The meme coin market has seen some big moves in the past 24 hours, with Shiba Inu (SHIB) rebounding 6% and newcomer Meme Kombat (MK) hitting the $5.9 million milestone in its presale.
Low-cap meme coins Myro (MYRO) and Dogecoin (DC) have also gained ground as investors look to capitalize on the bullish market momentum.
Shiba Inu Rises by 6% as Investors Snap Up Discounted Tokens
Shiba Inu has been one of the biggest gainers in the meme coin market over the past day, rising to the $0.0000099 level.
Trading volume also saw an uptick to over $200 million, indicating renewed interest in the world’s second-largest meme token.
Technical analysis shows SHIB may have found a bottom after declining from its December 23 high of $0.0000112.
The token appears to have created support around $0.0000095 and looks to be heading for a bullish daily close.
SHIB’s Relative Strength Index (RSI) has also bounced back above 40 on the 4-hour timeframe, suggesting that the bulls may now be in charge.
Interestingly, there has been no clear catalyst for Shiba Inu’s rebound in the past 24 hours.
This indicates that investors may be opting to “buy the dip” following the recent pullback, taking advantage of SHIB’s discounted value relative to December’s high.
Trending Meme Kombat Presale Tops $5.9 Million as Official Launch Nears
Another meme coin making waves is the newcomer Meme Kombat (MK), which has raised an impressive $5.9 million so far in its presale.
Meme Kombat is a unique gaming project that lets players bet on fights between popular internet memes like Doge and Pepe the Frog using the platform’s native MK token.
The presale funding success indicates strong early interest in the project – and Meme Kombat’s team has allocated 50% of the total MK supply to presale buyers.
A further 30% has been reserved for staking and battle prizes, designed to incentivize user participation in the battle arena over the long term.
Early investors can buy MK tokens for $0.268 during the ongoing presale stage, although the token price will increase in subsequent stages.
This means that investors who get in early can secure MK tokens at the lowest possible price before the full launch.
Given the project’s novel concept and impressive presale funding, Meme Kombat seems poised to capitalize on the hype around meme coins in 2024.
Prominent YouTube personality ClayBro even speculated that MK could be “the biggest meme gaming token” of the year.
With more than 14,800 people following the project on Twitter, Meme Kombat looks in a prime spot to take advantage of the growing buzz and complete a successful Uniswap listing in the weeks ahead.
Small Meme Coins Myro & Dogechain Make Waves with 30%+ Jumps
Alongside Shiba Inu and Meme Kombat, a few smaller meme coins are also posting gains.
One is Myro (MYRO), a community-driven Solana meme token named after the dog of Solana’s co-founder.
Myro is seeing volatile price action due to its relatively low level of liquidity, with its price up 37% in the past 24 hours.
More than $17 million worth of MYRO exchanged hands over the past day – with the token now boasting a market cap of $44.2 million.
Another meme coin making waves is Dogechain (DC), an Ethereum-based layer-2 network seeking to boost Dogecoin’s capabilities for NFTs, gaming, and DeFi.
Dogechain is separate from the Dogecoin project itself, which has led to some confusion within the meme coin space.
However, with a circulating supply of 25 billion DC tokens and a price of around $0.00098, Dogechain presents an indirect way for investors to speculate on the popular DOGE project.
In the past day, DC is up 36% – making it another of the top meme coin gainers alongside MYRO, MK, and SHIB.
