The meme coin market has been highly volatile this week, with Gorilla (GORILLA) crashing by over 30% since Nov. 22. Given the sell-off, investors have questioned whether GORILLA’s hype cycle is ending. Amid this, meme coin enthusiasts are exploring a new altcoin, Meme Kombat (MK), which recently launched its presale.

Meme coin GORILLA drops 60% from all-time high

At the time of writing, the GORILLA price is hovering around $0.0011 – a 60% drop from its all-time high recorded on Nov. 21.

Before this all-time high, GORILLA had traded sideways since Nov. 10, when it was first launched on Uniswap.

The token began picking up steam on Nov. 20 and eventually rocketed by over 670% in just two days.

GORILLA had a market cap of over $2.3 million at its peak.

However, as with most trending meme coins, profit-taking occurred after the token’s run-up.

This event has forced GORILLA prices lower in the past 48 hours.

Prices have since recovered from the $0.00055 level.

Whether this comeback results in GORILLA returning to its all-time high remains to be seen, but it suggests that traders are still interested.

Exploring the GORILLA ecosystem

GORILLA is a community-owned and governed meme coin that aims to create an ecosystem centered around its holders.

The GORILLA ecosystem includes Gorilla Swap, which enables cross-chain exchanging using innovations like AI trading mirrors.

Gorilla Pad is an IDO launchpad for projects to conduct presales with essential security, convenience, and marketing tools.

Part of the taxes from sales on Gorilla Pad goes back into the GORILLA ecosystem for buybacks, liquidity, listings, and other growth mechanisms.

Beyond that, GORILLA also has a non-fungible token (NFT) collection, Mad Gorilla Unified Cryptonairs, which is limited to 3,333 NFTs on Ethereum.

Holders can stake their NFTs

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Author: Guest Post

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