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The crypto market is once again in the grips of bearish sentiments, with Bitcoin on the verge of falling below the $30,000 price threshold.
Meme coins, in particular, are taking a heavy beating as their total market capitalization plummeted by 2.3% in the past 24 hours. The second largest meme token, Shiba Inu, is seeing a strong correction despite the upcoming Shibarium upgrade.
On the other hand, the Pepe coin price is in a free fall as whales are dumping their holdings, with the token down almost 16% in a week.
However, several new meme coins remain bullish. Wall Street Memes token has become one of the most talked about tokens after raising $13m through its presale, while the Thug Life token is also trending.
Shiba Inu & Pepe Coin Tumble As Crypto Market Turns Red
Shiba Inu has succumbed to the heavy selling pressure over the broader crypto market. Despite the positive developments in its own ecosystem, $SHIB has plunged over 3% over the past day, bringing its weekly loss to 2.3%.
The token fell below the $4.5 billion market cap while its 24-hour trading volume also decreased by 20%.
$SHIB has been enjoying the Shibarium frenzy, as it is up 16% over the past month. Shibarium is the layer-2 network of the Shiba Inu blockchain that will boost its scalability – faster transactions with lower costs.
According to lead developer Shytoshi Kusama, the Shibarium upgrade will likely go live in August, an event which will likely result in a $SHIB bullish surge. Even when Shibarium’s testing environment Puppynet surpassed 20 million transactions, the Shiba Inu price skyrocketed.
According to on-chain data firm Santiment, the token is seeing renewed interest from whales.
However, the positives are not enough to outweigh the macroeconomic fears enveloping the market. The next CPI inflation data will be released on the 12th of July, with the PPI data coming out the following day.
These reports will play a crucial role in the next interest rate decision by the Federal Reserve. If the central bank proceeds with its hawkish stance, the crypto market will likely see a major correction.
Pepe coin is another meme coin that has gone into a downward spiral. The token has plunged over 5% in the last 24 hours and 18% in the weekly time frame.
Pepe’s bearish outlook has resulted in whales and smart money investors dumping their $PEPE holdings. According to LookOnChain, a pseudonymous trader who made tens of millions in profits from Pepe’s initial rally recently sold 180 billion $PEPE tokens.
TradingView, a technical analysis firm, gives a sell signal to the token in the daily time frame which deteriorates to a strong sell when considering the important moving average indicators.
Which Meme Coins Are Bullish This Week?
Shiba Inu, Pepe, and Dogecoin have turned red as the crypto market is back to its bearish ways. Investors are looking for alternative meme coins that can generate explosive price growth despite the bear market.
The Wall Street Memes token continues to race through its presale as it has raised $13.8 million. Similarly, the Thug Life token is another meme coin to watch out for as experts believe it has bullish potential.
Wall Street Memes Token Nears $14 Million, Experts Believe This May Be The Next Pepe Coin
Pepe Coin’s initial 10,000% bull rally remains the talk of the town, with new tokens trying to replicate its success every day. However, few meme coins have had as much success as the recently announced Wall Street Memes token.
Despite starting its presale a little over a month ago, the $WSM coin has already raised $13.8 million in the presale and is quickly closing in on the $14 million milestone.
The token’s strong start has excited meme coin enthusiasts, with popular crypto analyst Darryl Boo calling $WSM the next Pepe coin.
This is not an impossible target for the token as it does have one of the most important qualities of any successful meme coin – a strong community backing. Born out of the historic GameStop short squeeze, the Wall Street Memes group has become the internet’s trendiest trading community.
Its social media pages farm over 40 million monthly impressions and even Elon Musk is a fan of its Twitter account.
The project also has proven expertise in the Web3 space as well. Its famous Wall St Bulls NFT collection sold out in 32 minutes, netting $2.5 million in profits.
The entire $WSM supply is available to the general public with no cuts for any private sale. 50% of the tokens are available in the presale itself, while another 30% are allocated for rewarding loyal community members. Five lucky degens can also earn $10k worth of $WSM tokens through a generous airdrop.
Investors looking to get in early can acquire the token by swapping ETH or USDT tokens. Alternatively, they can purchase the token through bank cards.
You can visit the Wall Street Memes presale here.
New Thug Life Meme Coin Set To Raise $1 Million, Traders Predict 10x Growth
The bustling world of meme coins may have another 10x contender as the Thug Life token is having an explosive presale – $THUG has raised $811k in just two weeks.
The Thug Life culture stems from the Hip-Hop music genre and was popularised by rap legends like Tupac, Snoop Dogg and Ice Cube. It refers to a devil-may-care attitude and the spirit to win at all costs despite the obstacles.
In the meme coin market where a project’s message is everything, the Thug Life narrative has clearly struck a chord with the community.
Due to the volatile nature of the market, many investors have felt the pain of one bad investment that has lost their life savings. Others have been scammed by influencers and pump-and-dump schemes.
Whatever the cause, $THUG is offering another chance to such traders to right the ship. The token is harnessing the power of humour, brotherhood and resilience to generate whopping gains.
The Thug Life coin has also adopted community-driven tokenomics to boost user adoption. The presale has a hard cap of $2,058,000 and will end in less than 7 days. With 70% of the entire token supply available in the presale itself, investors are rushing to get in early and maximize their profits.
$THUG is currently priced at $0.0007, but according to popular crypto YouTuber Jacob Bury, it can show an explosive 10x growth after launch.
Investors can purchase the token through bank cards or acquire it by swapping ETH or USDT tokens.
You can visit the Thug Life presale here.
Disclaimer
This article is sponsored content and does not represent the views or opinions of BeInCrypto. While we adhere to the Trust Project guidelines for unbiased and transparent reporting, this content is created by a third party and is intended for promotional purposes. Readers are advised to verify information independently and consult with a professional before making decisions based on this sponsored content.
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