The meme coin market is buzzing this week, as numerous tokens record significant gains and the highly anticipated Wall Street Memes presale approaches. Let’s delve into five meme coins that traders and investors should keep a close eye on this week.
Pepe Experiences a 7% Drop as Its Sharp Decline Persists.
Pepe, often credited as one of the catalysts for this year’s meme coin resurgence, is facing significant challenges this month. The token has experienced a nearly 44% decrease in value over the past month, and there has been an additional 6.96% decline in the past week.
Remarkably, Pepe has encountered minimal bullish trading sessions since mid-August. Daily trading volume has consistently remained below the $50 million mark, and the token’s market capitalization has dwindled to $245 million.
Adding to the challenges, the Pepe project’s team recently made an announcement regarding the hacking of its Telegram channel. While this incident hasn’t significantly impacted the price of $PEPE, it underscores the current difficulties facing the project.
The question remains whether Pepe can reverse its fortunes. Although it is still comfortably above its next support level, the prevailing bearish momentum suggests that Pepe’s situation may worsen for investors before any potential improvement.
Furthermore, Pepe has ceded market share to imitator coins and other meme coins with Pepe-themed branding that emerged over the past month. For instance, the surge of Pepe 2.0 likely attracted some Pepe investors.
Investors might be wise to exercise caution with Pepe for the time being, at least until the token exhibits sustained signs of a bullish reversal.
HarryPotterObamaSonic10Inu Records a 34% Gain, Signifying a Revival.
HarryPotterObamaSonic10Inu, a meme coin that amalgamates elements from various prominent memes, has enjoyed a remarkable week. In the past 7 days, the coin has surged by 34% and has been witnessing daily trading volumes surpassing $3 million.
This is a significant development for a meme coin with a market capitalization of just $75 million. Furthermore, the upward trend in trading volume indicates that HarryPotterObamaSonic10Inu’s bullish momentum is still in full swing.
Nevertheless, $BITCOIN has not had a smooth ride. The token remains in a downtrend, having plunged by over 50% in the past month, plummeting from its record high of $0.19. Its current price of $0.075 indicates that HarryPotterObamaSonic10Inu is now over 60% below its peak.
While it’s improbable that the ongoing upswing will completely bridge this gap, it has the potential to exceed many traders’ expectations. HarryPotterObamaSonic10Inu has surprised traders with several robust upward movements since August, some of which yielded gains exceeding 50%.
As a result, investors must be prepared for volatility but shouldn’t discount $BITCOIN just yet. This token offers profit opportunities for traders who can adeptly time their entries and exits.
Wall Street Memes Set to Debut on Leading Exchanges Within a Week.
Wall Street Memes is on the verge of one of the year’s most eagerly awaited token launches, scheduled for less than a week from now. The $WSM presale garnered over $25 million in a remarkably successful ICO, and the anticipation surrounding this presale is now poised to make its impact felt on exchanges.
This launch carries significant potential. Wall Street Memes intends to simultaneously debut on multiple Tier-1 exchanges. Additionally, a portion of the remaining $WSM tokens has been locked during the launch, constraining the supply and potentially driving prices higher.
The project boasts an extensive following, counting over 270,000 Twitter followers. Even Elon Musk, the CEO of Twitter and a meme aficionado, has shown appreciation for Wall Street Memes by retweeting several of the project’s memes.
Analysts have also shared their perspectives on Wall Street Memes’ potential. A prominent crypto influencer, Jacob “Crypto” Bury, has suggested that $WSM could be the next meme coin to achieve a 10x increase post-launch.
As existing investors prepare for the launch, those who have yet to join Wall Street Memes have one final opportunity to acquire $WSM before it becomes available on exchanges. The presale will officially conclude in 5 days, during which investors can purchase $WSM at a price of $0.0337.
Dogecoin Maintains Stability, Persists in Its Sideways Trajectory.
A glance at Dogecoin might lead investors to believe that the meme coin market is experiencing a period of minimal activity. Over the past week, $DOGE has registered a modest 2.3% increase, while it has declined by 2.3% over the past month.
Remarkably, the token has exhibited a high degree of stability, with notably lower volatility compared to its historical price movements. Additionally, trading volume has receded, with less than $200 million in $DOGE being traded in recent days.
Stepping back and examining the larger picture, $DOGE has experienced a mere 6.5% increase over the past year. In contrast, Bitcoin has surged by 44% during the same timeframe. Dogecoin appears to be struggling to find its momentum.
A sustained bullish trend in the cryptocurrency market could potentially provide a boost to $DOGE, but such a scenario is likely to unfold over several months. Analysts remain divided on whether the crypto winter has already concluded or if it will extend into the next year. In the interim, elevated interest rates are acting as a restraint on the cryptocurrency market, prompting many prospective $DOGE investors to remain on the sidelines.
For better or worse, there is scant new information to report about Dogecoin this week—it appears that the original meme coin will continue its lateral movement for the foreseeable future.
Emoticoin Crashes by 99% Following an Astonishing 33,000% Surge.
Emoticoin has emerged as one of the most dynamic meme coins in recent weeks. $EMOTI experienced an astounding surge of over 33,500% from its inception at the start of the month until September 15.
However, within a matter of days, the token’s value completely evaporated. It has plummeted by 99% from its peak and is now trading at levels comparable to its initial launch price.
The dramatic price swings witnessed in Emoticoin were likely not unexpected for those engaged in its trading. The project’s tokenomics were structured to induce a significant price surge, followed by an equally significant crash.
The concept behind $EMOTI involved implementing a reverse split protocol, in which the token supply was reduced every 6 hours, lasting for a total of 84 reverse splits over 14 days. Each split propelled the token’s price higher, generating an exponential price trajectory as long as reductions continued. However, as the conclusion of these reverse splits neared, investors were motivated to sell their tokens and explore the next enticing meme.
This has led us to the current scenario: Emoticoin is trading at $0.000040, with trading volume falling below $100,000. While it remains possible that the coin could experience another surge, traders should exercise caution and not rely solely on this possibility.