The crypto market has failed to recover from yesterday’s price crash, which many experts believe is its most severe sell-off since the FTX insolvency.
Bitcoin is barely holding on to the $26000 price mark, correcting 7% after the Wall Street Journal reported that Elon Musk’s space venture SpaceX may have dumped its entire BTC holdings.
The pessimistic market outlook is also reflected in top meme coins, with Dogecoin and Shiba Inu both posting double-digit losses in the past week and Pepe not faring any better. To make matters worse, experts believe that the bearish move is not yet done, with bearish bets against Bitcoin continuing to pile up.
However, several new tokens are showing signs that they could outperform the wider bear market, with meme coins like Wall Street Memes and Sonik Coin gaining the backing of investors.
Dogecoin, Pepe Plummet As Crypto Market Turns Deeply Bearish
Last week’s meme coin rally appears to be a distant memory, as the top meme tokens have bucked under the strong bearish forces. Despite a slight bounce in the past hour, Dogecoin is down 5% over the past day, bringing its total cumulative loss to 17% in the weekly time frame.
While the top meme coin has regained its previously-held spot as the 8th largest crypto asset, it has been unable to re-hit the $9 Billion market capitalization. The token is currently trading at $0.063, but experts believe that it will maintain its negative trajectory.
Popular analyst @CryptoKaleo, who has close to $600K followers on Twitter and who is usually extremely bullish on $DOGE, closed his long position on the meme coin and revealed that he may even short it in the short term.
Another popular trader @rektcapital highlighted that Doge fell right to the bottom of the pattern channel. While he believes that the token can retrace back up to the Channel Top resistance, falling below the support can result in another free fall.
Pepe coin has also depreciated 7% over the past 24 hours and is priced at $0.00000109. The token is down 12% in the weekly time frame and TradingView points to more upcoming selling pressure on the token, giving it a Strong Sell signal.
Data from LookOnChain reveals that whales are also dumping their $PEPE holdings at a substantial loss which indicates their lack of confidence in any potential recovery.
Experts reveal that a multitude of factors have contributed to the prevailing bear market, with Bitcoin’s unusually calm price action in the previous weeks emerging as a major factor. Due to BTC’s lack of volatility, investors were vulnerable to a big move towards either side and a flash crash was triggered when Wall Street Journal revealed that SpaceX may have sold out all its BTC holdings.
The threat of a global recession along with the Fed’s hawkish stance is certainly not helping matters.
Despite the grim market outlook, newly-launched meme tokens like Wall Street Memes and Sonik Coin could be a saving grace for investors.
Wall Street Memes Defies Crypto Crash As Presale Surges Past $25 Million Mark
While major meme coins struggle, the Wall Street Memes token is generating tremendous FOMO amongst meme coin enthusiasts as its presale enters its final stages.
$WSM has already raised over $25 million in its ICO in just over 3 months. The developer team behind the project has revealed that Wall Street Memes will launch on multiple Tier-1 exchanges in just a little over a month which could prove incredibly bullish for the token.
Furthermore, the team has announced that $WSM will have its own on-chain stake-to-earn mechanism, with over 84 million tokens already locked for staking. This will provide a great opportunity for retail investors to generate passive income, who can earn up to an exciting 236% APY.
The token was already receiving strong community backing even before these announcements, thanks to its roots in the legendary Wall Street Bets Reddit community that sparked the historic GameStop short-squeeze.
Since then, the Wall Street Memes group has become the go-to source of hilarious finance-related memes, with even Elon Musk a fan of its edgy and on-point humour. It farms over 40 million impressions monthly on social media, which will certainly help the token reach its targeted $1 billion market cap.
Interested investors can purchase $WSM through bank cards or by swapping ETH, BNB or USDT tokens.
Could Sonik Coin Be The Next 10x Meme Coin? Presale Hits $150K Milestone
The newly-launched Sonik Coin is another meme coin that is impressing investors in its presale, having raised over $150K in just 3 days.
As the name suggests, the token is based on the popular video game character Sonic The Hedgehog. Drawing inspiration from its supersonic speed, the token is seeking to be the fastest meme coin to hit the $100 million market cap after launch.
Tokens based on the Sonic franchise have become a new trend in the meme coin market, with some like HarryPotterObamaSonic10Inu even seeing explosive 8000% bull rallies. After all, the beloved blue hedgehog is an iconic character that has entertained audiences across generations through video games, movies and cartoons.
However, Sonik Coin is more than just another meme token – its stake-to-earn service can help token holders earn as much as 449% APY while contributing to the safety and security of the network.
40% of the $SONIK supply will be used in staking, and over 5.3 billion $SONIK tokens have already been locked for this.
Another 50% of the token will be sold out in the presale itself, allowing investors ample opportunity to maximise their profits by getting in early. The remaining 10% of the tokens will provide liquidity on decentralised exchanges, ensuring a seamless trading experience.