While meme coin stalwarts Dogecoin ($DOGE) and Shiba Inu ($SHIB) have struggled to gain momentum recently, a new player has emerged looking to shake up the market.
The recently launched presale token Sonik Coin ($SONIK) has raised $350,000 during the first week of launching, showcasing a high level of demand from early investors.
With $SONIK’s momentum showing no signs of slowing, token holders are already looking forward to the upcoming Uniswap listing, scheduled for once the presale concludes.
Dogecoin Price Struggles as Bear Flag Forms
The original meme coin, Dogecoin, has hit a rough patch recently, with its price dropping from $0.083 in late July to its current level of $0.063.
After showing some stability throughout most of June and July, Dogecoin began a steep decline 10 days ago that has accelerated into a bear flag pattern on the daily chart.
With buyers unable to push $DOGE back above its 20-day Exponential Moving Average (EMA), the bear flag indicates that further downside may be ahead.
Unless buying volume returns quickly, Dogecoin risks falling to the support level of around $0.057, which was tapped on June 10.
For a coin heavily driven by hype and social media buzz, this fading momentum signals deeper issues that could plague $DOGE for the remainder of 2023.
Shiba Inu EMA Breakdown Signals Further Downward Momentum
Shiba Inu, affectionately dubbed the “Dogecoin killer,” has also hit a wall recently after showing promise earlier in the year.
Currently trading at $0.0000082, $SHIB has slid downward after peaking at $0.0000113 on August 12.
The much-anticipated layer-2 solution Shibarium was launched last week but was immediately plagued with technical problems that stalled adoption.
Now fixed, Shibarium has still not attracted the adoption needed to boost $SHIB usage – adding to token holders’ woes.
More concerning is $SHIB’s break below its 20-day, 50-day, and 200-day EMAs on the daily chart.
Breaking through these crucial long-term and short-term averages indicates growing bearish momentum and a lack of buying interest.
Unless $SHIB sees a renewed wave of buzz and utility, there’s potential for the price to fall further in the remainder of 2023.
Sonik Coin Hits $350,000 Milestone as Uniswap Listing Nears – Next Big Meme Coin?
While Dogecoin and Shiba Inu struggle, the trending Sonik Coin ($SONIK) presale has breached the $350,000 milestone during its presale in just one week.
This brand-new meme coin draws inspiration from SEGA’s beloved Sonic the Hedgehog franchise and is focused on speed – aiming to become the fastest token to reach a $100 million market cap.
Sonik Coin’s creators have implemented an innovative staking rewards system, with 40% of the total $SONIK supply set aside for those who lock up their tokens in the staking pool.
According to Sonik Coin’s staking dashboard, the estimated yield on offer is 188% APY, with over 12.7 billion $SONIK tokens staked already.
With Sonik Coin’s presale generating significant early momentum, the developers are already gearing up to launch on Uniswap, which will happen once the hard cap of $2 million has been hit.
As Sonik Coin’s whitepaper outlines, 10% of the total token supply will provide liquidity for this listing, helping stabilize price and minimize slippage.
These factors have combined to create a growing buzz around Sonik Coin, with leading YouTuber Michael Wrubel, who has over 310,000 subscribers, endorsing $SONIK in a recent video.
All in all, Sonik Coin’s early presale success and upcoming Uniswap listing have piqued the interest of meme coin enthusiasts worldwide – priming $SONIK for an exciting few months ahead.
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