Major meme coins have buckled under the strong selling pressure on the market, with Shiba Inu emerging as one of the worst-performing tokens. Despite the imminent Shibarium launch, $SHIB has corrected close to 3% over the past 24 hours.
Dogecoin has also been unable to carry its bullish momentum and has depreciated 1.7% over the past day.
The meme coin rally is getting minimal backing from the broader crypto outlook, as Bitcoin remains plagued by all-time low volatility levels. To make matters worse, experts believe that the SEC may reject all Bitcoin spot ETF proposals, which can result in more bearishness.
However, certain meme coins like Wall Street Memes token continue to display strong growth potential, with the presale token having already raised close to a staggering $24 million in its ICO.
Shiba Inu, Dogecoin Turn Red, Is A Retrace Coming?
Major meme coins recently decoupled from the broader crypto market and displayed bullish price action as investors became increasingly dissatisfied with Bitcoin’s lack of upside.
However, the rally appears to have been short-lived as both Dogecoin and Shiba Inu are seeing strong depreciation.
While Dogecoin has plunged close to 2% in the last 24 hours, Shiba Inu is down 3% over the same period.
Shiba Inu’s bearishness has astonished experts as the highly-anticipated Shibarium network is expected to be launched in just a few days. While an official date has not been announced, rumours have it that the network will be launched during the Blockchain Futurist Conference in Toronto on the 16th of August.
Shibarium is a Layer-2 solution that will improve the scalability of the Shiba Inu blockchain and make it a contender in the DeFi race.
Bone ShibaSwap, which is Shibarium’s utility token, is also taking a heavy beating and has plummeted 4.5% in the daily time frame.
$SHIB is currently trading at $0.0000102 and is at risk of falling below its 10-day Simple Moving Average at $0.0000099. Furthermore, the Momentum (10) oscillator indicator has also flipped to red in the daily time frame.
Dogecoin is also currently going through a crucial phase that can make or break its rally. The token is currently priced at $0.074 and according to expert trader @ChristiaanDefi, it faces a crucial support at $0.0737. Popular analyst @CryptoKaleo is slightly more bullish on the token and believes that the Doge can see a bounce back as long as it holds the 7-cent range.
However, TradingView gives a Sell signal to the top meme coin in the daily time frame. The token is currently underperforming against most of the important moving average indicators and even oscillator indicators like MACD have turned bearish.
Moreover, Doge and Shiba Inu may soon suffer collateral damage as ex-official John Reed Stark believes that the SEC may reject all Bitcoin spot trading applications, which could lead to more bloodshed in the crypto market.
Wall Street Memes Set To Hit $24 Million – Experts Believe It Is The Next 10x Meme Coin
Since Pepe’s 10,000% bull rally, investors have been looking for the next global meme coin phenomenon that can lead to generational wealth.
The token has caught the attention of meme coin enthusiasts through its stellar presale performance, having raised close to $24 million in just over two months.
$WSM’s strong start is not surprising, considering its associations with the Wall Street Bets Reddit community that inspired the GameStop bull run in 2021. The token is now bringing the same revolutionary spirit to the meme coin market, aiming for a $1 billion market cap after launch.
The token is also receiving strong backing from its hyped-up user base. The Wall Street Memes group has become the trendiest online trading community, boasting a million-strong internet army. It also farms close to 40 million impressions monthly across its social media and even Elon Musk enjoys its edgy and on-point memes.
Building upon the principle of “Greed is Good”, the project has made the entire token supply available to the public with no cuts for the team or any private sale. 50% of the tokens are available in the presale itself and another 30% have been reserved for community rewards.