As the crypto market faces familiar turbulence, meme coins like Dogecoin ($DOGE) and Pepe ($PEPE) haven’t been spared.
Market sentiment has turned bearish for these two coins, with traders now looking elsewhere for growth in the meme coin space.
Amidst this backdrop, Wall Street Memes ($WSM) continues to make headway in its presale phase, which is inching closer to its final stage before $WSM’s exchange debut.
Dogecoin’s Slump Worries Investors as Price Breaks Key EMAs
Dogecoin closed in the red for the fourth day in a row on Wednesday, with the coin’s price dropping to the $0.067 level.
This represents a 19% drop from July’s peak, with price now forming clear lower-highs and lower-lows on the daily time frame.
Price is now trading at the same level it was in mid-July, before the bullish surge that took $DOGE to $0.083.
Perhaps more worryingly, Dogecoin’s price has broken through the 20-day, 50-day, and 200-day Exponential Moving Averages (EMAs) within the space of four days.
Breaking these EMAs, especially the 200-day EMA, is often seen as a strong bearish indicator, suggesting that $DOGE may face increased selling pressure in the near term.
As such, investors are watching closely for potential rejection levels, which would provide a silver lining amid the bearish momentum.
Pepe Coin’s Volatility Continues with 17% Price Drop
Shifting away from Dogecoin, Pepe coin also mirrors the downtrends in the broader crypto market.
After hitting a high of $0.00000145 on Monday, $PEPE’s price has taken a nosedive, currently trading around $0.00000120 – a 17% decline.
This has left $PEPE holders startled, given the bullish rally last week.
Pepe coin’s daily price chart also shows alarming signs, given that price has recently fallen below the 20-day and 50-day EMA.
Much like with Dogecoin, the velocity of the drop has sparked discussions among some in the crypto community regarding whether $PEPE may fall back to yearly lows of $0.00000083.
Additionally, data from CoinMarketCap shows that $PEPE’s trading volume has increased by 5.53% in the past 24 hours.
Ultimately, it looks to be a challenging time for $DOGE and $PEPE holders, as both coins face significant headwinds in an already volatile market.
Wall Street Memes Bucks the Trend Amid Meme Coin Slump & Raises $24.5 Million
While legacy meme coins like Dogecoin and Pepe are sliding, one project still showcasing momentum is Wall Street Memes ($WSM).
Even as the crypto market faces familiar woes, enthusiasm remains for the $WSM presale, which is now in Stage 29 out of 30.
The presale has raised over $24.5 million thus far, with investors able to buy $WSM tokens for $0.0331 ahead of their exchange debut in the weeks ahead.
As its name implies, Wall Street Memes draws inspiration from the ethos of the WallStreetBets subreddit – an approach that has resonated with those looking to take a stand against traditional financial institutions.
The group gained widespread fame in 2021 when they sparked a mass short selling of Gamestop stock to beat hedge funds at their own game, and WallStreetBets stocks have been popular ever since.
This unique branding has given $WSM a distinct edge in the saturated meme coin market, leading to over 18,800 people joining the project’s official Telegram channel.
$WSM has also been attracting attention from social media influencers, with YouTuber Zach Humphries recently endorsing the token in a video to his 115,000 subscribers.
Further bolstering its potential, Wall Street Memes’ team has laid out plans for an exclusive “gated community” and a $1 billion market cap in the future.
This lofty market cap goal underscores the team’s confidence in the project’s potential to be a breakout star in the meme coin market.
Time will tell whether Wall Street Memes can achieve this ambitious target, but for now, the project has undoubtedly captured the attention of newcomers and seasoned investors alike.
Visit Wall Street Memes Presale
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