It’s been another dramatic week for meme coin lovers, with several significant events catching their attention.
Pepe ($PEPE) has seen a substantial dip in its price, while newcomer Wall Street Memes ($WSM) is creating waves by raising over $15 million in its ongoing presale.
This article discusses both of these major talking points, along with several other intriguing developments in the meme coin space.
1. Pepe Price Tanks After Hitting Major Resistance Level
The price of Pepe ($PEPE) has seen a sharp decline in recent days, falling around 17% since Friday.
This drop comes after $PEPE hit stiff resistance at the $0.000001864 level last week, sparking a rejection and a change in investor sentiment.
Since then, $PEPE has erased most of the gains made during the bullish surge last Thursday.
Moreover, the selling pressure has meant that $PEPE is now testing the 20-day Exponential Moving Average (EMA) as support – and investors are hoping it holds to prevent another sharp drop.
Unfortunately for $PEPE bulls, the token’s daily trading volume has dropped to just $82 million, according to CoinMarketCap data.
This volume decrease signals waning interest in the token, which could lead to further price erosion.
Ultimately, the next few days will be crucial for $PEPE as it tries to find a new floor and stabilize after its recent price swings.
2. Viral Project Wall Street Memes Raises $15m in Ongoing Presale Phase
Wall Street Memes ($WSM) is quickly becoming one of the most notable projects in the meme coin market, offering an exciting blend of memes and community empowerment.
This brand-new project has already raised over $15 million in its ongoing presale phase, signaling strong investor confidence.
The project’s creators, who also developed the Wall St Bulls NFT collection, have launched $WSM to make their mark on the crypto market.
Building off the success of this NFT collection, the creators aim to leverage the strength of the Wall Street Memes brand, which already boasts a following of over 1.1 million people worldwide.
Currently, $WSM tokens are available for just $0.0316 during the presale, although this price will increase incrementally between presale stages.
This setup has heightened the buzz around the Wall Street Memes presale, which is projected to sell out in the coming weeks.
With members of the Wall Street Memes Telegram channel already speculating about potential Binance listings in the future, it’s clear there are high hopes for this ambitious new meme coin.
3. Shiba Inu Team Announces “Summer of Shibarium”
Shiba Inu ($SHIB) has also been in the news this week after the project’s official Twitter account tweeted an announcement for the “Summer of Shibarium.”
Urging investors to “get their swimsuits ready,” the creators have highlighted a complete revamp of the Shib.io website in preparation for the long-awaited release of the Shibarium.
For those unaware, the Shibarium is an upcoming Layer-2 network for the Shiba Inu ecosystem.
This network, built on the Ethereum blockchain, aims to improve transaction speeds and lower costs for $SHIB payments.
Not only that but Shibarium is also expected to act as a “hub” for various other features within the Shiba Inu ecosystem, such as a metaverse and blockchain-based video games.
Although there’s still no official launch date for Shibarium, the PUPPYNET testnet was a resounding success, highlighting the demand for Layer-2 solutions.
Thus, with the Summer of Shibarium in full swing, $SHIB investors eagerly await any new developments that could send the token to new heights.
4. Hoppy Token Soars 4,800% in Two Days & Trends on DEXTools
New meme coin Hoppy ($HOPPY) has exploded in price over the past 48 hours, rocketing by 4,800%.
This upside move saw $HOPPY hit an all-time high of $0.0000000356 in the early hours of Monday morning, although the price has pulled back slightly since then.
At the time of writing, $HOPPY is trading at $0.0000000218 – 39% below its peak.
Data from DEXTools.io reveals that $HOPPY now boasts a market cap of $9 million, with nearly 3,000 wallets holding the token.
Moreover, approximately 14,900 transactions have already been completed, all in the space of two days.
Driving demand for $HOPPY is its meme-based branding, which revolves around Hoppy the Frog – the character Matt Furie created before Pepe the Frog.
With $HOPPY’s meteoric surge showing the power of low-cap cryptos, time will tell whether the token can sustain these gains long-term.
5. Meme Coin Market Tops $16.5bn As Hype Continues to Grow
Finally, data from CoinMarketCap shows that the meme coin market is now valued at over $16.5 billion, with the hype around these tokens continuing to grow.
The recent gains of tokens like $PEPE and $WOJ have highlighted the profit-making potential of getting in early on viral meme projects.
Naturally, this has sparked an influx of new meme coins aiming to replicate these results – with Pepe 2.0 ($PEPE2.0) being one of the standout performers in recent weeks.
As such, the meme coin phenomenon shows no signs of slowing down, with investors worldwide seeking the “next big thing” in the space.
Although some believe this frenzy will eventually run out of steam, for now, the meme coin hype continues to captivate investors with the allure of market-beating returns.
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