Ghost Chain or Giga-Chad? MemeCore's 50% Pump Flips SHIB While 83% of Supply Vanishes Into Thin Air

The crypto market has a new rock star, and its name is the Solana-based meme coin MemeCore (M). 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. Meanwhile, the rest of us are here holding bags of utility tokens wondering why we can't have nice things.

Earlier this month, M hit a four-month high of $2.56, while it currently trades around $2.35 (per CoinGeckos 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. Ouch. The once-mighty SHIB army is now watching their flippening dreams get absolutely rugged by a coin that probably started as a joke within a joke.

One of the main catalysts behind Ms rally seems to be an ecosystem update that the team recently announced. Specifically, the developers revealed that the MemeCore Hardfork is officially live and stable. Combined with our new Account Abstraction, your transactions aren't just cheaper – they're smarter! Just sit back and enjoy the smooth, cheaper, cost-effective ride in the MemeCore ecosystem, the disclosure reads. Nothing says confidence like promising that your transactions are now "smarter" than before. We're basically living in a world where meme coins are having more product updates than actual software companies.

Another development that could have positively impacted the price is Aster's decision to list perpetual contracts involving M with up to 50x leverage. For those keeping track at home, that's enough leverage to get liquidated by a strong breeze or perhaps a tweet from a randomly selected internet stranger. Good luck, degens.

X user Sjuul | AltCryptoGems claimed that the meme coin has shown incredible strength lately, adding that traders and investors should pay attention to its performance. ALTS GEMS Alert also praised the price ascent, envisioning further gains to almost $4 in the following months. The moon is so close you can almost taste it. Or is that just the leverage eating into your collateral?

Other market observers were not impressed