Memecoins experienced a high level of traction since April. Many recently launched token blew up and reached their all-time highs shortly after being live on the trading charts.
A recent addition to the meme coin community- Pepe, closely followed Dogecoin and Shiba Inu and aimed to leverage the public support already gained by its successful predecessors. However, the upward trajectory of these meme coins was short-lived, and they underwent massive price correction
Memecoin Price Analysis
Dogecoin was initially created in 2013 as an alternative to Bitcoin. It was considered a token which was fun and low stake. Without any major utilities attached to it, the crypto world did not consider it as a cryptocurrency with serious potential. However, a tweet from Elon Musk created a buzz about Dogecoin in 2021 which led to a tremendous hike in its value.
As a result, Dogecoin reached its peak of $0.1425 in mid-2021. However, it could not keep up with the high graphs and its price has dropped gradually since then. Today, CoinMarketcap reports that it is trading at the price of $0.071. This is around 50% less than its all-time high. In the last three years, the coin has not been able to move above the $0.1 price mark. According to crypto experts, Dogecoin will soon start to fade if serious utility is not introduced to it.
The journey of Shiba Inu is similar to Dogecoin. Soon after its launch, SHIB was able to blow past the popularity of Dogecoin and emerge as a rival of Dogecoin. It was launched anonymously by someone called ‘Ryoshi’ in August 2020. The initial fame of the coin can be attributed to its theme of the beloved Japanese hunting dog called ‘Shiba Inu’, who is known for its devotion and loyalty. It is a meme coin that operates on the Ethereum blockchain technology.
Unlike Dogecoin, Shiba Inu was able to scale faster in a very short period. It acquired more than a $40 billion market cap within a year after its launch. However, in the year 2022, it crashed and its market cap reached $7.5 billion. Despite its scalability and potential, SHIB succumbed to the recent meme coin crash. The coin is now trading nearly 88% below its all-time high of 2021. The overall market sentiment is bearish for the coin and things are likely to remain the same in the next couple of weeks.
The unexpected drop in both Shiba Inu and Dogecoin could be because of their lack of intrinsic value. Perhaps, investors are acting cautious and looking for future growth, which depends on utility or developments rather than social media storm.
PEPE is a new coin that started trading on 15 April 2023. Soon after, its price skyrocketed which helped its market capital to reach a high of $1.6 billion. This project implements a no-tax policy, a burning system to maintain scarcity, and a redistributing set-up to reward its loyal coin stakers to maintain its favourable position in the crypto industry.
The token had its surge of $0.000004213 in May 2023. Despite its price correction, the coin was doing okay for a while. But, now it is trading 69% below its all-time high. The coin is experiencing a bearish movement and there is no hint or indication that it may change for the better soon. The crashing of the meme coin market will now diminish any bullish sentiment its supporters might have.
In light of this pessimistic outlook, investors is now looking for greener pastures with good potential. This paves the way for coins like- Wall Street Memes.
Will Wall Street Memes (WSM) be a Good Alternative?
Wall Street Memes (WSM) is defined by its developers as a token that could generate wealth. It is inspired by the motto that ‘Greed is good’. This meme coin was designed in honor of the 2021 event that gave rise to the GameStop short-squeeze. Although it is a meme coin, it is projecting itself as much more than that. The project has merchandise ideas with which it aims to gain social acceptance and popularity.
The project has a lot of factors going on in its favor. At the onset, it is leveraging the meme coin niche and using the same fundamentals implemented by PEPE and SPONGE to influence price surges. It has simple yet robust tokenomics. Out of its total supply of $2 billion, it is reserving $1 billion for the presale. Rest is divided into community rewards and liquidity, with 30% and 20%, respectively. The project has already gained strong social media supporters, which has the potential to take the token to new heights.
Check out Wall Street Memes’ official website- wallstreetmemes.com – where you can find all the information related to the project’s ongoing presale.
Wall Street Memes – Next Big Crypto
- Early Access Presale Live Now
- Established Community of Stocks & Crypto Traders
- Featured on BeInCrypto, Bitcoinist, Yahoo Finance
- Rated Best Crypto to Buy Now In Meme Coin Sector
- Team Behind OpenSea NFT Collection – Wall St Bulls
- Tweets Replied to by Elon Musk