The meme coin market has been extremely unstable this week, with Gorilla (GORILLA) crashing by over 30% since Nov. 22. Given the sell-off, traders have questioned whether or not GORILLA’s hype cycle is ending. Amid this, meme coin fanatics are exploring a brand new altcoin, Meme Kombat (MK), which not too long ago launched its presale.
Meme coin GORILLA drops 60% from all-time excessive
On the time of writing, the GORILLA value is hovering round $0.0011 – a 60% drop from its all-time excessive recorded on Nov. 21.
Earlier than this all-time excessive, GORILLA had traded sideways since Nov. 10, when it was first launched on Uniswap.
The token started choosing up steam on Nov. 20 and finally rocketed by over 670% in simply two days.
GORILLA had a market cap of over $2.3 million at its peak.
Nonetheless, as with most trending meme cash, profit-taking occurred after the token’s run-up.
This occasion has compelled GORILLA costs decrease previously 48 hours.
Costs have since recovered from the $0.00055 stage.
Whether or not this comeback ends in GORILLA returning to its all-time excessive stays to be seen, but it surely means that merchants are nonetheless .
Exploring the GORILLA ecosystem
GORILLA is a community-owned and ruled meme coin that goals to create an ecosystem centered round its holders.
The GORILLA ecosystem includes Gorilla Swap, which permits cross-chain exchanging utilizing improvements like AI buying and selling mirrors.
Gorilla Pad is an IDO launchpad for initiatives to conduct presales with important safety, comfort, and advertising instruments.
A part of the taxes from gross sales on Gorilla Pad goes again into the GORILLA ecosystem for buybacks, liquidity, listings, and different progress mechanisms.
Past that, GORILLA additionally has a non-fungible token (NFT) assortment, Mad Gorilla Unified Cryptonairs, which is proscribed to three,333 NFTs on Ethereum.
Holders can stake their NFTs to earn rewards within the ecosystem’s BANANAS token.
Though GORILLA costs fell, the mission nonetheless provides a number of options that would maintain long-term progress if a reversal happens.
Meme Kombat raises $2m in presale
As GORILLA struggles, one other meme coin mission, Meme Kombat, emerges as a possible various for traders.
Meme Kombat goals to mix memes with fight gaming, making a platform the place customers can guess on fights between characters impressed by fashionable meme cash.
Bets are made utilizing MK, Meme Kombat’s native ERC-20 token.
Matt Whiteman leads the mission.
As COO of North Applied sciences and former CEO of Phat Loot DeFi, he brings years of related trade expertise.
Meme Kombat provides extra options akin to staking rewards of as much as 457% APY and tokenomics.
50% of the entire MK provide is allotted to the presale, which has already raised over $2 million in early funding.
At present, MK is obtainable for $0.214 in stage 4 of the presale.
Every stage will see the MK value rise incrementally earlier than finally reaching $0.279 within the ultimate part.
After the presale, the event staff plans to checklist MK on decentralized exchanges like Uniswap, reserving 10% of the token provide for liquidity.
Gorilla is discovering it difficult to remain related and keep its momentum. Nonetheless, Meme Kombat’s mixture of memes and gaming may provide options for meme coin traders.
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