Dogecoin & Shiba Inu Prices Tank as Crypto Market Turns Bearish, But Traders Are Backing These New Meme Coins to Explode
Dogecoin ($DOGE) and Shiba Inu’s ($SHIB) prices have tanked in the past week, sending meme coin enthusiasts searching for stability.
However, as uncertainty looms over these well-established tokens, the crypto community’s eyes are now turning to emerging meme coins that promise potential gains.
In that regard, Sonik Coin ($SONIK) and Wall Street Memes ($WSM) have gained significant traction, capturing the attention of both beginners and veteran traders.
$DOGE & $SHIB’s Sudden Decline Surprises Meme Coin Investors
Meme coin investors watched in awe as $DOGE and $SHIB produced impressive returns throughout June and July – yet this bullishness now appears to be a thing of the past.
The recent price downturn has sparked concern among their communities, raising questions about their long-term viability.
Dogecoin, which touched the $0.105 level earlier this year, has seen a sharp decline, now languishing around the $0.069 mark.
The $DOGE price has fallen 9% in the past three days alone, erasing most of the gains made in the first week of August.
Shiba Inu, not to be outdone by its predecessor, also soared earlier this year to $0.0000157 but has since dropped 38% to $0.0000096.
$SHIB also breached the psychological level of $0.000010 to the downside in its recent bearish leg, with the token now tapping the 20-day Exponential Moving Average (EMA) as support.
Perhaps more worryingly, CoinMarketCap data for Dogecoin and Shiba Inu shows that trading volumes have actually increased significantly in the past 24 hours, suggesting that the recent price drops may be due to large investors liquidating their positions.
Numerous Factors Play into Dogecoin & Shiba Inu Headwinds
Several factors have contributed to this downward spiral in the Dogecoin and Shiba Inu prices.
Firstly, regulatory concerns continue to weigh over the broader crypto market, with the SEC’s appeal against the favorable Ripple court ruling putting a downer on investors.
Although this appeal has nothing to do with Dogecoin or Shiba Inu, its implications for the crypto market could be far-reaching.
As a result, the prevailing mood of doubt has bled into the meme coin space, affecting $DOGE and $SHIB.
Secondly, the meme coin space’s volatile nature means that there’s always a search for the “next big thing,” meaning that support for older coins like Dogecoin and Shiba Inu could be waning.
As newer coins with more promising prospects emerge, the allure of $DOGE and $SHIB has taken a hit – resulting in the recent price declines.
Sonik Coin Presale Zooms Past $29k Thanks to Early Buzz & Staking Rewards
As legacy meme coins like Dogecoin and Shiba Inu falter, the new meme token Sonik Coin ($SONIK) has rapidly built momentum.
The project recently launched a presale for its $SONIK token, raising over $29,000 in the first two days.
Investors have been clamoring to get involved in the Sonik Coin presale, given that tokens are on offer for just $0.000014.
Moreover, the presale has a low hard cap of just over $2 million, meaning that it’s unlikely to last for an extended period if the current momentum is sustained.
Much of this momentum is driven by the potential of Sonik Coin’s staking protocol, which currently offers an estimated APY of 2,451% for stakers.
As outlined in Sonik Coin’s whitepaper, 40% of the total $SONIK supply has been set aside for staking rewards, attracting long-term holders, and ensuring a robust incentive structure.
Crypto influencer Jacob Bury, who has over 20,000 YouTube subscribers, has already endorsed Sonik Coin, praising its staking protocol and growth potential.
Bury’s backing, combined with Sonik Coin’s unique branding and community-centric tokenomics, has primed the project for a possible rally in the crowded meme coin market.
Visit Sonik Coin Presale
Wall Street Memes Presale Nears Final Stage Ahead of Major Exchange Listings
Wall Street Memes ($WSM) is another meme coin traders are backing amid Dogecoin and Shiba Inu’s price volatility.
This trending meme coin project has made headlines in recent months thanks to the unprecedented success of its presale phase.
Wall Street Memes’ presale is now in Stage 29 out of 30, having raised a remarkable $24.2 million in funding from early investors.
With one stage left before the $WSM token makes its open market debut, potential buyers now only have a limited chance to take part in the presale for just $0.0334 per token.
Many in the Wall Street Memes Telegram community believe this could be the last opportunity to acquire $WSM at a bargain price before a potential surge in value post-listing.
Although the specific exchanges have not yet been announced, Wall Street Memes’ roadmap notes plans for Tier-1 CEX listings, further fueling anticipation among community members.
With prominent YouTubers like Zach Humphries already discussing the potential of $WSM on their channels, the project is receiving a sustained boost in visibility – setting the stage for an exciting few weeks ahead.
Visit Wall Street Memes Presale
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