Prices in Freefall
It’s worth taking a quick look at the Dogecoin chart, since it’s indicative of the performance of most other major meme tokens.
As the chart below shows, DOGE has spent much of the past week declining, while it has fallen consistently since the end of March.
Source: TradingViewIt’s now down by 10% in a week, while PEPE has fallen by 14% in seven days and BONK by 15%.
This is a worse performance than the average for non-meme tokens in the top 100, with Ethereum down by a much less serious 3% in the past week.
It’s therefore clear that, while they may benefit disproportionately during booms, they also suffer disproportionately during selloffs and downturns.
Indeed, whales have been selling their stockpiles of PEPE and other meme coins in the past few days, depriving these coins of the demand to make quick comebacks.
A whale deposited 400B $PEPE($4.22M) to #Binance to take profits in the past hour.
The whale withdrew 795.92B $PEPE($2.55M at the time) from #Binance on Mar 1 and currently has 395.93B $PEPE($4.18M) left.
His total profit on $PEPE is $5.85M, the ROI is 230%!… pic.twitter.com/o7T1ihjoq9
— Lookonchain (@lookonchain) August 1, 2024
As such, it may be a while before we see PEPE, DOGE, BONK or any other bigger meme coin enjoy another substantial rally.
They could in fact fall a little further before they recover, with the average retail investor recommended to avoid them, due to their notorious volatility.
Investors Dump for New ICO
It’s highly likely that many investors have been dumping their meme tokens for newer, more promising alternatives.
While the market has been a little shaky in recent weeks, some coins have shown a higher probability of making big returns.
Many of these are presale tokens, with the best sales often generating plenty of momentum for their respective coins before they list on exchanges.
One token doing this right now is The Meme Games (MGMES), an ERC-20 cryptocurrency that has already raised over $300,000 in its recently launched sale.
69 people have won a 25% bonus by picking $PEPE at the #MemeGames!
Coincidence or destiny?
Choose from 5 meme icons and you could score a 25% bonus on your $MGMES purchase if they win the race!
Join now! https://t.co/lbYNWg8iXr#Paris2024 #Presale #Crypto #Alts pic.twitter.com/q4Tdbzkpo5
— The Meme Games (@MemeGames2024) August 2, 2024
The Meme Games is more than just another viral meme token, in that it also features an interesting social gambling element.
It will host automated competitions and races between virtual meme characters.
Players will stake their MGMES tokens on the characters of their choice, with the winners earning a 10% bonus on top of their usual staking rewards.
By doing this The Meme Games has gamified its staking model, providing investors with a strong incentive for holding MGMES for the longer term.
Another bullish feature of The Meme Games is that it has already grown an impressive online community, with its official X account boasting 17,000 followers.
This is hugely impressive for such a new project, and it suggests that The Meme Games could grow very big once it launches.
As a token, MGMES will have a cap supply of 2.024 billion, with 38% of this going to the presale, 10% going to staking and 9.3% going to games winnings.
New investors can participate in the coin’s sale by going to the official Meme Games website, where they can buy MGMES at a cost of $0.00915 per token.
Buy Meme Games Now
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