Meme Coin Market Update: Pepe Faces Ongoing Decline, HarryPotterObamaSonic10Inu Surges, and Wall Street Memes Nears Presale Conclusion
The meme coin market is buzzing with activity this week, featuring notable gains and the highly anticipated Wall Street Memes presale approaching. Here’s a closer look at five meme coins worth monitoring this week.
Pepe Struggles with a 7% Drop:
Pepe, often regarded as the pioneer of this year’s meme coin resurgence, is encountering significant challenges this month. The token has experienced a nearly 44% decline in the past month, with an additional 6.96% drop over the last seven days. The daily trading volume has consistently fallen below $50 million, and the token’s market capitalization has shrunk to $245 million.
Adding to Pepe’s troubles, the project’s Telegram channel recently suffered a hacking incident. Although this hasn’t substantially impacted $PEPE’s price, it indicates ongoing issues within the project. While there is a possibility of Pepe rebounding, it currently remains above its next support level. Given its bearish momentum, the situation may deteriorate further for Pepe investors before any improvement is seen. Additionally, Pepe has lost market share to imitator coins and other Pepe-themed meme coins that emerged in recent months.
Investors may want to exercise caution with Pepe for now and await signs of a sustained bullish reversal.
Meme Coin Market News and Updates
HarryPotterObamaSonic10Inu Makes a 34% Gain:
HarryPotterObamaSonic10Inu, a multifaceted meme coin combining elements of various major memes, has seen an impressive week. Over the past seven days, the coin has surged by 34% and recorded daily trading volumes exceeding $3 million. This is significant for a meme coin with a market capitalization of only $75 million. Trading volume is on the rise, suggesting that HarryPotterObamaSonic10Inu’s bullish run may continue.
However, it’s worth noting that $BITCOIN is still down by over 50% in the past month, following a sharp drop from its all-time high of $0.19. Its current price of $0.075 reflects a more than 60% decrease from that peak. While it’s unlikely that the current uptrend will fully recover this loss, there may still be opportunities for traders to profit from HarryPotterObamaSonic10Inu. The token has surprised traders with multiple strong upswings since August, some resulting in gains of over 50%.
Investors should remain flexible and prepared for market fluctuations, but it’s premature to count $BITCOIN out entirely.
Wall Street Memes Approaches Launch on Tier-1 Exchanges:
Wall Street Memes is just days away from one of the most eagerly awaited token launches of the year. The $WSM presale has successfully raised over $25 million in an ICO, generating immense excitement for its upcoming exchange listings.
Pepe Struggles with a 7% Drop
This launch has the potential to be substantial, as Wall Street Memes intends to debut on multiple Tier-1 exchanges simultaneously. The project has also locked a portion of remaining $WSM tokens for the launch, reducing supply and potentially driving up prices. With a massive following of over 270,000 Twitter followers, including an endorsement from Elon Musk, Wall Street Memes has garnered substantial attention.
Analysts, such as crypto influencer Jacob “Crypto” Bury, have speculated that $WSM could be the next meme coin to experience a 10x increase in value post-launch. As the presale approaches its conclusion in five days, investors still have the opportunity to acquire $WSM at a price of $0.0337.
Dogecoin Maintains Sideways Movement:
Dogecoin continues to exhibit minimal price action, with a modest 2.3% increase over the past week and a corresponding 2.3% decrease over the past month. The token remains remarkably stable, with low volatility compared to its historical performance. Trading volume has also decreased, with less than $200 million in $DOGE trading in recent days.
Pepe Faces Ongoing Decline, HarryPotterObamaSonic10Inu Surges, and Wall Street Memes Approaches Launch
Over the past year, $DOGE has only risen by 6.5%, in contrast to Bitcoin’s 44% increase during the same period. Dogecoin appears to be struggling to find a clear trend. A sustained bull trend in the broader crypto market could potentially benefit $DOGE, but this may take months to materialize.
Investor sentiment is divided regarding whether the crypto winter has ended or will persist into the next year. In the meantime, high interest rates are deterring some potential $DOGE investors from entering the market.
Emoticoin Experiences a 99% Decline:
Emoticoin has been one of the most volatile meme coins in recent weeks, skyrocketing by over 33,500% since its launch at the beginning of the month, only to subsequently plummet by 99% from its all-time high. The token is now trading near its initial launch price, at $0.000040, with trading volume below $100,000.
Challenges Facing Pepe and Its Recent Performance
Emoticoin’s price rollercoaster was expected, as its tokenomics were designed to create a massive pump followed by an equally massive crash. The project implemented a reverse split protocol, reducing the token supply every 6 hours for 14 days, resulting in a rapid price increase. However, as the reverse splits concluded, investors were incentivized to sell, leading to the current situation.
While there may be potential for another pump, traders should approach Emoticoin cautiously, as it remains highly unpredictable.