In a recent overnight rally, MINKY on Base experienced a significant increase in price, climbing by 145%. However, allegations of a potential scamcoin are circulating within the crypto community, with claims that the developer holds almost 80% of the token supply. This has raised concerns among investors about the risk involved in trading MINKY. Analyzing the distribution of tokens using bubble maps and InsightX, it was discovered that a significant portion of the supply is in the hands of one user, potentially the developer. This concentration of ownership poses a risk of a rug pull, where the developer could sell off their holdings, causing a price drop and affecting retail investors.
Despite the potential risks associated with MINKY, the technical analysis indicates a strong price trend, with the token holding within an ascending trading channel. A recent drop to test the 20DMA support level suggests some sell pressure from the developer cluster. The Relative Strength Index (RSI) shows bearish divergence, indicating a possible reversal in price momentum. However, strong buy pressure from retail investors is also evident, with taker buys representing 85% of transactions in the past hour. This suggests a high level of interest in MINKY, which, if met with responsible distribution from the developer, could sustain the current price trend. Overall, while the chart structure is appealing, investors are advised to exercise caution due to the potential risks associated with the developer’s significant token holdings.
In contrast to the uncertainties surrounding MINKY, Pepe Unchained is emerging as a promising alternative meme coin project for September. Pepe Unchained aims to revamp the original Pepe meme token, addressing the limitations of the Ethereum network in terms of speed, cost, and scalability. By launching on a high-speed, low-cost layer-2 solution, Pepe Unchained seeks to create a more efficient and sustainable meme coin ecosystem. This approach positions Pepe Unchained as a next-generation meme coin, offering an improved version of the original concept. The project’s presale has garnered significant interest, with a value exceeding $11 million, indicating strong market demand for this innovative approach to meme coin development.
As the crypto market continues to evolve, investors are presented with a range of opportunities and challenges when selecting potential investment options. While the recent surge in MINKY price may attract attention, the allegations of a scamcoin and the high concentration of token ownership by the developer highlight the importance of conducting thorough research and risk assessment before making investment decisions. In contrast, Pepe Unchained represents a fresh and innovative approach to meme coin development, leveraging a layer-2 solution to enhance speed and cost-effectiveness. Investors looking for a promising meme coin project with strong growth potential may consider exploring Pepe Unchained as a viable option for September. However, as with any investment in the crypto market, it is crucial to exercise caution and perform due diligence to mitigate risks and maximize potential returns.
