Meme coins have had an incredibly strong month, with several projects like $PEPE and $SPONGE delivering returns over 3,000%. Now, as new meme coins are getting set to launch, traders are wondering where this meme season will go next.
We’ll dive into price predictions for five of the biggest and hottest meme coins today.
DOGE To Continue Sideways Trading around $0.070
DOGE, the largest meme coin by market cap, has been trading in a channel between strong support at $0.070 and strong resistance just below $0.10 since the start of the year. There are few signs that DOGE will break out of this sideways trading pattern in June.
DOGE is hampered by the success of the meme coin season. Traders aren’t fleeing DOGE, but demand is down while traders pursue opportunities in emerging meme coins. Instead of buying DOGE, traders are moving cash into PEPE and now new meme coins like AiDoge and Wall Street Memes.
According to CoinMarketCap, trading volume in DOGE has fallen below $200 million in the past week. That’s a significant drop in interest—DOGE saw more than $1 billion in volume as recently as April.
DOGE’s dominance in the meme coin market isn’t going anywhere. The token held strong through the rise of PEPE and proved highly durable in 2021 against Shiba Inu, the so-called ‘Doge killer.’
However, until traders have a reason to get excited about DOGE again, it’s unlikely that the token can break above the key $0.10 level.
SHIB Will Fall 10% to $0.0000078
SHIB is suffering from the same lack of interest as Dogecoin. However, SHIB doesn’t have the same devoted following as DOGE and has been hit harder by the rise of other ERC-20 meme coins.
Trading volume in SHIB is now below $100 million according to CoinMarketCap data. That’s a sign of poor health for a meme coin that relies heavily on high liquidity as part of its appeal to traders.
SHIB is down almost 30% over the past six weeks, roughly coinciding with the launch and meteoric rise of PEPE. The token has continued its slide this week, falling to $0.00000835.
Importantly, the latest bear move in SHIB saw the token break below weak support at $0.0000084. Now, SHIB seems set to fall to its next support level at $0.0000078—a loss of nearly 10% from today’s price.
This is a much stronger support level for SHIB, so it’s likely that the token will hold there for much of June. SHIB could also bounce off of the $0.0000078 level, although in the absence of a strong catalyst it seems unlikely that any upward movement is sustained.
PEPE To Fall Further, Test Support at $0.00000085
PEPE kicked off the meme coin season in early May with an astonishingly rapid pump that brought traders gains of more than 6,000% at its peak. However, with no utility backing the token’s value, PEPE has given up its gains just as quickly.
PEPE is now down 72% from its all-time high, set just a few weeks ago. In the last 24 hours alone, PEPE has fallen an additional 12%.
Trading volume is hovering around $150 million according to CoinMarketCap. That’s down from $3 billion during the peak of PEPE’s surge.
All of these signs suggest that PEPE is in a death spiral. Traders have moved on and even many bagholders are realizing that it’s time to sell and put PEPE behind them.
As the downward price pressure continues, look for PEPE to test its next support level at $0.00000085. A break below this level could see PEPE drop all the way to $0.00000025, a drop of 80% from today’s price.
Given the pace of PEPE’s decline, the worst-case scenario for PEPE could see it fall to $0.00000025 by the end of June.
WSM Raises $1.9 Million, On Track to Sell Out Presale in July
It’s not all bad news in the meme coin market. Wall Street Memes, a new meme coin that launched on Friday, has already raised $1.9 million from investors. It appears this is where a large portion of the funds coming out of DOGE, SHIB, and PEPE are going.
Wall Street Memes has tapped into the long-standing disdain the crypto community has for Wall Street. The project has close ties to the r/WallStreetBets community, which has a combined 400,000 social media followers who have been making fun of Wall Street’s recklessness for years.
Traders are also excited about Wall Street Memes because of the quality of the development team behind the project. The same team was responsible for the Wall Street Bulls NFT collection in 2021, which sold out in just over 30 minutes.
The project is selling up to half of the total supply of 2 billion WSM tokens during the presale. It set an ambitious hard cap of $30.577 million, which it looks to be on track to meet by mid-July.
By the end of June, Wall Street Memes is likely to be more than halfway through its presale. Investors today can lock in WSM at a price of $0.0259, 30% below the ICO anticipated price.
AiDoge Plans June 19 Launch, Could Explode 100X
AiDoge held one of the most successful presales of this meme coin season so far. The project raised nearly $15 million in just over a month.
Now, the AiDoge team has announced that it’s planning to launch the AI token on exchanges on June 19th.
The launch promises to be explosive. One analyst has predicted that AiDoge could see a 100X gain shortly after trading begins.
Without any price history for AiDoge, it’s difficult to make a prediction about where it could be by the end of June. PEPE’s trajectory suggests that AI could shoot higher extremely quickly.
However, AI also has utility and offers taking rewards, so it’s much less likely to experience the same drop-off in demand that PEPE suffered. The token could see a much more gradual decline that establishes technical support well above the ICO price.
AiDoge hasn’t yet announced what exchange it will list on first, or whether it is planning to list on a CEX or DEX first. Where the token lists could have a major impact on how the launch plays out. If AI gains traction on a DEX first, a Tier 1 exchange listing announcement from OKX or Binance could send the token soaring higher.
While traders wait for the ICO, they can buy AI at the list price through the AiDoge presale site.