The meme coin market is struggling this week, with major coins like Dogecoin (DOGE) and Shiba Inu (SHIB) seeing muted price action.
However, the new meme coin Astro Pepe (APEPE) has defied the bearish trend, soaring 400% on its first day of trading.
Presale project Meme Kombat (MK) is also turning heads, raising over $33,000 in early investment within just 24 hours.
Major Meme Coins Trapped in Range-Bound Trading Conditions
According to CoinMarketCap, trading volume in the meme coin space has dwindled to $337 million in the past day, highlighting the lull in investor interest.
Market toppers DOGE and SHIB have seen minimal price movements, trading sideways with little-to-no volatility.
DOGE is currently hovering just above a strong support region, located around $0.060, which has held since mid-August.
Meanwhile, SHIB is ranging around $0.0000072 after a period of sideways trading – and has recently rejected the 20-day Exponential Moving Average (EMA) as resistance on the daily time frame.
The poor performance of both coins has affected the rest of the meme coin market, with the likes of PEPE, BONE, and FLOKI also shedding value.
Moreover, with no clear catalyst on the horizon to drive momentum, many investors are adopting a wait-and-see approach rather than getting involved in the market.
Newcomer Astro Pepe Defies Downtrend with 400% Price Pump
While major meme coins like Dogecoin and Shiba Inu struggle amid a bearish market, the new meme coin Astro Pepe (APEPE) tells a different story.
Defying the broader downtrend, APEPE has mooned on its first day of trading, rocketing over 800% from its listing price.
This dramatic rise demonstrates the enthusiasm that still exists for quality meme coins with strong community backing.
According to its website, Astro Pepe features a unique space exploration theme with bold tokenomics, including a 1% transactional tax and locked liquidity.
The APEPE supply is capped at 2 billion, and with the creators aiming to launch the token on major exchanges soon, its potential for broader adoption is high.
As noted by DexTools.io, there are already over 220 APEPE holders – and with nearly $800,000 in trading volume in its first day, it’s clear that the coin has garnered substantial interest from the crypto community.
Meme Kombat Presale Gains Momentum with Innovative Gaming & Staking Concept
Alongside Astro Pepe, the new presale project Meme Kombat (MK) is also gaining traction in the market.
This innovative platform merges memes and gaming, allowing users to bet on battles between popular meme characters like Pepe the Frog and Viking Mage.
Leveraging the power of blockchain technology and advanced AI, Meme Kombat aims to create a thrilling experience while offering users scope to generate income through shrewd wagers.
As outlined in Meme Kombat’s whitepaper, the native MK token will power all activities within the ecosystem, including betting payouts and staking.
Despite the bearish conditions throughout the meme coin market, Meme Kombat has attracted significant attention and investment, raising over $33,000 within 24 hours.
This enthusiasm highlights the strong demand for coins with real utility – something that the meme coin market still lacks.
Aside from the meme-battling feature, Meme Kombat also boasts a fully-fledged staking protocol, with MK holders able to generate yields of 112% per year on their investment.
Importantly, underpinning the entire Meme Kombat project is a thorough smart contract audit from Coinsult, which noted that no high-risk issues were present.
With its innovative concept and impressive early backing, Meme Kombat seems poised to shake up the meme coin space as investors search for projects with valuable utility.