The meme coin market has been highly volatile this week, with Gorilla (GORILLA) crashing by over 30% since Nov. 22. Given the sell-off, investors have questioned whether GORILLA’s hype cycle is ending. Amid this, meme coin enthusiasts are exploring a new altcoin, Meme Kombat (MK), which recently launched its presale.
Meme coin GORILLA drops 60% from all-time high
At the time of writing, the GORILLA price is hovering around $0.0011 – a 60% drop from its all-time high recorded on Nov. 21.
Before this all-time high, GORILLA had traded sideways since Nov. 10, when it was first launched on Uniswap.
The token began picking up steam on Nov. 20 and eventually rocketed by over 670% in just two days.
GORILLA had a market cap of over $2.3 million at its peak.
However, as with most trending meme coins, profit-taking occurred after the token’s run-up.
This event has forced GORILLA prices lower in the past 48 hours.
Prices have since recovered from the $0.00055 level.
Whether this comeback results in GORILLA returning to its all-time high remains to be seen, but it suggests that traders are still interested.
Exploring the GORILLA ecosystem
GORILLA is a community-owned and governed meme coin that aims to create an ecosystem centered around its holders.
The GORILLA ecosystem includes Gorilla Swap, which enables cross-chain exchanging using innovations like AI trading mirrors.
Gorilla Pad is an IDO launchpad for projects to conduct presales with essential security, convenience, and marketing tools.
Part of the taxes from sales on Gorilla Pad goes back into the GORILLA ecosystem for buybacks, liquidity, listings, and other growth mechanisms.
Beyond that, GORILLA also has a non-fungible token (NFT) collection, Mad Gorilla Unified Cryptonairs, which is limited to 3,333 NFTs on Ethereum.
Holders can stake their NFTs to earn rewards in the ecosystem’s BANANAS token.
Although GORILLA prices fell, the project still offers multiple features that could sustain long-term growth if a reversal occurs.
Meme Kombat raises $2m in presale
As GORILLA struggles, another meme coin project, Meme Kombat, emerges as a potential alternative for investors.
Meme Kombat aims to combine memes with combat gaming, creating a platform where users can bet on fights between characters inspired by popular meme coins.
Bets are made using MK, Meme Kombat’s native ERC-20 token.
Matt Whiteman leads the project.
As COO of North Technologies and former CEO of Phat Loot DeFi, he brings years of relevant industry experience.
Meme Kombat offers additional features such as staking rewards of up to 457% APY and tokenomics.
50% of the total MK supply is allocated to the presale, which has already raised over $2 million in early investment.
Currently, MK is available for $0.214 in stage 4 of the presale.
Each stage will see the MK price rise incrementally before eventually reaching $0.279 in the final phase.
After the presale, the development team plans to list MK on decentralized exchanges like Uniswap, reserving 10% of the token supply for liquidity.
Gorilla is finding it challenging to stay relevant and maintain its momentum. However, Meme Kombat’s combination of memes and gaming could offer alternatives for meme coin investors.
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