The past week has seen the cryptocurrency market remain flat and none of the top five cryptocurrencies have successfully regained ground lost during last Thursday’s (Aug. 17) market collapse.
Leading meme coins are no exception to the market slump. As of Thursday afternoon, both Dogecoin (DOGE) and Shiba Inu (SHIB) are down over 5.6% in the last seven days. But it isn’t all doom and gloom in the meme coin market, as several lower cap tokens have managed to buck the bearish trend.
Let’s take a look at five of the main talking points in the meme coin market this week.
Bone Shibaswap Leads Gainers as it Pumps 10% in 24 Hours
The price of Bone Shibaswap Bone has surged by 10% in the past 24 hours. As a result, the native token of the Shibaswap decentralized exchange has become Thursday’s top-gaining crypto, more than making up for losses sustained during the previous seven days. The token is now trading over $1.4 and is up over 11% across the past month.
BONE’s impressive price recovery suggests that traders have gotten over the tumultuous launch of the Shibarium Layer 2 blockchain, which was dogged by network congestion upon its initial debut on August 16th.
However, although the Shibarium network was initially overwhelmed by traffic, the Shiba developer Shytoshi Kusama reassured users on Tuesday (Aug. 22) that their funds were safe and that the development team was working to scale the network’s capacity.
Lo and behold, the next day, Shibarium resumed block production and on Wednesday, daily transactions surged back up to 146 after five days of zero or near-zero network activity.
Helping to restore confidence in the Shibarium ecosystem, for which BONE functions as a gas token, Shiba developer Lucy Shib announced on Thursday morning that the network was “live and running smoothly in private mode”.
They added that bridged BONE which was stuck was beginning to arrive at its destinations and asked users to exercise patience while the relaunched blockchain indexes transactions.
Shiba Inu has been unable to match BONE’s success, with the SHIB price falling 2.4% over the last day.
Sonik Coin Presale Nears $500K Invested for Stake-to-Earn Project
Sonik Coin (SONIK) – a new meme coin inspired by (but not affiliated with) Sonic the Hedgehog – has surpassed the $400k milestone in its presale, which launched earlier this month.
With 11 days left of the ICO, the project is on track to surpass half a million dollars at any moment now. And if SONIK manages to sustain its early momentum, the tokens allocated for the presale could well sell out in the next two weeks.
Once the Sonik Coin presale wraps up, the token will be listed on Uniswap where it will trade on the open market.
As outlined in the project’s white paper, in the next stage of the roadmap, SONIK holders will be able to earn interest by staking their tokens.
The developers also plan to double down on their marketing campaign and work to grow the SONIK community. Looking even further ahead, they have set the ambitious target of a $100 million market capitalization for the new meme coin.
For the remaining duration of the presale event, SONIK is available to buy at just $0.000014 per token. Should the project achieve its goal of a $100 million market cap, presale participants will have multiplied their initial investment nearly 50 times.
Dogecoin Price Continues to Struggle
While more recent entrants to the space such as Shibaswap Bone and Sonik Coin have given investors reason to celebrate, the outlook is less rosy for the original meme coin: DOGE.
At the time of writing, Dogecoin was trading at $0.06281, nearly 5% lower than the same time last week. The price of DOGE is now at its lowest level since June and any recovery will likely depend on a wider market rally pushing the prices of well-known cryptocurrencies up.
For a period last week, Dogecoin even lost its title as the eighth largest market capitalization cryptocurrency as it was briefly toppled by Solana. And although the meme coin retained its crown shortly after, the two cryptos remain neck and neck in the race for the number eight position.
Despite its weak recent performance, diehard DOGE fans are putting their hopes in the so-called Dogefather, Elon Musk, to help the memecoin recover its fortunes.
For example, in a video posted to YouTube this week, Glauber Contessoto admitted that he once held nearly $3 million worth of Dogecoin, only to watch its value dwindle to a mere $50,000. Yet despite his losses, Contessoto believes that Musk intends to integrate DOGE payments on Twitter, which he thinks will drive its price up.
Wall Street Memes Enters Final Presale Stage
Since its launch in May, Wall Street Memes ($WSM) has emerged as the summer’s hottest meme coin presale, netting $100,000 in investment during its first 24 hours and over $25 million so far.
Inspired by the r/WallStreetBets subreddit, $WSM is now in the thirtieth and final phase of its presale, during which early investors have the opportunity to purchase tokens for just $0.0337 each. As the sale approaches its target of $25.9 million, there isn’t much time left to snap up $WSM at the discounted price.
Once the sale is finalized, trading for the tongue-in-cheek crypto is set to go live on exchanges at the end of September. And although no specific exchanges have confirmed they will list $WSM, the token’s developers have promised listings on “multiple tier 1 exchanges”.
Going forward, the project’s development team has set a target of a $1 billion market capitalization for the latest hot meme coin, setting the stage for presale participants to multiply the value of their investment fifteen times or more.
Milady Holds Firm After Strong Weekend Performance
Hot on the heels of Shibaswap Bone, Milady ($LADYS) is another meme-ey cryptocurrency that has managed to break away from the general downtrend that has characterized the crypto market in recent days.
In the previous seven days, the price of $LADYS has increased by around 14%, driven largely by a major surge on Saturday (Aug. 19). During the weekend spike, $LADYS climbed to its highest price since July and peaked at $0.00000003094 per token.
A fan-driven initiative to boost the price and reputation of Milady Maker NFTs, the price of $LADYS has benefited from renewed interest in the NFTs. At a time when blue chip NFT collections have plummeted in value, Milady Maker clocked an all-time high floor price of 4.468 ETH this week.
In fact, according to NFT Price Floor data, the floor price for Milady NFTs briefly overtook those for the popular Mutant Ape Yacht Club collection.
Throughout the week, strong performance in the Milady Maker market has continued to buoy the price of $LADYS, helping it to perform well despite a broad bear run dragging the price of many cryptocurrencies down.