Although many analysts have made bullish predictions about the crypto market in recent weeks, some of the biggest tokens have been languishing. Bitcoin still can’t seem to break about $30,000 and Ethereum is stuck below $2,000.
It’s not just the heavy-hitters that are struggling, either. The meme coin sector is down almost across the board despite the huge breakouts in coins like $PEPE earlier in the summer.
However, it’s not all bad news in the crypto market, especially for investors who are willing to look beyond established tokens for up-and-coming coins. Sonik, a new meme coin, raised nearly $100,000 in the first 3 days of its just-launched presale. Wall Street Memes has raised more than $24 million and is rapidly preparing for a huge ICO.
Meme Coins Sink as Shibarium Struggles Put a Damper on the Market
Almost everywhere investors look in the meme coin market, the news isn’t good. Dogecoin is down 12% in the past week. Pepe and Floki are each down 4%. Dogelon Mars and Bonk are each down 11%.
The token that’s faring the worst, however, is Shiba Inu. That might come as a surprise since this was supposed to be a celebratory week for $SHIB investors. The project is finally launching its long-awaited Shibarium network, which promises low fees and fast transaction speeds for DeFi, gaming, and more.
Unfortunately, the Shibarium launch didn’t go off as planned. The bridge to the new network failed for more than 5 hours, even as one Shiba Inu developer claimed that there was no bridge issue at all.
In the past 24 hours alone, $SHIB is down 11% to a price of $0.0000086.
Shiba Inu’s governance token, Bone ShibaSwap ($BONE) has suffered even more. It’s down 12.5% in the past 24 hours and 21% over the last 7 days.
Mixed Signals for Crypto Market as Bullish Predictions Fail to Launch
The poor performance of the crypto market this week has come as a surprise to many investors. Multiple analysts have issued bullish predictions about Bitcoin in recent weeks, including Bloomberg’s Mike McGlone and Delphi Digital’s Kevin Kelly.
These predictions come on the heels of Ripple’s victory in its lawsuit against the SEC, which could potentially clear up the regulatory clouds that have circled over crypto in the US.
However, just as the bullish predictions have so far failed to come to fruition, so the legal victory also appears in question. The SEC has decided to appeal the ruling in Ripple’s favor, which could mean that the regulatory landscape for crypto projects remains in flux for at least several more months.
Sonik Offers Hope to Meme Coin Investors by Raising $100k in 3 Days
Still, it’s not all doom and gloom in the crypto market, especially if investors are willing to look beyond the biggest tokens. One new meme coin, Sonik, just raised nearly $100,000 in the first 3 days of its presale.
Sonik is based on the popular Sonic The Hedgehog character, who has been featured in video games and movies for more than 30 years. The meme coin isn’t affiliated with the Sonic brand or its creator, Sega, but it’s still likely to draw a lot of attention from Sonic fans.
Sonik’s goal is to be the fastest meme coin to reach a $100 million market cap. It plans to launch with a market cap of just over $4 million, so achieving that goal would produce 25x returns for presale investors.
What makes Sonik particularly attractive to investors is that it offers staking rewards. This is uncommon among meme coins and gives the token real-world utility. Sonik hasn’t yet announced a rewards rate, but similar tokens have offered investors triple-digit APYs.
Sonik’s presale is going on now and offers investors a chance to buy $SONIK tokens at a price of $0.000014. The presale has a hard cap of $2,098,547 and will sell up to 50% of the total token supply. 40% of the token supply is set aside for staking rewards, and the remaining 10% is allocated for exchange listings.
This presale looks like it will sell out within days, so investors won’t want to wait to join Sonik.
Wall Street Memes Raises $24 Million, Approaches Final Stages of Massive Presale
Wall Street Memes is another meme coin that’s bucking the trend of the broader market. This enormous presale has now sold more than $24.5 million worth of $WSM tokens and is rapidly closing in on its goal of $30 million raised.
Wall Street Memes has a huge following. It builds on the anti-TradFi sentiment of the r/WallStreetBets community while also bringing in meme coin lovers, crypto traders, and investors who want to find the next big token.
The project’s potential is enormous. One analyst has suggested that this token could 10x after launch, generating even bigger returns for presale investors who buy $WSM at a discounted price.
Wall Street Memes has earned more than 260,000 Twitter followers, a sign of just how popular this meme coin is. The project’s account has also been retweeted by Elon Musk, whose influence played a huge role in pumping Dogecoin in 2021.
The project aims to reach a $1 billion market cap after launch, setting it up to be one of the biggest meme coins of all time.
Investors have a limited time remaining to lock in $WSM at the current price of $0.0334. The next price increase is just days away, so investors shouldn’t wait to join this red-hot presale.