Solympics Explodes 412% In Value Amidst Rug Pull Controversy

Solympics (SOLYMPICS) is an Olympics-themed meme coin on the Solana blockchain. In the last 24 hours, the token has skyrocketed 412.75% all the way up to $0.003633 per token.

Meme coins are rallying following the market downturn with WIF, DOGE, TURBO, and MEW among the top gainers.

As we head into another meme coin season, investors are eyeing the Olympic Games to propel meme coin growth.

Tokens like SOLYMPICS have already pumped massively, while others like Meme Games are putting up impressive numbers in their presale.

Solympics Explodes 412% In Value Amidst Rug Pull Controversy

Solympics (SOLYMPICS) is an Olympics-themed meme coin on the Solana blockchain. In the last 24 hours, the token has sky-rocketed 412.75% to trade at an average price of $0.003633 per token. The token's launch has been an exciting event for all holders, giving them an opportunity to get a quick 4x return on their investment.

However, Solympics is quite controversial when it comes to token distribution. As the coin trended on Dexscreener, X (Twitter) user Shrebobo noticed the token’s supply is disproportionally held by a few people. This piqued their interest and led them to speculate the coin may experience a massive dump.

Other X (Twitter) users noticed Solympics’ market cap jumped to over $1.6 million straight after launch. The token's developers bought at least 32 $SOL worth of the token and then distributed it among multiple wallets, raising investors’ concerns about a rug pull.

Crypto Rug Muncher, an anti-scam influencer with over 20,000 followers on X (Twitter) recently highlighted the coin with 89% of the tokens being sniped on block 0.

Olympics-Themed Tokens To Be The Next Big Thing?

Since most meme coins possess little utility, theming, marketing, and branding are crucial in their success. For example, cat-themed meme coins like cat in dogs world(MEW) grew significantly over the past week due to their cat themes clashing with the familiar dogs in the space.

The Olympic Games are among the biggest regular events in the world, with a global audience of over 3 billion in 2020. This, alongside the recent appeal of NationFi- tokens helping holders express their national pride, makes the perfect storm for high-quality meme coins.

The combination of NationFi and current events lends itself well to meme coin marketing efforts. If an Olympics-themed coin can manage to go viral during the Olympics, it’s sure to see a massive surge in value. The Olympics also tend naturally toward organic growth, with sheer national pride being an excellent motivator for holders to share their experiences.

Since the Olympics only happen once every 4 years, the long-term potential of these coins is questionable, but they’re capable of massive gains in the short term. Investors are looking at a promising new ICO to make the most of this.

The Meme Games Takes Center Stage With Over $200K Raised In First Week Of ICO

The Meme Games (MGMES) is a brand new Olympics-themed meme coin currently in its presale stages. The presale has been out for a week, and the token has already raised over $200,000 on the strength of its premise and marketing.

The Meme Games lets buyers bet on top meme coins as they compete in Olympics-style events. The available contenders are Turbo The Speedster, Doge The OG, Brett The Conqueror, WIF The Trendsetter, and Pepe The Versatile.

The games are fair and accessible, with each competitor having a 20% chance of winning an event. You can bet on a new competitor every time you buy MGMES, winning 25% of your purchase amount in MGMES if the one you bet on won the event.

The token has already picked up the attention of big names in the space, with the likes of Cryptonews predicting a bull run on MGMES’ DEX launch. Selling at $0.00905 per token, this might be the lowest we see the token go.