The crypto market is showing extreme volatility, being now down again. This comes since having yesterday begun recovering one day after plunging due to the SEC suing Binance and Coinbase.
With the market going from up to down so rapidly, trading right now can be particularly precarious. However, there are certain coins that are showing signs of outperforming the wider bearish conditions – let’s take a look at the top 5 contenders.
XRP
Following the 5 June dip, XRP managed to recover 10%. Since then, the coin has suffered some bearish momentum, causing a 0.71% dip in 24 hours. Still, XRP remains in a longer-term uptrend, with the coin up over 22% in a month.
Regarding the recent SEC actions against crypto exchanges, the company that created XRP, Ripple, was the first cryptocurrency firm to be sued by the commission in 2021.
According to legal attorney Jeremy Hogan, the case could close in July. So far, consensus on the case suggests Ripple will prevail the victor. If proven correct, XRP will be the only cryptocurrency to have been legally cleared as not a security.
This would establish tremendous confidence and regulatory certainty in XRP, potentially causing its price to surge.
XRP is a payment token used as a settlement layer on the Ripple blockchain network. Ripple is currently in talks with banks and governments globally, and many experts predict XRP could become the bridge currency for central bank digital currencies globally.
As well as potentially being the only cryptocurrency to prove it is not a security in the eyes of the law, XRP will also offer borderless payments, which are faster, cheaper and more energy efficient than traditional fiat transactions.
Pepe
Pepe experienced a strong bounce yesterday, climbing over 14% in one hour. Although the price has now corrected, the recent bullish momentum shows things are heating up for Pepe.
As seen on the zoomed-out hourly chart below, the coin is currently at a key level from which it has previously bounced 97%. With this in mind, if Pepe continues to display bullish momentum in the coming days, we could see a strong bounce follow.
With Pepe’s value mainly driven by hype and speculation, understanding Pepe’s social metrics can provide better insight into its short-term potential.
According to LunarCrush, Pepe’s social engagement for the past week is down 17.7%. However, over the past 24 hours, it is up 43%. This shows momentum is shifting for Pepe, with major Crypto Twitter influencers taking note too.
Following its initial surge, Pauly0x tweeted, “Something is happening”. The Tweet displayed a Pepe price chart image displaying multiple green candles and received over 100K views.
Although there is no reversal confirmation yet, Pepe’s explosive history means traders are keeping a close eye on what happens next.
Pepe is priced at $0.00000109, down 75% from its 5 May all-time high (ATH) of $0.000004354, and has a current market cap of $457,397,867.
Terra Classic
Terra Classic has been in turmoil in recent days, making volatile swings up and down. The coin is up 11.27% in the last seven days but down 5.62% today, highlighting the current market volatility.
The project initially surged on 4 June, climbing 36% from $0.000008443 to $0.00001132. However, in line with the rest of the market, the price dropped following SEC announcing its lawsuits.
Similarly to XRP and Pepe, Terra Classic has recovered since 6 June, up 10.3% from its lows.
Looking at the four-hour chart below, we can see that LUNC could be forming a support at its previous range’s resistance.
If the price moves upwards from here, a longer-term uptrend could commence.
Luna Classic is the original version of the Luna Terra blockchain, which faced immense difficulties in 2021. However, the coin is open-source and community-owned, recently making multiple important network upgrades.
The recent price action follows a popular network upgrade proposal aiming to boost interoperability between Luna Classic and other Cosmos-compatible blockchains and also ensure validators receive a minimum 5% commission.
Wall Street Memes
Despite the FUD following the SEC’s announcement, Wall Street Memes has continued to pump. It is a new meme coin presale that has already raised over $4.9 million since its launch on 25 May.
Currently, investors can buy the Wall Street Memes token for $0.0277; however, the price will incrementally rise through each of its 30 presale rounds. Its final presale round is set at $0.03370000, providing investors who buy now a 21% discount.
The presale has raised over $500K in the past 24 hours and shows no signs of slowing down, regardless of outside noise.
Wall Street Memes is a meme coin launched by an already-established brand with over one million social media followers. The Wall Street Memes team also issued the Wall St Bulls NFT project in 2021, which sold out in 32 minutes.
Following its NFT collection, the team continually published funny crypto- and stock-related content to social media, eventually being noticed and retweeted by Elon Musk.
The team recently released a roadmap for the $WSM token, which includes adding utility in the form of a gated community, as well as pursuing multiple marketing initiatives to push the project further.
However, the $WSM token’s main advantage is its already massive community. Its access to a vast audience has fueled the presales explosive growth so far. In a recent video, YouTuber Jacob Bury said the community is a key factor in providing Wall Street Memes with 10X potential looking ahead.
AiDoge
Having reached its $14.9m presale hard cap recently in a hugely successful presale, investors are poised with their last chance to buy AiDoge at a fixed price before it goes live on exchanges on 19 June.
The AiDoge token remains available to buy at its exchange listing price of $0.0000336 until its IEO. Following its IEO, the price will be determined by supply and demand.
Considering its presale was massively successful, the token has the potential to follow in the footsteps of Tamadoge, which surged 550% after its exchange launch. AiDoge is also being backed to explode following its initial CEX listing.
AiDoge is a meme generation platform powered by AI technology. The platform will enable users to create memes with text-based prompts.
Although AiDoge is classed as a meme coin, the underlying platform leverages cutting-edge technology to provide real-world value to users.
There are multiple uses for the $Ai token. Users can purchase meme generation credits with it. Alternatively, they can stake their tokens to earn free credits. The benefit of staking $Ai tokens is that it reduces the token supply, helping boost its price.