It’s been a tough few days for Dogecoin ($DOGE) holders, as the original meme coin saw its price decline 3% over the weekend.
$DOGE has struggled for positive momentum in recent weeks as interest in the coin has waned due to a lack of significant price catalysts.
However, while Dogecoin slumped, newly-launched meme coin Wall Street Memes ($WSM) continued its presale traction – and is now nearing $24 million raised ahead of the developers’ planned exchange listings.
$DOGE Price Slides as Bulls Lose Control
After posting five bullish daily closes in a row, $DOGE dropped sharply on Sunday, falling to the $0.0747 level.
This drop erased most of the gains made during its recent mini-rally, disappointing Dogecoin bulls who had hoped the positive momentum was here to stay.
Sunday’s slide pulled the price of $DOGE below the 20-day Exponential Moving Average (EMA), a potential signal of a short-term bearish trend
Volume also tapered off slightly, with CoinMarketCap data showing that only $282 million worth of $DOGE exchanged hands in the past 24 hours, trailing behind Shiba Inu ($SHIB) and Solana ($SOL).
$DOGE bulls will be hoping that the price can break back above the 20-day EMA and reclaim the $0.075 to $0.076 area, which has served as both support and resistance over the past two weeks.
Lack of Catalysts & Crypto Market Weakness Weigh on Dogecoin
Unfortunately for Dogecoin holders, there is no clear catalyst for the recent bearish momentum.
As such, it appears Dogecoin’s woes have more to do with broader market sentiment than any coin-specific weakness.
The Crypto Fear & Greed Index, often used as a proxy for overall market conditions, has dropped to 50 – significantly lower than its score this time last month.
This shows that traders are taking a more risk-averse stance amid broader uncertainty, affecting speculative coins like $DOGE.
Additionally, Bitcoin’s price has stalled around $29,000, unable to reclaim the momentum it showed throughout most of June.
With the crypto market leader showing signs of weakness, it’s difficult for smaller coins like $DOGE to make positive movements.
Wall Street Memes Presale Nears $24 Million Amid Dogecoin’s Decline
While Dogecoin struggled over the weekend, one new meme coin that’s bucking the bearish trend is Wall Street Memes ($WSM).
This new project is nearing $24 million raised in its ongoing presale, now in Stage 29 out of 30.
Prospective investors can purchase $WSM for $0.0334 during this stage, with the price set to increase once more during the final stage.
$WSM is tapping into the hype from the legendary r/WallStreetBets community and bringing that vibrant energy to the crypto market.
While not officially associated with r/WallStreetBets, the Wall Street Memes creators leverage the subreddit’s edgy ethos in their branding and marketing.
This approach is resonating, with the $WSM community already over 1.1 million members strong.
Several prominent crypto influencers are also endorsing $WSM, with YouTubers like Joe Parys, who has an audience of 380,000, posting videos detailing their optimism about the token’s prospects.
This surge of community interest is also evidenced by the growth of the Wall Street Memes Telegram community, which now boasts over 18,000 members.
With the presale entering its final stages, Wall Street Memes’ creators are gearing up for Tier-1 CEX listings, scheduled for once the presale ends.
Thus, even as Dogecoin struggles without a new catalyst, this new meme coin appears poised to make waves in the low-cap crypto space.
Visit Wall Street Memes Presale
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