2023-8-22 17:19 |
The bearishness in the cryptocurrency market is taking its toll on major meme coins as well. The meme token market capitalization fell another 0.8% yesterday, with an average price decline of 1.4%.
Pepe coin is also maintaining its downtrend as it has depreciated by over 21% over the past week. Other top tokens like Shiba Inu and Bone have also plunged, highlighting the strong selling pressure on the market.
Pepe is once again showing a strong correlation to Bitcoin, which can spell trouble for it in the short-term. Experts believe that BTC could see more sell-offs over the next few months, especially as the Fed appears to ramp up its monetary tightening.
However, some newly-launched meme coins are showing bullish strength, with Wall Street Memes one such token that has already raised over $26 Million in its ICO. Stake-to-earn meme coin Sonik Coin has also impressed investors as it surged past the $300K milestone in just a week.
Pepe Coin Plummets As Market Braces For More Interest Rate HikesPepe remains one of the biggest losers in the crypto market as it is now down 27% over the past 30 days. The token is now trading at $0.00000108 after correcting 2.6% in the last 24 hours, bringing its cumulative weekly loss to 21%.
While Pepe is still the 3rd largest meme token, its market cap has taken a major hit and has fallen to $425 Million, significantly below the crucial $500 Million mark. Despite a 55% surge in its 24-hour trading volume, the Pepe price is showing no signs of a recovery, highlighting that investors are still dumping their holdings.
Data from Look On Chain reveals that a whale sold close to 1.5 Trillion $PEPE tokens at a loss of $1.4 Million.
TradingView, a technical analysis platform, also gives a Sell signal to Pepe as the token is currently underperforming every important moving average indicator in the daily time frame.
The token saw a significant uptick earlier this month as part of the broader meme coin rally. On-chain data firm Santiment revealed that top meme tokens including Pepe decoupled from Bitcoin as investors were dissatisfied with BTC’s lack of volatility and any sustainable upside.
However, Pepe has since started tracking BTC again and is echoing its bearish trend, which is troubling considering that experts believe that the largest cryptocurrency is primed for more correction.
Wall Street Journal’s Nick Timaros believes that the recent economic data has bolstered the Federal Reserve’s hawkish stance. The FOMC minutes published last week also highlighted the possibility of another interest rate hike, which could lead to more bloodshed in the crypto market.
All eyes are now on the Jackson Hole Economic Symposium where Fed chair Jerome Powell will reveal his monetary policy going forwards.
Pepe Alternative Wall Street Memes Generating Huge Hype After Raising $26M, with IEO Set for Next MonthWhile Pepe and other major meme coins struggle, some new coins are continuing to show bullish growth, one being Wall Street Memes token. This new token is continuing its impressive presale performance despite the market bearishness, having already raised over $26 Million in just over 3 months.
Now that the Wall Street Memes token is just over a month away from its launch on multiple Tier-1 exchanges, investors are rushing to maximize their $WSM holdings.
The token is currently in the final stage of its presale and is just priced at $0.0337. However, experts like popular YouTuber Crypto Dose believe that the token could see an explosive 10x rally after launch, in part due to its loyal customer base.
The Wall Street Memes group is the trendiest online trading community, with a global brand value and a million-strong internet army. It also has deep ties with the legendary Wall Street Bets Reddit community that led the ground-breaking GameStop short-squeeze in 2021.
The $WSM token is now bringing the same revolutionary spirit to the meme coin market, aiming for a $1 Billion market capitalization.
After all, the developer team behind the token has a habit of delivering successful Web3 projects. Its Wall St Bulls NFT collection sold out in just 32 minutes, netting a cool $2.5 Million.
Visit Wall Street Memes Presale
Stake-to-Earn Sonik Coin Also Turning Heads After Raising $300K in a WeekThe newly-launched Sonik Coin has made an impressive debut in the meme coin market, having already hit the $300K milestone in its ICO in just a week.
$SONIK is inspired by the popular video game character Sonic The Hedgehog, which has become a new trend in the meme token market. Tokens like HarryPotterObamaSonic10Inu have even displayed explosive 8000% bull rallies, thanks to the global popularity of the Sonic franchise.
However, Sonik Coin is not just any run-of-the-mill meme token – its on-chain staking feature will yield as much as 209% APY, allowing retail investors an excellent opportunity to generate passive income. 40% of the tokens have been reserved for staking, with over 11 billion tokens already locked in.
Another 10% of the token supply will provide liquidity on decentralised exchanges, resulting in a smooth trading experience for investors.
The remaining 50% of $SONIK supply is available in the presale itself, ensuring that investors have ample opportunity to get in early when the token is priced at just $0.000014.
Drawing Inspiration from the supersonic speed of the beloved blue hedgehog, the Sonik Coin is seeking to be the fastest meme coin to hit the $100 million market cap. The token will have to display a 24x bull rally after launch to achieve this target, but many traders are bullish on its chances.
Visit Sonik Coin Presale
The post Will The Pepe Coin Price Recover After 20% Drop? Traders Are Backing These New Meme Coins Instead appeared first on BeInCrypto.
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