The bull market might be coming back with meme coins making a big impact, and one token grabbing a lot of attention is Solympics, a Solana-based meme coin that has been soaring recently.
But the recent price rally that leads to hit its all-time high did not sustain and now it dropped over 40% in the past 24 hours.
The drop happened for a few reasons. One is that a quick rise often leads to a sharp correction. Another reason is that the rest of the crypto market is currently seeing losses.
Let’s look at why Solympics’ price is dropping and see why experts are now focusing on the new crypto presale called The Meme Games.
Solympics is bringing the Olympic spirit to the Solana blockchain right as Paris prepares for the actual Games. The timing is spot-on. The project is diving deep into the sports theme, blending meme culture with Olympic excitement.
Solympics also offers 1,100 unique NFTs that feature ten countries and 100 different sports events. NFT holders can win extra prizes if their NFT’s country or sport wins gold. Solympics is also joining the social media scene with a custom meme creator tool.
Crypto fans can use this tool to make their own Olympic-themed memes and share them on Twitter and Reddit. It’s like the creators are letting holders be the project’s unofficial marketing team.
Given how well themed meme coins usually do, Solympics might be onto something big. By tapping into the Olympic buzz, the creators have caught the attention of retail traders. Early success suggests Solympics could keep making news throughout the Games.
Solympics (SOLYMPICS), a Solana-based Olympics-themed meme coin, soared over 400% in the last 24 hours, reaching $0.0041 per token. This sharp increase boosted the token’s market cap to $3.3 million and its spot trading volume to $5.2 million, even landing it in the second spot on CoinMarketCap’s trending list.
However, the excitement didn’t last long. SOLYMPICS has since faced over 40% price drop, now trading at $0.0016 with a 24-hour trading volume of $1.75 million. Despite the decline, the token maintains a high volume-to-market cap ratio of 140%, showing continued interest and activity.
With SOLYMPICS being a recent launch, historical data for accurate predictions is scarce. The token has found potential support at $0.0018 and resistance at $0.0040, but technical indicators are mixed.
Bollinger bands have narrowed, suggesting a bearish trend, but the RSI has moved from overbought to a neutral zone, indicating balanced buying and selling pressure.
The upcoming Olympics might spark another rally, but current technical indicators don’t support this expectation. A shift in overall crypto market sentiment could also affect SOLYMPICS.
Most meme coins don’t have much utility, so their success relies heavily on their themes, marketing, and branding. For instance, cat-themed meme coins like Cat in Dogs World (MEW) saw a big rise recently because their cat theme stood out in the usually dog-themed meme coin space.
The Olympic Games are one of the world’s biggest regular events, attracting over 3 billion viewers in 2020. This, combined with the recent trend of NationFi tokens, which let holders express national pride, creates a great opportunity for high-quality meme coins.
NationFi and current events make a strong foundation for meme coin marketing. If an Olympics-themed coin goes viral during the Games, it could see a huge increase in value. The Olympics naturally promote organic growth, with national pride motivating holders to share their experiences.
While these coins may not have long-term potential since the Olympics only happen every four years, they can offer significant short-term gains. Investors are eyeing a promising new ICO to capitalize on this opportunity.
The upcoming Paris 2024 Olympics are generating excitement in the crypto market. Investors are eyeing sports-themed tokens for potential big gains. Solympics has been volatile lately, so investors might want to consider a new crypto presale called The Meme Games, another Olympic-themed meme coin.
The Meme Games (MGMES) is currently in presale, and many retail investors are eager to get in on the action. The presale began few days ago and has already raised over $230,000.
Early investors can buy $MGMES tokens for just $0.00905, a price that has attracted over 18,000 followers to the project’s X page. Potential investors can visit our guide on how to buy The Meme Games tokens here.
What makes The Meme Games unique is its blend of meme culture and fun gameplay. It features a racing game with popular meme characters like Doge, Brett, dogWifHat, and Turbo.
Source – The Meme Games Twitter
Investors in $MGMES can choose a meme athlete and earn bonus tokens if their athlete wins the race. The bonus is set at 25%, so buying 10,000 $MGMES tokens could earn an additional 2,500 tokens if their athlete wins.
Additionally, the project offers staking, with a current APY of 1,045%, though this will decrease as more people join the staking pool.
The presale will end with the Paralympics closing ceremony, and $MGMES will launch on exchanges two days later, on September 10th. See what the future holds for The Meme Games with our $MGMES price predictions here.
Overall, The Meme Games’ clever Olympic theme and humorous vibe could make it a standout project this year. To participate in the $MGMES token presale, visit memegamestoken.com.
The post SOLYMPICS Crashes After Price Rally – Should Investors Consider This New Olympic-Themed Crypto Presale? appeared first on ReadWrite.
