Declining Dogecoin and Pepe Coin, but Emerging Meme Coins on the Rise
Meme coins like Dogecoin, Shiba Inu, and Pepe have experienced significant price declines in the past few days, indicating a bearish trend in the market. Dogecoin has dropped over 9% from its recent high, while Shiba Inu has fallen 8%. Pepe has posted three consecutive bearish daily closes and has seen an 11% drop in the past 24 hours. This downward pressure can be attributed to the overall volatility in the broader crypto market. Speculative traders are cashing out while prices are high, and sentiment towards the cryptocurrency market has become muted following hints of a future rate hike by the Federal Reserve.
Although established meme coins are struggling, new projects are emerging and gaining traction. Wall Street Memes ($WSM) is one such token that has gained attention. It has launched a humor-infused token called $WSM that benefits holders from the Wall Street Memes brand. The project has raised $13.1 million in a month through a presale, with over two-thirds of the supply already sold. Thug Life ($THUG) is another new meme coin that has gained popularity. It has already amassed $600,000 in funding through its presale and has presented plans for CEX/DEX launches, airdrop campaigns, and a token burn mechanism.
Both Wall Street Memes and Thug Life are positioning themselves as credible players in the meme coin market. Investors are advised to act swiftly to acquire tokens during the presale phases of these projects.
It’s important to note that this article is sponsored content and does not represent the views of BeInCrypto. Readers are advised to verify information independently before making any investment decisions.