\n\t\t\t\t\t\t\t\t\tIs M gearing up for further gains, or is it a potential trap that investors should avoid?\t\t\t\t\t\t\t\t<\/p>\n<\/p><\/div>\n
The crypto market has a new rock star, and its name is the Solana-based meme coin MemeCore (M).<\/p>\n
Its price has jumped by double digits in a matter of weeks, thus outperforming multiple leading cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), and many more, which have been struggling during the ongoing bear market.<\/p>\n
M Challenges DOGE<\/h2>\n
Earlier this month, M hit a four-month high of $2.56, while it currently trades around $2.35 (per CoinGecko\u2019s data). Its market cap has surpassed $4 billion, making it the second-largest meme coin, trailing Dogecoin (DOGE). Shiba Inu (SHIB), which held that position for many years, has been on an evident downtrend over the past several months, with its capitalization plunging below $3.5 billion.<\/p>\n
One of the main catalysts behind M\u2019s rally seems to be an ecosystem update that the team recently announced. Specifically, the developers revealed<\/a> that the MemeCore Hardfork is officially \u201clive and stable.\u201d<\/p>\n \u201cCombined with our new Account Abstraction, your transactions aren\u2019t just cheaper \u2013 they\u2019re smarter! Just sit back and enjoy the smooth, cheaper, cost-effective ride in the MemeCore ecosystem,\u201d the disclosure reads.<\/p>\n<\/blockquote>\n Another development that could have positively impacted the price is Aster\u2019s decision to list<\/a> perpetual contracts involving M with up to 50x leverage.<\/p>\n X user Sjuul | AltCryptoGems claimed<\/a> that the meme coin has shown \u201cincredible strength\u201d lately, adding that traders and investors should pay attention to its performance. ALTS GEMS Alert also praised<\/a> the price ascent, envisioning further gains to almost $4 in the following months.<\/p>\n Other market observers were not impressed by the price upswing, warning<\/a> that MemeCore could be a dangerous scheme that may leave investors empty-handed.\u00a0X user Noodles described<\/a> the project as a \u201cghost chain,\u201d in which just seven wallets control the entire network.<\/p>\n \u201cEmpty order books everywhere. Spot depth is virtually zero. Perp order books are just as thin in a 5-10% range. The price is being held up with no real liquidity behind it on either side. 83% of the supply is unaccounted for. 10B max supply. 1.7B circulating. No public unlock schedule for the remaining 8.3B tokens,\u201d they added.<\/p>\n<\/blockquote>\n Investors contemplating whether to deal with the token should also keep in mind the volatile nature of meme coins like M, whose price is primarily driven by hype rather than fundamentals and can plummet just as quickly.<\/p>\n Lastly, they should consider the token\u2019s Relative Strength Index (RSI). Its ratio has risen to almost 70, indicating that M\u2019s valuation has soared too much in a short period and could now be on the verge of a pullback.<\/p>\n \u00a0<\/p>\n LIMITED OFFER for CryptoPotato readers at Bybit: Use this link<\/a> to register and open a $500 FREE position on any coin!<\/b><\/p>\n<\/div>\n<\/div>\n\n
Potential \u2018Big Scam?\u2019<\/h2>\n
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