Several top meme coins have dropped significantly over the weekend, with Shiba Inu one of the worst affected, down 4.69% in 24 hours. Other high-value meme coins are also down in the last seven days, with Dogecoin and Pepe down 6% and 10%, respectively.
However, newer low-cap meme coins have pushed ahead unfazed, with Shibie Coin and Wall Street Memes leading the way amongst the next generation of viral crypto assets.
Shiba Inu Loses Its Recent Gains Amid Bearish Market Sentiment
Shiba Inu is working towards the mainnet release of Shibarium, its Ethereum layer two scaling solution. This recently generated significant excitement in the community, causing the SHIB price to climb. However, the project stalled over the weekend, causing a subsequent dump, with SHIB falling from $0.00001035 on 5 August to $0.0000092 today.
The recent selloff is likely a consequence of the broader meme coin market’s current bearish sentiment, with other top meme coins down significantly in the last seven days.
However, the recent Shiba Inu pump may have been a mere “bull trap” because if we zoom out to the one-year chart, we can see SHIB’s overarching direction is bearish.
SHIB is down 23% over the past year and 89.64% from its ATH, continuing to make lower lowers and lower highs.
As a result, the recent pump may have been caused by fear of missing out (FOMO) due to the Shibarium development and market makers artificially pumping the price to trick retail into buying SHIB at a higher price.
Also, Dogecoin and Pepe have faced difficulty recently, with both projects massively down from their ATHs.
Dogecoin is down 89% from its ATH. Meanwhile, Pepe is down 73% from its ATH and down 25% in the past month alone.
One of the reasons for the downfall of the top meme coins is that they are driven by hype and FOMO. Investors want to capitalize on volatility but realize that lower-cap coins provide better alternatives to multi-billion dollar market cap projects.
As such, the hype around top meme coins is dying out, with much of the meme coin community shifting its focus to new lesser-known meme coins.
Barbie-Shiba Inu Crossbreed Shibie Coin Eyes Quick Presale After Raising $160K
What happens when a culturally revolutionary movie like Barbie crossbreeds with a top meme coin like Shiba Inu? That remains to be seen, but a group of trend-savvy devs have dared to find out.
Shibie Coin is a new meme coin inspired by a blend of Barbie and Shiba Inu. The project was released following the blockbuster Barbie movie release, which took the world by storm recently.
It is currently available at presale, with a hard cap of just $999,999, and has already raised over $160K. The presale looks to sell out quickly, with just seven days until it closes.
According to its whitepaper, 60% of tokens will be available at presale, with 20% allocated to liquidity, 10% towards CEX listings, 5% to marketing, and 5% to the team.
Shibie Coin has proven widely popular, with prominent analysts like Jacob Bury praising the project.
One of its main draws is that it enables prudent investors to capitalize on the iconic cultural talking points raised in the new movie.
That said, the project also promises a fun “tail-wagging journey” and will launch an AI-powered Telegram bot for the community to “engage in playful banter” with.
Wall Street Memes Touted as Next Big Meme Coin Having Raised $22 Million at Presale
One of the most successful crypto presales of this year so far, Wall Street Memes, has recently surpassed $22 million in raised funds. Investors have been flocking to the project the past week to secure their $WSM tokens at a discounted presale price ahead of its exchange launch.
Popular YouTuber Michael Wrubel, who has over 300K subs, has been a big proponent of the project, backing it since early in its presale.
The Wall Street Memes project quickly rose to prominence as it launched with over one million social media followers. Founded in 2021, Wall Street Memes was inspired by the GameStop and Wall Street Bets saga.
It began posting memes to social media and then released an NFT collection, Wall St Bulls, which sold out in 32 minutes and raised $2.5 million. Since then, the project has built a massive community, with even Elon Musk engaging with its tweets.
The new meme coin aims to follow in the footsteps of Wall Street Bets and fight traditional finance malpractice through community, memes and humor. However, Wall Street Memes will “tokenize the movement” by bringing it to crypto.
Wall Street Memes’ presale has a $30,577,000 hard cap, so time is running out to join with over $22 million already raised.
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