It’s been a tough few days for meme coin enthusiasts, as most of the tokens have seen significant price drops.
Dogecoin ($DOGE), Shiba Inu ($SHIB), and Pepe ($PEPE) have all fallen precipitously — leading many investors to wonder if their own highs are over.
It’s not all bad news in the meme currency space, however, with many new projects emerging and quickly gaining traction.
Memecoins are facing downward pressure as volatility continues
Volatility is the name of the game in the meme coin market right now, with the recent price drop serving as a stark warning to bullish investors.
Over the past two days, meme coins have seen a significant price drop, led by cryptocurrencies like $DOGE, $SHIB, and $PEPE.
The DOGE has been at the forefront of the bearish momentum, dropping more than 9% from Tuesday’s high.
The coin is now hovering around the $0.065 level, which means that most of the gains from last week have been erased.
Similarly, the Shiba Inu has also seen a significant drop in value, with the price of the token dropping by 8% in the same timeframe.
Perhaps more worrying for the USD SHIB bulls, however, is that the price has broken (and retested) the 20-day exponential moving average (EMA) to the downside – indicating that more selling pressure could be imminent.
This selling pressure is also evident in Pepe’s price action, as the token posted three daily bearish closes in a row.
for every Queen Gekko$PEPE has fallen 11% in the last 24 hours alone.
Adding to the bearish woes, $PEPE appears to be printing a “Shooting Star” candlestick pattern on the weekly chart – often seen as a bearish reversal signal.
Bearish sentiment wreaks havoc on the broader cryptocurrency market
The recent decline in these meme coins can be attributed to the volatility prevailing in the broader crypto market.
Over the past few days, speculative traders have opted to “cash out” while prices are high — which has led to a sharp drop in the tokens’ values.
In addition, the sentiment has become muted towards the cryptocurrency market in general, given that the Federal Reserve released the month of June Minutes of the meeting In a sign that an interest rate hike may be on the horizon.
All of this is related to the current downward trend in the meme coin niche – serving as a reminder to investors of the high-risk nature of the sector.
What new meme coins are gaining traction in the market?
Although Dogecoin, Shiba Inu, and Pepe are going through a difficult period, it does not mean that the meme coin market is still standing.
On the contrary, many new tokens have emerged and caused a stir – with Wall Street Memes and Thug Life being notable performers.
Wall Street Memes seems to be one of the next big meme coins as it brings in $13.1 million
first up Wall Street Memes ($WSM)which seeks to add its own twist to the strong legacy of the WallStreetBets community.
This new project has launched a humorous token called $WSM that allows its owners to benefit from the evolution of the Wall Street Memes brand.
The Wall Street Memes brand already has tremendous power, given that it has the support of 1.1 million “degens” worldwide.
Now, the creators are looking to give back to the community, by launching $WSM through a $30 pre-sale that is currently offering tokens at a discount.
This enticing setup helped the pre-sale raise $13.1 million in just over a month, with investors from around the world participating.
YouTube influencer encryption It even has an opinion on $WSM, hinting that it could be at the forefront of the next cryptocurrency bull race.
More than two-thirds of the supply has already been cut off before the sale, which means interested investors should act quickly before the token makes its CEX debut.
All in all, with the hype around $WSM now reaching its peak, the project could be poised for significant growth upon completion of the pre-sale phase.
You can visit the preview of Wall Street Memes here.
New meme game Thug Life gets off to a great start and goes for $600,000
Along with Wall Street Memes, the new meme currency Thug Life ($THUG) It is also drawing attention in the cryptocurrency market.
This project capitalizes on the cultural significance of the “Thug Life” meme and its association with legendary hip-hop figures such as Snoop Dogg.
The token capitalizes on this association by describing itself as a “meme ball coin” and urging investors to “pimp” their money game.
Although Thug Life debuted just over a week ago, the prequel to the project has already raised $600,000 in funding — a testament to its popularity among retailers.
Moreover, the project developers have already laid out a future roadmap, providing plans for CEX / DEX launches, airdrop campaigns, and even a THUG dollar burning mechanism.
These plans have struck a chord with the investment community, resulting in a huge rush of new members to the officialdom. Telegram channel.
Because of the strong initial response and well-detailed roadmap, Thug Life is positioning itself as a reliable player in the saturated meme coin market.
As it continues to gain momentum, investors should act quickly to acquire THUG tokens during the pre-sale for just $0.0007 before the $2 million cap is hit.
You can visit Thug Life presale here.
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