It was a difficult weekend for Avalanche (AVAX) holders, with the token’s value dropping 16% in the past three days.
This sharp drop resulted from an exploit on the Avalanche network, which led to millions of AVAX tokens being stolen from the Stars Arena social application.
Given this unfortunate event, some investors are seeking alternative gaming tokens to add to their portfolios – with Meme Kombat (MK) and TG.Casino (TGC) emerging as standout contenders.
Stars Arena Hack Serves as Cautionary Tale for Avalanche Investors
The recent hack of Stars Arena, a rapidly growing social application built on the Avalanche blockchain, has sent shockwaves through the crypto community.
Nearly $3 million worth of AVAX tokens were drained due to a smart contract vulnerability, which has considerably impacted the price and credibility of Avalanche.
This unfortunate event is seen as a massive setback for the Avalanche community, particularly as Stars Arena has become increasingly popular since its launch, helping boost the price of AVAX.
Just last week, AVAX’s value rose almost 30% before news of the hack circulated and caused a dramatic sell-off.
More worryingly, Stars Arena’s hack came after Ava Labs’ founder Emin Gun Sirer downplayed initial security concerns.
This has led investors to speculate that Sirer and his team may have been overconfident in addressing the security vulnerabilities that eventually led to the exploit.
Ultimately, the Avalanche hack has cast a shadow over AVAX – with the token now trading below the crucial $10 level once more.
Which Alternative Gaming Tokens Are Gaining Traction?
While the hack at Stars Arena has raised questions about security in the Avalanche ecosystem, it’s also refocused attention on alternative tokens in the gaming space.
One token capturing this shift in interest is Meme Kombat, which offers a unique take on blockchain gaming.
Meme Kombat Blends Memes, DeFi, and Gaming to Go Viral with $400k Presale Raise
Meme Kombat (MK) is a new presale project that aims to merge the appeal of memes with decentralized finance (DeFi) and gaming.
Seeking to be the next viral meme coin, the project sets itself apart through its staking rewards, comprehensive tokenomics, and the implementation of a Play-to-Earn (P2E) gambling mechanism.
This mechanism allows users to wager on battles between famous meme characters, like Pepe the Frog and DOGE.
Various game modes are on offer, including PvP and PvE, ensuring that users have a diverse range of gameplay options to engage with.
Through this battle mechanic, players can earn prizes paid out in MK, Meme Kombat’s native token.
Players can also stake their MK tokens to earn yields of 112% annually.
Meme Kombat’s tokenomics provide a solid foundation for growth, with 30% of the total supply set aside for staking and battle rewards.
As noted in Meme Kombat’s whitepaper, a further 50% of the supply has been earmarked for presale investors – ensuring that the community has substantial influence right from the outset.
Meme Kombat’s presale is ongoing, having raised over $400,000 in early investment.
MK tokens are priced at just $1.667 during the presale and will be staked automatically after purchase to begin earning rewards.
With Avalanche’s AVAX token still struggling, MK could be positioned as a better alternative in the near term.
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