Avalanche Value Declines After Cyber Attack, While New P2E Token Meme Kombat Secures $400,000

It was a challenging weekend for Avalanche (AVAX) holders, as the token’s price fell by 16% over the last three days.

This significant decline was triggered by an exploit on the Avalanche network, resulting in the theft of millions of AVAX tokens from the Stars Arena social application.

In light of this unfortunate incident, some investors are exploring alternative gaming tokens to diversify their portfolios, with Meme Kombat (MK) and TG.Casino (TGC) emerging as notable options.

Stars Arena Hack Serves as Cautionary Tale for Avalanche Investors

The recent breach of Stars Arena, a rapidly expanding social application built on the Avalanche blockchain, has reverberated throughout the crypto community.

Nearly $3 million worth of AVAX tokens were siphoned off due to a vulnerability in a smart contract, which has significantly affected both the price and reputation of Avalanche.

This incident is viewed as a considerable setback for the Avalanche community, especially since Stars Arena has gained popularity since its inception, contributing to the rise in AVAX’s price.

Just a week prior, AVAX’s value had surged nearly 30% before the news of the hack emerged, leading to a sharp sell-off.

More concerning is that the hack of Stars Arena occurred after Ava Labs’ founder Emin Gun Sirer had minimized initial security concerns.

This has prompted investors to speculate that Sirer and his team may have been overly confident in addressing the security vulnerabilities that ultimately resulted in the exploit.

In the end, the Avalanche hack has overshadowed AVAX, with the token now trading below the critical $10 threshold once again.

Which Alternative Gaming Tokens Are Gaining Traction?

While the Stars Arena hack has raised security concerns within the Avalanche ecosystem, it has also redirected attention to alternative tokens in the gaming sector.

One token that is attracting this shift in interest is Meme Kombat, which presents a distinctive approach to blockchain gaming.

Meme Kombat Blends Memes, DeFi, and Gaming to Go Viral with $400k Presale Raise

Meme Kombat (MK) is a new presale initiative that seeks to combine the allure of memes with decentralized finance (DeFi) and gaming.

Aiming to become the next viral meme coin, the project differentiates itself through its staking rewards, comprehensive tokenomics, and the introduction of a Play-to-Earn (P2E) gambling mechanism.

This mechanism enables users to bet on battles between iconic meme characters, such as Pepe the Frog and DOGE.

Various game modes are available, including PvP and PvE, ensuring that users have a wide array of gameplay options to choose from.

Through this battle system, players can earn rewards distributed in MK, the native token of Meme Kombat.

Additionally, players can stake their MK tokens to achieve yields of 112% annually.

Meme Kombat’s tokenomics lay a robust foundation for growth, with 30% of the total supply allocated for staking and battle rewards.

As detailed in Meme Kombat’s whitepaper, another 50% of the supply has been designated for presale investors, ensuring that the community has significant influence from the beginning.

The presale for Meme Kombat is currently active, having raised over $400,000 in initial investments.

MK tokens are priced at just $1.667 during the presale and will be automatically staked after purchase to start earning rewards.

With Avalanche’s AVAX token continuing to face challenges, MK may be positioned as a more favorable alternative in the near future.

Visit Meme Kombat Presale

Disclaimer: The above article is sponsored content; it’s written by a third party. CryptoPotato doesn’t endorse or assume responsibility for the content, advertising, products, quality, accuracy, or other materials on this page. Nothing in it should be construed as financial advice. Readers are strongly advised to verify the information independently and carefully before engaging with any company or project mentioned and do their own research. Investing in cryptocurrencies carries a risk of capital loss, and readers are also advised to consult a professional before making any decisions that may or may not be based on the above-sponsored content.

Readers are also advised to read CryptoPotato’s full disclaimer.

SPECIAL OFFER (Sponsored) Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).
PrimeXBT Special Offer: Use this link to register & enter CRYPTOPOTATO50 code to receive up to $7,000 on your deposits.