It’s been a difficult few days for meme coin lovers, with most established tokens seeing a notable price slide.
Dogecoin ($DOGE), Shiba Inu ($SHIB), and Pepe ($PEPE) have all dropped significantly – leading many investors to wonder whether their respective rallies are over.
However, it’s not all bad news in the meme coin space, with several new projects emerging and gaining rapid traction.
Meme Coins Face Downward Pressure As Volatility Takes Hold
Volatility is the name of the game in the meme coin market right now, with the recent price dip serving as a stark warning to bullish investors.
Over the past two days, meme coins have seen a significant price decline, led by established cryptos like $DOGE, $SHIB, and $PEPE.
$DOGE has been at the forefront of the bearish momentum, dropping over 9% from Tuesday’s high.
The coin is now hovering around the $0.065 level, meaning most of the gains from the past week have been erased.
Similarly, Shiba Inu has also experienced a substantial drop in value, with the token’s price falling 8% in the same time frame.
Perhaps more worrying for $SHIB bulls is that price has broken (and retested) the 20-day Exponential Moving Average (EMA) to the downside – hinting that further selling pressure could be imminent.
This selling pressure is also evidenced in Pepe’s price movements, with the token posting three bearish daily closes in a row.
Per CoinGecko, the $PEPE price has dropped 11% in the past 24 hours alone.
Adding to the bearish woes, $PEPE looks to be printing a “Shooting Star” candlestick pattern on the weekly chart – often viewed as a bearish reversal signal.
Bearish Sentiment Wreaks Havoc on Broader Crypto Market
The recent drop in these meme coins can be attributed to the prevailing volatility in the broader crypto market.
Over the past few days, speculative traders are opting to “cash out” while prices are high – prompting a sharp drop in the tokens’ values.
In addition, sentiment has become muted towards the cryptocurrency market in general, given that the Federal Reserve released its June meeting minutes hinting that another rate hike could be looming.
All of this is tying into the current downtrend in the meme coin niche – serving as a reminder to investors about the high-risk nature of the sector.
Which New Meme Coins Are Gaining Market Traction?
Although Dogecoin, Shiba Inu, and Pepe are going through a challenging period, that doesn’t mean the meme coin market is standing still.
On the contrary, several new tokens have emerged and are causing a stir – with Wall Street Memes and Thug Life being standout performers.
Wall Street Memes Looks Set to be One of the Next Big Meme Coins as it Raises $13.1m
First up is Wall Street Memes ($WSM), which seeks to add its own twist to the robust legacy of the WallStreetBets community.
This new project has launched a humor-infused token called $WSM that allows holders to benefit from the evolution of the Wall Street Memes brand.
The Wall Street Memes brand already holds immense power, given that it has the backing of 1.1 million “degens” worldwide.
Now, the creators are looking to give back to the community, launching $WSM through a 30-stage presale that is currently offering tokens at a discounted price.
This appealing setup has helped the presale raise $13.1 million in a little over a month, with investors from around the world getting involved.
YouTube influencer CryptoWendy0 even had her say on $WSM, hinting it could be at the forefront of the next crypto bull run.
Over two-thirds of the presale supply has already been snapped up, meaning interested investors must act quickly before the token makes its CEX debut.
All in all, with the hype around $WSM now reaching fever pitch, the project could be poised for considerable growth upon the completion of its presale phase.
You can visit Wall Street Memes presale here.
New Meme Coin Thug Life Makes Impressive Start & Hits $600,000 Milestone
Alongside Wall Street Memes, the new meme coin Thug Life ($THUG) is also turning heads in the crypto market.
This project capitalizes on the cultural significance of the “Thug Life” meme and its association with legendary hip-hop personalities like Snoop Dogg.
The token leverages this connection by describing itself as the “baller’s meme coin” and urging investors to “pimp out” their money game.
Although Thug Life only debuted just over one week ago, the project’s presale has already amassed $600,000 in funding – a testament to its popularity with retail traders.
Moreover, the project’s developers have already set a future roadmap, presenting plans for CEX/DEX launches, airdrop campaigns, and even a $THUG burn mechanism.
These plans have struck a chord with the investment community, leading to a massive surge of new members into the official Telegram channel.
Given the strong initial response and well-articulated roadmap, Thug Life is positioning itself as a credible player within the saturated meme coin market.
As it continues to gather momentum, investors must act swiftly to acquire $THUG tokens during the presale for just $0.0007 before the $2 million hard cap is hit.
You can visit the Thug Life presale here.
This article is sponsored content and does not represent the views or opinions of BeInCrypto. While we adhere to the Trust Project guidelines for unbiased and transparent reporting, this content is created by a third party and is intended for promotional purposes. Readers are advised to verify information independently and consult with a professional before making decisions based on this sponsored content.