It’s been a tough weekend for Avalanche (AVAX) holders, as the value of the token has fallen by 16% in the past three days.
This sharp decline was caused by the Avalanche Network exploit, which resulted in millions of AVAX tokens being stolen from the Stars Arena social app.
Due to this unfortunate event, some investors are looking for alternative gaming tokens to add to their portfolios – with Meme Kombat (MK) and TG.Casino (TGC) emerging as notable contenders.
The Stars Arena Hack is a cautionary tale for Avalanche investors
The recent hack of Stars Arena, a fast-growing social app built on the Avalanche blockchain, has sent shockwaves through the cryptocurrency community.
Nearly $3 million worth of AVAX tokens have been drained Due to a security vulnerability in smart contracts, which greatly affected the price and credibility of Avalanche.
This unfortunate event is seen as a major setback for the Avalanche community, especially since Stars Arena has become increasingly popular since its launch, which has helped increase the price of AVAX.
Just last week, AVAX rose in value by almost 30% before news of the hack broke and caused a massive sell-off.
What’s even more worrying is that the Stars Arena hack came next 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 vulnerabilities that ultimately led to this exploit.
Ultimately, the Avalanche hack has cast a pall over AVAX – with the token now trading below the crucial $10 level once again.
Which alternative gaming codes are gaining traction?
While the Stars Arena hack has raised questions about security in the Avalanche ecosystem, it has also refocused attention on altcoins in the gaming space.
One token that captures this shift in interest is Meme Kombat, which offers a unique blockchain gaming experience.
Meme Kombat blends memes, DeFi and gaming to go viral with $400K pre-sale boost
Meme Kombat (MK) is a new pre-sale project that aims to merge the appeal of memes with decentralized finance (DeFi) and gaming.
Aiming to be the next viral meme coin, the project differentiates itself through staking bonuses, comprehensive tokens, and implementation of a P2E gambling mechanism.
This mechanism allows users to bet on fights between popular meme characters, such as Pepe the Frog and DOGE.
Different game modes are available, including PvP and PvE, ensuring that users have a variety of gameplay options to contend with.
Through this battle mechanic, players can earn prizes paid in MK Coin, the original token of Meme Kombat.
Players can also share their MK Codes To get a return of 112% annually.
Meme Kombat tokens provide a solid foundation for growth, with 30% of the total supply allocated to staking and battle rewards.
As noted in Kombat meme white paperAnother 50% of the offering is allocated to pre-sale investors – ensuring the community has significant leverage from the start.
The Meme Kombat pre-sale is still ongoing, having raised over $400,000 in early investment.
MK Tokens are priced at just $1,667 during the pre-sale and will be automatically installed after purchase to start earning rewards.
With Avalanche token AVAX continuing to struggle, MK could be positioned as a better alternative in the near term.
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