If the crypto market has proved anything this quarter, it’s that Dogecoin ($DOGE) is no longer the place for traders to look for memecoin volatility.
The flagship meme cryptocurrency that started as a joke has seen litte upward price movement in Q2 2023, while newer memecoins like Pepe ($PEPE) and Wojak ($WOJAK) took centre stage – and now even they are cooling off heading into June.
Investors and traders alike are constantly looking for the next big crypto to explode, the new flavor of the month – whether it’s the next Dogecoin or the next Pepe.
Let’s have a closer look at Dogecoin’s near-term outlook, and compare that with another new memecoin that may have more upside potential with its low market cap and due to being at the presale stage – Wall Street Memes (WSM).
Within two days of launching its presale at wallstmemes.com, the DOGE alternative raised over half a million dollars in seed round funding thanks to having an existing community from an NFT project dating back to 2021 when Dogecoin topped out.
Dogecoin: More Transactions, But No New Buyers
Firstly, we should note that not everything is slowing down in the Dogecoin economy. In fact, data from IntoTheBlock indicates that Dogecoin transactions increased to 1250 over the past 24 hours – a 152% rise from the previous day.
Data from CoinGecko shows that the Dogecoin price has appreciated 1% on the day. Nevertheless, DOGE remains down 2.7% on the week, and 10.5% down over the past month.
Dogecoin’s monthly losses were mostly concentrated towards mid to late April, after Dogecoin underwent a brief price pump to $0.095 in anticipation of Elon Musk’s
Starship rocket launch on April 20th.
The Dogecoin price then crashed amid a combination of the launch’s explosive failure, and pressure from the emerging Pepe cryptocurrency, which is now the 69th largest coin by market cap, and roughly equal to DOGE by daily trading volume.
DOGE suffered another slide from $0.08 on May 5 to $0.71 on May 8. This was in line with Bitcoin’s slide during that time, which was partly spurred by soaring on-chain transaction fees during the rise of BRC-20 meme tokens.
From a technical perspective, the DOGE price now appears to be testing an ascending support line established back in June 2022. However, the combination of a bearish relative strength index of just 37.34, and a current price below all short-term moving averages point to an increased likelihood that DOGE loses its current support.
The correlation coefficient between Bitcoin and Dogecoin is now 0.53 according to MacroAxis. Doge’s movements over the last several months show that it’s largely lost its “wildcard” factor, and increasingly correlates with Bitcoin and the rest of the top cryptos.
With technical indicators spelling bearish momentum for Bitcoin, DOGE likely won’t see any significant gains in the near future.
Wall Street Memes Continues Memecoin Hype As Pre-Sale Draws $100,000 in 24 Hours
Where Dogecoin is slowing down, the all new memecoin Wall Street Memes (WSM) is only picking up steam, having raised over $500,000 in the first 48 hours of its presale, which began on May 26.
The founders behind the token are the same group that developed the Wall Street Bulls 10,000 piece NFT collection in 2021, which made $2.5 million after selling out in just 32 minutes. The team aims to turn $WSM into the “King of Memes” and “King of Stonks,” to compete with and potentially surpass Shiba Inu ($SHIB), PEPE, and DOGE.
Its prospects look promising: the WSM community is already large and lively, with 523,000 people following the wallstbets Instagram account, and another 214,000 following its Twitter account. Another 100,000 followers can be found across the wallstgonewild and wallstbullsnft Instagram pages – adding to a combined following of approximately one million people.
Wall Street Memes could even leverage its established connections with celebrities, millionaires, and billionaires to gather further attention – including even the ‘Dogefather’ Elon Musk, who has in the past interacted with the platform’s Twitter posts.
Unlike other coins, all 2 billion WSM tokens will be 100% allocated to the community, without any private sale or team allocation. 50% of the supply is being distributed during its presale, with another 30% allocated through community rewards. The other 20% of the supply will be used to provide DEX and CEX liquidity.
WSM is leveraging not just a large following, but a following mainly comprised of financially savvy traders who are plugged in and will snap up tokens at the first available opportunity. With little news coverage, the first WSM presale stage was sold out within 48 hours.
Wall Street Memes tokens are now selling now for $0.0253 apiece – the $WSM price will continue to increase incrementally throughout the presale to offer a discount to the earliest buyers. During the first WSM presale stage, tokens sold for $0.025.
Purchasing WSM will require either ETH, BNB, USDT (ERC-20 or BEP-20 versions), or a bank card. Investors can connect their crypto wallets on the wallstmemes.com website and buy today.