The memecoin season may be under threat: whales are actively taking profits on coins such as PEPE,FLOKI, BONK and WIF, Meanwhile, Memeinator (MMTR), the new memecoin with a cause has already raised an incredible $6.3m during its fast-selling presale.
Memecoins form a local peak
According to SpotOnChain, address 0xe58 transferred 196.19 billion PEPE worth about $1.71 million to the Binance crypto exchange. Between February 25 and March 1, 2024, the whale purchased 1.196 trillion tokens at a price of $0.000001571, spending approximately $1.88 million. After a significant increase in PEPE, the recent deposit generated a profit of $1.40 million, an increase of 453%. Moreover, the crypto whale still holds 1 trillion coins, which equates to $6.98 million in unrealized profits.
Profit taking by large investors significantly affects the price of assets. Thus, the price of PEPE has decreased by 15% compared to the recent peak. The same thing happened with Dogwifhat (WIF), Dogecoin (DOGE) and Bonk (BONK). The total market capitalization of memecoins fell by 6% in the last 24 hours, which is in sharp contrast to the previous bullish trend.
However, FLOKI managed to withstand the sales pressure. The token maintained its value, reaching a new record for total value locked (TVL) of $756 million. Additionally, the project team recently burned $3.2 million worth of coins, targeting a deflationary model.
Institutional support was crucial for Floki – investments from DWF Labs totaling $15 million indicate stable interest in the asset.
Cryptocurrency Project Memeinator Gains Traction
With a total issuance of 1 billion MMTR tokens, Memeinator sets its sights on a $1 valuation, aiming to surpass the $1 billion market cap threshold. To attract investor interest, Memeinator is implementing robust deflationary tokenomics to complement its exceptional value and functionality.
First and foremost, the platform unveils its enticing and groundbreaking token-staking mechanism, offering one of the most competitive passive yields in the cryptocurrency realm. Up to 45% APR is available to investors who commit their MMTR tokens to bolster liquidity. A substantial 62.5% of the platform’s total token supply has been designated for the presale, with 7.5% allocated to contests and giveaways.
2 Stages left for MMTR tokens
Presently, in stage 18 of its rapidly selling 20-phase initial coin offering, Memeinator is launching itself to capture the attention and loyalty of cryptocurrency investors worldwide. The native MMTR token is presently priced at the discounted value of $0.0261. However, with only 86,206,897 tokens available for shrewd investors to acquire, the window of opportunity for new investors to maximize their returns is swiftly closing.
In the meantime, to uphold token rarity, Memeinator will execute quarterly token burn once the coin debuts on public exchanges in Q1 2024. This initiative has already commenced in remarkable fashion with nearly 130 million MMTR tokens in 20 presale rounds, started in December 2023 following discussions with the Memeinator community.
