In 2023, the digital currency industry was revitalized with the emergence of new meme tokens such as Pepe Coin (PEPE). This meme token reached a market capitalization of over $1 billion in just two weeks since its launch. However, the cryptocurrency has fallen in value by 81% since reaching its all-time high just 5 months ago. In recent days, Pepe Coin has risen in price again, and at the time of writing, its value is $0.0000000001.
In any case, the price movement of this and many other meme coins is slowing down, so new projects have a unique opportunity to enter the fray and attract investors’ attention. Let’s take a look at PEPE’s main competitors and find out if Pepe Coin is still a worthwhile investment.
Promising cryptocurrencies that could rise as early as this fall
Amid the ongoing boom of digital currencies, Bitcoin Minetrix and Meme Kombat continue to gain popularity. Both tokens promote innovative earning concepts and have high utility:
- Bitcoin Min etrix is a crypto project that decentralizes cloud mining to offer individuals the ability to “mine” bitcoin with minimal investment. The ongoing pre-sale has raised over $800k. So far, the coin is priced at $0.011, but it will go up in price soon.
- Meme Kombat is a new blockchain-based meme character battle arena that brings viewers passive income and rewards for betting on characters. During the pre-sale, over $400k was raised, with a 112% return on staking per year. The token is being sold at a discount and is priced at $1,667.
Bitcoin Minetrix
Bitcoin Minetrix (BTCMTX) is a new alternative to the Pepe Coin token on the market. The advanced Stake-to-Mine (“mining by staking”) technology behind the project eliminates the need to purchase specialized equipment and makes the process accessible to everyone.
The ecosystem is based on Ethereum and offers an integrated dashboard to monitor BTC mining operations. It will be released after the completion of the pre-sale in mobile and desktop versions. So, users will be able to “mine” bitcoin 24 hours a day, 7 days a week without worrying about negative environmental impact or large investments.
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Mining of cryptocurrencies, including bitcoin, is done by large corporations, as only they have the funds to install expensive equipment. Retail investors have to sign contracts on unfavorable terms and make large deposits. However, the team behind Bitcoin Minetrix is introducing a model that can break these foundations.
The only thing investors need to do is buy the project’s own token called BTCMTX. The coins then need to be sent to a stacker and start earning bitcoin mining credits. These assets are burned in exchange for a share in the Bitcoin Minetrix mining pool. In other words, BTCMTX is converted into hash power.
2.8 billion of the 4 billion coins are available as part of the pre-sale. The cost per token is $0.011, but it will gradually increase in each of the 10 stages of the presale. So, by the end of the presale, BTCMTX will be worth $0.0119.
Additional perks:
- The token can also be used to earn staking rewards at an APY of 1441%.
- The more tokens a user burns, the more they earn.
- The initial investment for bitcoin mining is $10.
Meme Kombat
Meme Kombat (MK) is a new token that has two profit mechanisms at once: Play-to-Earn (“play and earn”) and Stake-to-Earn (“send to staking and earn”). However, this isn’t just another meme coin pre-sale campaign – it’s an entire arena where memes engage in battles and viewers place bets on the outcome.
Such an initiative can attract a huge audience, as meme coins are not only one of the most successful cryptocurrencies, but also a popular online phenomenon. Such assets have a large number of followers on social media, and Meme Kombat provides a platform for all of them to interact.
Artificial intelligence (AI) technology will help to make the fights more exciting. Viewers can watch the events in real time, study statistics and place bets on various markets. If a bet wins, the platform user receives in-game prizes and MK, Meme Kombat’s own token.
For steaking MK coins, the developers offer 112% annualized interest, a passive way to generate profits within the gaming ecosystem. Moreover, the founder of the project has made information about himself public by making his LinkedIn profile available for viewing. Most pre-sale projects, and even more so in the meme-coin niche, do not do this.
The total number of tokens is 12 million, of which 6 million are available as part of the presale at a cost of $1,667. Early investors have already invested $400,000 in the new coin.
Project features:
- The advanced AI graphics retain the original meme’s original attributes but significantly modernize them.
- Some analysts are predicting 100x growth for the token.
- MK could be in demand, being the only coin with which to bet on fights.
Is PEPE worth buying in October?
One of the cryptocurrency projects that has attracted attention in recent months has been the meme coin PEPE. However, after a rapid rise in the market in just a few weeks, it failed. The coin was created as an homage to the internet meme “Pepe the Frog” and launched in April 2023.
Its starting price was 0.0000000603, and later that month it began its multiple rise. PEPE’s historical high was $0.00000373 and was reached on May 5. This price could not be sustained and 24 hours later it started to decline.
It is worth remembering that meme coins are highly speculative assets whose value is determined more by sentiment in social media and online communities. For this reason, they are considered one of the most volatile assets in the cryptocurrency market.
The legitimacy of this project has always been questionable. Even a well-known trader under the nickname Nebraskangooner linked former FTX exchange CEO Sam Bankman-Fried to the Pepe Coin project, although no real connection was revealed.
Frogger’s failures didn’t end there. A few days later, the project team made changes to the number of signatures, and 16 billion PEPE tokens were sent to different exchanges. Then on September 8, the coin’s Telegram account was hacked.
These events had even more negative consequences for the project. If the token’s decline is calculated between its all-time high and the price as of October 4, it represents a drop of 81% in just 5 months.
Currently, the meme-coin’s price is $0.0000000001. However, in the last week, the value of PEPE has increased by 6%. Nevertheless, the future of PEPE is uncertain and there are those who believe that it will not show an uptrend in the short term.
Wrap-up
Investing in cryptocurrencies always involves risk. However, through research and due diligence, investors can reduce losses and avoid a fraudulent project. So, while traders are becoming increasingly suspicious about the reliability of PEPE, more transparent crypto projects are entering the market.
Both Bitcoin Minetrix and Meme Kombat are in the early stages of their development, so the tokens are sold at a discount. Moreover, bitcoin clone coins and meme coins are two categories of digital currencies that are succeeding this year.
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Author: Saifedean Ammous, an expert in cryptocurrency economics.
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