It’s been an eventful week in the meme coin market, with price surges, presale updates, and technical breakdowns making headlines.
$BONE has jumped over 8% in the past 24 hours, while Wall Street Memes’ presale continues marching closer to its conclusion, having raised over $26 million.
Meanwhile, the top meme coin $DOGE has flashed warning signs with its bearish technicals – pointing to further downside ahead.
1. BoneShibaSwap Soars Over 8% As Shibarium Excitement Builds
BoneShibaSwap ($BONE), the governance token for the ShibaSwap decentralized exchange (DEX), has climbed over 8% in the past 24 hours amid growing hype surrounding the new Shibarium network.
With Shibarium’s mainnet now live after months of anticipation, interest has returned to the other tokens in Shiba Inu’s ecosystem, like $BONE and $LEASH.
Although the mainnet’s launch was troubled, it appears that Shibarium’s developers have ironed out the kinks – setting the stage for a fruitful week ahead.
Shytoshi Kusama, Shibarium’s lead developer, tweeted on August 19 that the team had made “significant progress” in its second day of scaling the network.
This renewed optimism and tangible progress has many investors speculating that $BONE could witness further upside in the coming days, especially as Shibarium’s development gains momentum.
2. Wall Street Memes Presale Raises $26 Million Ahead of $WSM Launch
The presale for the new meme coin Wall Street Memes ($WSM) has now raised over $26 million and has entered its final stage ahead of the coin’s official exchange launch.
The presale has progressed through 30 stages, gradually increasing the $WSM price as it meets fundraising milestones.
As the name suggests, Wall Street Memes is inspired by the viral retail trading movement r/WallStreetBets on Reddit, which gained popularity during the GameStop short squeeze in 2021.
The association with this community has boosted Wall Street Memes’ popularity, fueling beliefs about the potential success of $WSM upon its open market debut.
Currently, would-be investors have one final chance to buy $WSM for $0.0337 through the presale before it’s launched on “multiple” Tier-1 exchanges in September.
With leading YouTubers like Zach Humphries endorsing $WSM in recent videos, the buzz around the coin continues to intensify, hinting at an exciting few weeks ahead for investors.
3. $DOGE Price Struggles Around 20-Day EMA as Momentum Wanes
It’s been a volatile few days for $DOGE holders, with the coin’s price rising between Thursday and Saturday, before trading sideways on Sunday.
At the time of writing, $DOGE is hovering just below the 20-day Exponential Moving Average (EMA) on the 4-hour price chart – showing difficulty in clearing this crucial indicator.
Additionally, the Relative Strength Indicator is currently at 35, signaling that market sentiment is still slightly bearish.
With $DOGE bulls unable to push the price higher, the coin seems stuck in a consolidation phase for now.
Data from CoinMarketCap shows that the $DOGE trading volume has dipped 5% in the past day, while the number of unique wallet addresses holding the coin has stagnated recently.
Given these signs, many investors are opting to exercise patience and wait for a significant price shift before committing.
4. Sonik Coin Presale Continues Impressive Early Momentum
New meme coin Sonik Coin ($SONIK) has had an impressive start to life, raising over $250,000 through its presale in less than one week.
The Sonic the Hedgehog-themed coin is available through the presale for just $0.000014, which is expected to be a discount on the eventual DEX listing price.
Investors have been coming in droves to snag $SONIK tokens ahead of their official launch due in part to the token’s built-in staking protocol.
According to Sonik Coin’s staking dashboard, $SONIK stakers can earn an estimated annual yield of 252%, with over 9.5 billion $SONIK tokens staked already.
Given the volume of new meme coins with no use cases, the fact that Sonik Coin has integrated a staking mechanism sets it apart from the crowd.
Many early investors believe this gives it a competitive edge in the saturated meme coin market – making it one to watch in the coming weeks.
5. SHIB2.0 Makes DEXTools’ “Top Gainers” List
Finally, the trend of “2.0 coins” shows no signs of slowing down, with SHIB2.0 ($SHIB2.0) making DEXTools’ list of the top gainers on Ethereum.
The $SHIB2.0 price has jumped nearly 40% in the past day, ending the bearish trading conditions present since August 16.
There are now over 2,100 $SHIB2.0 holders, with the token boasting a total market cap of $6.64 million.
However, CoinGecko sentiment analysis indicates skepticism among the broader investing community, with over 50% of users reporting negative feelings about the token.
This skepticism around SHIB2.0 highlights the challenges that “2.0 coins” face in differentiating themselves from their peers, hinting that the token’s recent price increase may be temporary.
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