Dogecoin, Bonk, and Pepe Values Decline as Investors Shift to New ICO

Dogecoin has decreased by 3% over the last 24 hours, now priced at $0.117, as the overall cryptocurrency market experiences a 1% decline today.

This decline is not unique to Dogecoin, as other prominent meme coins are also facing significant losses, with Bonk down by 1% and Pepe experiencing a 3.5% drop.

Traders appear to be losing faith in the leading meme tokens, as the market navigates a turbulent phase characterized by the anticlimactic response to the recent Ethereum ETF approvals.

Consequently, many investors seem to be shifting their focus to presales, with the ERC-20 token The Meme Games (MGMES) currently raising $300,000 in its token offering, drawing in more investors.

Dogecoin, Bonk, Pepe Prices in Decline

A brief examination of the Dogecoin chart is warranted, as it reflects the performance trends of most other significant meme tokens.

As illustrated in the chart below, DOGE has been on a downward trajectory for much of the past week, consistently declining since the end of March.

Source: TradingView

Currently, it has dropped by 10% over the week, while PEPE has decreased by 14% in the same timeframe and BONK has fallen by 15%.

This performance is notably worse than the average for non-meme tokens within the top 100, as Ethereum has only declined by a comparatively minor 3% in the past week.

It is evident that while these tokens may experience disproportionate gains during market upswings, they also endure greater losses during downturns.

Indeed, large holders have been liquidating their holdings of PEPE and other meme coins in recent days, limiting the demand necessary for these coins to rebound quickly.

A whale deposited 400B $PEPE($4.22M) to #Binance to take profits in the past hour.

The whale withdrew 795.92B $PEPE($2.55M at the time) from #Binance on Mar 1 and currently has 395.93B $PEPE($4.18M) left.

His total profit on $PEPE is $5.85M, the ROI is 230%!… pic.twitter.com/o7T1ihjoq9

— Lookonchain (@lookonchain) August 1, 2024

As a result, it may take some time before we witness PEPE, DOGE, BONK, or any other major meme coin experience another significant rally.

They could potentially decline further before any recovery occurs, with average retail investors advised to steer clear of them due to their well-known volatility.

Investors Shift to New ICO

It is highly probable that numerous investors have been selling their meme tokens in favor of newer, more promising options.

Although the market has been somewhat unstable in recent weeks, certain coins have demonstrated a greater likelihood of yielding substantial returns.

Many of these are presale tokens, with the most successful sales often generating considerable momentum for their respective coins prior to their exchange listings.

One token currently gaining traction is The Meme Games (MGMES), an ERC-20 cryptocurrency that has already raised over $300,000 in its recently initiated sale.

69 people have won a 25% bonus by picking $PEPE at the #MemeGames!

Coincidence or destiny?

Choose from 5 meme icons and you could score a 25% bonus on your $MGMES purchase if they win the race!

Join now! https://t.co/lbYNWg8iXr#Paris2024 #Presale #Crypto #Alts pic.twitter.com/q4Tdbzkpo5

— The Meme Games (@MemeGames2024) August 2, 2024

The Meme Games is more than just another viral meme token, as it also incorporates an engaging social gambling aspect.

It will feature automated competitions and races among virtual meme characters.

Participants will stake their MGMES tokens on their chosen characters, with the winners receiving a 10% bonus in addition to their regular staking rewards.

Through this approach, The Meme Games has gamified its staking model, offering investors a compelling reason to hold MGMES for the long term.

Another positive aspect of The Meme Games is its rapidly expanding online community, with its official X account boasting 17,000 followers.

This is quite impressive for such a new initiative, indicating that The Meme Games could achieve significant growth upon its launch.

As a token, MGMES will have a capped supply of 2.024 billion, with 38% allocated to the presale, 10% designated for staking, and 9.3% reserved for game winnings.

New investors can engage in the coin’s sale by visiting the official Meme Games website, where they can purchase MGMES at a price of $0.00915 per token.

Buy Meme Games Now

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