As the Pepe (PEPE) price struggles to recover above key resistance levels following the recent market crash, its investors are jumping ship to a new ICO seeking to ride the current Olympic mania that some experts have the potential to post 20x or 1,859% gains.
PEPE was last trading around $0.0000077, which was already down around 30% in the month.
While Pepe has been able to recover strongly from its Monday lows around $0.000006, it has hit a brick wall of resistance.
The 200DMA (just under $0.000008) and July lows are currently blocking the path higher.
If PEPE fails to break above this key resistance zone, a drop back to April lows under $0.000004 is possible.
It’s no surprise that Pepe investors are jumping ship to an exciting new ICO called The Meme Games (MGMES).
The Meme Games Blasts to New Highs
The Meme Games is a new Olympics-themed meme coin that is generating a huge buzz in crypto trading circles as Olympic fever rises.
The Olympics hasn’t issued an official token, leaving a gap for crypto market participants to create their own.
The Meme Games (MGMES) is thus staking a strong claim for the spot of the “unofficial” meme coin of this Olympics game.
The new crypto coin MGMES features five top meme coins, who participate in a fun purchase to play and earn in the game.
Olympics Meme Coin MGMES – Here’s What You Need to Know About the New ICO
New Olympics meme coin The Meme Games kicked off its new ICO only a few weeks ago. Despite that, it has already attracted over $300,000 in early investment.
MGMES tokens are currently available for $0.0092 each. Given the 2.024 billion token supply, this values the project at a very modest market cap of under $20 million.
But if investors want to get in at a favorable valuation, they better move quickly.
That’s because the MGMES price is set to rise in just over five days.
To play The Meme Games, presale investors must select one of their favorite meme coin characters. The five options include Dogecoin, Pepe, DogWifHat, Brett, or Turbo.
Their character then competes in a 169m sprint, where they have a 20% chance of winning a 25% bonus presale purchase bonus.
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’ new ICO runs concurrently with this year’s Olympic Games in Paris, which conclude on 8 September.
On September 10, MGMES will list on decentralized exchanges. MGMES is hoping to follow in the footsteps of other meme coins, with its price potentially set to explode.
See below why Cryptonews.com’s in-house analyst Chester thinks MGMES has 100x potential.
MGMES – A Secret Passive Income Gem?
Potential investors should note that they can put their MGMES bags to work, earning passive income straightaway via staking.
Current yields are around 624% APY. At that rate, investors could more-or-less double their initial MGMES bag by the time the presale closes in September.
That said, as the presale gathers pace, the APY will decline.
Nonetheless, MGMES looks set to be one of the best crypto staking coins this summer.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
