It’s a busy week in the meme coin market, with several tokens posting big gains and the much-awaited Wall Street Memes presale just around the corner. Let’s take a closer look at 5 meme coins traders and investors should watch this week.
Pepe Drops 7% as Sharp Decline Continues
Pepe, the meme coin that arguably kicked off this year’s meme coin renaissance, has found itself in trouble this month. The token is down nearly 44% over the month, with another 6.96% decline in the last 7 days.
In fact, the token has seen almost no bullish trading days since mid-August. Trading volume is now consistently below $50 million per day and the token’s market cap has fallen to $245 million.
To make matters worse, the team behind Pepe recently announced that the project’s Telegram channel has been hacked. That hasn’t had a significant impact on the price of $PEPE, but it shows that things aren’t going well for this project at the moment.
Can Pepe turn things around? It’s certainly possible, although the token is still well above its next support level. That fact, combined with the token’s bearish momentum, suggests that things will get worse for Pepe investors before they get better.
Pepe has also lost market share to imitator coins and other Pepe-themed meme coins that emerged in the past month. For example, when Pepe 2.0 soared, it likely took some Pepe investors with it.
Investors may want to steer clear of Pepe for the time being, at least until the token shows signs of a sustained bullish turnaround.
HarryPotterObamaSonic10Inu Posts 34% Gain, Signaling Resurgence
HarryPotterObamaSonic10Inu, a catch-all meme coin that contains elements of several major memes, has had an outstanding week. Over the past 7 days, the coin is up 34% and has experienced trading volume upwards of $3 million per day.
That’s huge for a meme coin with a market cap of only $75 million. Trading volume is continuing to rise, too, which suggests that HarryPotterObamaSonic10Inu’s bullish run is far from over.
Still, it’s not all roses for $BITCOIN. The token is still down more than 50% over the past month after it fell sharply from its all-time high of $0.19. The current price of $0.075 means that HarryPotterObamaSonic10Inu is off that high by more than 60%.
It’s unlikely that the current upswing will recover all of that distance, but it could run higher than many traders expect. HarryPotterObamaSonic10Inu has surprised traders with several strong upticks since August, some delivering gains of more than 50%.
So, investors need to be ready to roll with the punches, but they shouldn’t count $BITCOIN down for the count yet. There are opportunities for profit in this token for traders who know when to get in and when to get out.
Wall Street Memes Launches on Tier-1 Exchanges in Less Than 7 Days
Wall Street Memes is now less than a week away from one of the most highly anticipated token launches of the year. The $WSM presale has raised more than $25 million in an incredibly successful ICO, and all of the excitement behind that presale is about to hit exchanges.
This launch has the potential to be enormous. Wall Street Memes plans to hit multiple Tier-1 exchanges at the same time. It also locked a portion of remaining $WSM tokens during the launch, limiting the supply and helping to push up prices.
The project’s following is massive, with more than 270,000 followers on Twitter. Even Elon Musk is a fan of Wall Street Memes—the Twitter CEO and meme extraordinaire has retweeted several of the project’s memes.
Analysts have also weighed in on Wall Street Memes’ potential. One prominent crypto influencer, Jacob “Crypto” Bury, has said that $WSM could be the next meme coin to 10x after launch.
While investors who have already joined Wall Street Memes are gearing up for the launch, holdouts have one last chance to buy $WSM before it hits exchanges. The presale officially ends in 5 days. Until then, investors can buy $WSM at a price of $0.0337.
Dogecoin Holds Steady, Continues Sideways Trend
From a look at Dogecoin, investors would think there’s almost nothing happening in the meme coin market. $DOGE is up a meager 2.3% in the past week and down 2.3% in the past month.
The token has been remarkably stable, with very low volatility compared to its historical price action. Trading volume is also down, with less than $200 million in $DOGE trading hands in recent days.
Zooming out even further, $DOGE is up just 6.5% over the past year. By comparison, Bitcoin is up 44% over the same time period. Dogecoin just can’t seem to get in a rhythm.
A long-term bull trend in the crypto market could give $DOGE a lift, but that will likely take months to play out. Analysts are still split over whether the crypto winter is already over or whether it will last into next year. In the meantime, high interest rates are keeping a lid on the crypto market and encouraging many would-be $DOGE investors to wait on the sidelines.
For better or worse, there’s very little new to report around Dogecoin this week—it looks like the original meme coin is going to continue its sideways shuffle for the foreseeable future.
Emoticoin Implodes 99% After Staggering 33,00% Run
One of the most action-packed meme coins of the past few weeks has been Emoticoin. $EMOTI skyrocketed more than 33,500% from its launch at the beginning of the month to September 15.
Then, in the span of just a few days, the token lost everything. It’s down 99% from its all-time high and is trading at levels around its launch price.
This rollercoaster ride of price action is unlikely to have come as a surprise to anyone trading Emoticoin. The project’s tokenomics were designed to generate a tremendous pump followed by an equally tremendous crash.
The idea behind $EMOTI was that the token would implement a reverse split protocol by which the token supply was reduced every 6 hours. This went on for 14 days, for a total of 84 reverse splits.
Each split sent the token price higher, creating an exponential price trajectory while there were still reductions to look forward to. However, when the end of those reverse splits approached, investors were incentivized to sell their tokens and move onto the next great meme.
That’s led to where we are today: Emoticoin trading at $0.000040 and trading volume below $100,000. It’s possible the coin has another pump in it, but traders shouldn’t count on it.