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Meme Coin Watch: Pepe Pumps 91%, Meme Kombat Raises $760,000, Sponge up 32% After Staking Announcement
It’s been a hectic week in the meme coin market, with most tokens posting sizable gains.
Pepe (PEPE) has been soaring after its surprise burn announcement, while Meme Kombat (MK) and Sponge (SPONGE) have also seen an uptick in momentum.
This article explores the latest meme coin action, covering all of the must-know events in the market this week.
1. PEPE Experiences Dramatic Price Rise
PEPE has been one of the most talked-about meme coins in the past seven days, with the coin’s price up 91% since last week.
At one point on Thursday, PEPE was up an impressive 115% but has since pulled back slightly.
The coin is now hovering around the $0.0000012 level, representing its highest point since August 17.
This momentum was triggered when PEPE rebounded from a strong support region around $0.00000062 – a level tested three times in the past month.
The momentum was boosted after PEPE’s creators announced a sizable token burn, which helped improve investor confidence after fears of price manipulation a month prior.
Although some still question PEPE’s utility and long-term prospects, the ongoing momentum is a testament to the coin’s current appeal and overall market sentiment.
2. Meme Kombat Continues Turning Heads in its Presale Phase
Meme Kombat (MK) was also widely discussed this week after the trending meme coin presale hit the $760,000 milestone.
The presale has attracted global investor interest, as MK tokens are available at the low price of $0.1667.
After the presale concludes, Meme Kombat’s creators plan to list MK on decentralized exchanges like Uniswap, reserving 10% of the token supply for liquidity.
Anticipation is already building within the for this event, with many early backers believing that the token has substantial upside potential once it hits the open market.
Meme Kombat’s innovative staking and battling features have also added to its appeal, promising financial returns and an engaging user experience.
With an ambitious roadmap and experienced Web3 developer Matt Whiteman at the helm, Meme Kombat is being primed as a token to watch in the final months of 2023.
3. Sponge Staking Protocol Prompts Uptick in Investor Interest
Sponge (SPONGE) has also seen a price uptick this week, rising 32% after the development team announced a fully-fledged staking protocol for the token.
This staking protocol goes live on November 1, providing a seamless way for SPONGE holders to generate a tokenized income stream.
While details about the specific yield remain scarce, the announcement has prompted a positive response, leading to a surge in new members joining .
Spot trading volume for the SPONGE token has also soared by 118% in the past 24 hours, indicating that investor interest is spiking.
The token is currently hovering around the $0.000113 level, which is still 95% below May’s all-time high of $0.00239.
However, with the new staking protocol nearing its release, momentum could continue building, pushing the token’s price higher in the short term.
4. Shiba Inu Pulls Back After Sharp Price Surge
Shiba Inu’s (SHIB) price has also risen this week, yet the token has pulled back significantly in the past 24 hours.
Following Thursday’s high of $0.0000082, SHIB’s value has dropped over 5%, with the token now hovering around the $0.0000078 level.
The pullback lacks a clear catalyst, suggesting that it’s likely due to profit-taking following the token’s recent surge.
Regardless, SHIB is still up 18% in the past week, pushing the token’s market cap to $4.6 billion.
SHIB continues to trade above its 50-day Exponential Moving Average (EMA) on the daily chart, offering investors hope that the recent decline may be a temporary retracement rather than a full reversal.
5. Meme Coin Market Hits $16.6bn Valuation
Lastly, one of the main talking points over the last week is the impressive growth seen in the meme coin market as a whole.
According to CoinMarketCap data, the meme coin market is now valued at $16.6 billion and has seen over $2 billion in trading volume in the past 24 hours.
Unsurprisingly, the market is still led by Dogecoin and Shiba Inu, with Pepe and Floki taking the 3rd and 4th spot.
However, most coins have seen price increases in the past seven days, with the positive investor sentiment seemingly driving up demand and contributing to the overall market gains.
With the Crypto Fear & Greed Index still sitting at a value of 70, firmly in “Greed” territory, there’s a chance this sentiment could continue to fuel gains in the near term.
