Top meme token Dogecoin was once regarded by investors as the number choice for taking advantage of explosive price movement. However, investors are now concerned about the token’s long-term viability as the $1 dream grows more distant every day and the DOGE price continues to stagnate.
Similarly, after a strong performance by Terra Classic on Sunday, where it pumped more than 30% in a matter of hours, the token faced a major correction on Monday. Analysts remain concerned whether Terra Classic will ever regain its former glory in the eyes of investors.
While Doge and LUNC spell doom and gloom, investors are already swarming to two other newly launched meme coins – Wall Street Memes ($WSM) and AiDoge ($AI).
They are already being regarded as the next big thing in the meme coin market given their exciting performance during their presales. Let’s take a look at why traders are backing these new tokens to outperform the likes of DOGE and LUNC.
Dogecoin & Terra Classic Struggle To Break Correlation to Bitcoin as Price Plummets
Despite the raging meme coin mania, the largest meme token – Dogecoin – continues to disappoint investors with its lack of volatility. While alternative tokens such as Pepe displayed 8000x growth, $DOGE continues to trade 90% below its all-time high of $0.731.
Despite being the third-most-popular crypto token in the United States, Dogecoin has been unable to break its correlation with the overall market. As crypto prices plummeted over the last 24 hours due to the pre-FOMC correction, Doge slid over 1.5% as well. This brings the token’s weekly losses to 2.5%. Dogecoin is currently trading at $0.0717 with a market capitalization of over $10 Billion.
The token’s troubles do not stop there as its biggest supporter, Tesla CEO Elon Musk, has been sued for insider trading and $DOGE price manipulation. The complainants claim that Musk invested $124 million in Dogecoin when he changed the Twitter logo to the Doge symbol. If the lawsuit is indeed successful, it can be catastrophic for the token in the long run.
Price prediction platform WalletInvestor clearly states that the token price will not reach the $1 mark. A technical analysis of the token confirms as much since it is underperforming with almost every moving average indicator. TradingView, a technical analysis platform, gives $DOGE a Strong Sell signal in the daily time frame.
Terra Classic is facing an even more difficult time as bears have taken full control of the token. After a strong bull rally that saw LUNC prices explode over 25%, the token has now corrected 5% in the last hour itself.
Yesterday’s rally can be attributed to the release of the latest V2.1.0 parity upgrade proposal, which will bring the Terra Classic chain to parity with other blockchains such as Terra 2.0. This proposal is considered to be a crucial step in restarting developer activity on the chain and restoring investor confidence in the token after the Terra LUNA crash of May 2022.
To an extent, the proposed upgrade has even been successful in garnering some positive sentiment. In the last 24 hours, close to $130,000,000 million was invested in LUNC. However, Terra’s price correction shows that the token still has a long way to go before it receives any sustainable traction.
The technical analysis of the token also shows that yesterday’s rally was an anomaly. TradingView gives a Sell signal to the token in the weekly time frame which deteriorates to Strong Sell when considering the moving average indicators. With LUNC currently trading at $0.0000973, a bull rally to $1 seems impossible any time soon.
Wall Street Memes Token Hits $4 Million in Presale – Next Big Meme Coin?
While major tokens such as Dogecoin and Terra Classic remain bearish, the Wall Street Memes ($WSM) token is sneakily becoming the most electrifying asset in the meme coin market. The token has now raised over $4.2 million in just 10 days, exceeding all the social media hype.
The token’s strong start is not surprising to those familiar with the brand value and the 1 million strong social media army of the Wall Street Memes group. The group was part of the historic GameStop short squeeze and the ensuing GME and AMC bull run and is now tokenizing the movement and enabling an army of internet traders to go up against the might of financial institutions.
The WSM group also has a strong customer base in the Web3 space. It sold out its Wall St Bulls NFT collection in 32 minutes, netting over $2.5 million, and also recently launched its own Bitcoin Ordinal NFTs. The $WSM token is sure to receive a strong boost from this loyal Web3 community.
Despite the enormous popularity of the project, the Wall Street Memes group is not resting on its laurels. The entire token supply is available to the community, with no reserves for any private sale and no team allocation. 50% of the total 2 Billion tokens are up for grabs in the presale itself. Meanwhile, 30% of the supply will be reserved for cool community rewards.
Five lucky degens will also win $10K worth of $WSM tokens through an extremely generous airdrop.
The meme coin’s sound tokenomics and the strength of its community may make it the next token to breach the $1 mark. Users can capitalise on this massive opportunity by heading to the token presale and purchasing $WSM through bank cards or by swapping ETH or USDT tokens.
Visit Wall Street Memes ($WSM) Presale
AiDoge Heading for IEO on June 19 after Selling Out $14.9m Presale in Just Four Weeks
Another potential meme coin that is expected to pump in the coming weeks is AiDoge ($AI), which is now set for its initial exchange offering after an explosive presale.
The project, which combines generative AI and memes, sold out its $14.9 million hard cap in just four weeks after launching.
The IEO is now set for June 19, with analysts expecting the price of $AI to skyrocket given its huge utility.
The token is needed to create viral memes on the AiDoge platform, which will not only allow the project to grow but will provide rewards and ownership.
$AI tokens are used to purchase credits to generate memes with artificial intelligence. Users input text-based prompts – much like on ChatGTP or Midjourney – with the AI then generating a meme that can be shared.
They will be displayed on a public wall where other users can upvote and downvote them, with the best memes earning weekly and monthly rewards.
Furthermore, the memes will be generated as NFTs, giving the creator ownership of the meme and the ability to then sell it on the market.
The AI also uses machine learning to understand which memes have been more successful and, over time, apply that understanding to improve future memes.
A small amount of $AI tokens are still available to purchase on the presale site for $0.0000336 – the same price as the list price once it hits exchanges – and YouTube analyst Jacob Crypto Bury recently said it had 10x potential.
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