The world of crypto is no stranger to regulatory turmoil. The U.S. Securities and Exchange Commission (SEC) recently disclosed a list of cryptos they regard as securities, sparking mixed reactions from the market.
Blue chip cryptos like Cardano (ADA) and Polygon (MATIC), among others, found their names on the list, raising eyebrows across the crypto world and causing prices to crash.
However, meme coins including leading tokens like Dogecoin (DOGE) and Shiba Inu (SHIB) were absent from this classification. Could this present an opportunity for meme coins to rise? Let’s take a closer look at what the SEC lawsuit could mean for the top meme tokens.
How SEC’s Exclusion Might Fuel Meme Coins’ Rise
The exclusion of meme coins from the SEC’s securities list could have considerable implications for these digital assets, potentially serving as a bullish indicator.
Securities, by nature, are subject to more stringent regulations, which can include specific disclosure requirements and compliance with investor protection laws.
By dodging this categorization, meme coins may escape such regulatory hurdles, paving the way for less restricted trading and investment. This could also enable more fluid market movements and open the doors for a broader spectrum of investors.
Apart from this, meme coins hold a unique appeal. Their often-humorous, community-driven ethos can attract an enthusiastic and engaged audience.
If these communities perceive the SEC’s recent move as a regulatory ‘green light,’ it could drive increased buying pressure, contributing to the appreciation of these coins’ value.
Dogecoin: Biggest Meme Coin Down By Over 15% Past Week, Striving to Rebound
Dogecoin is a meme crypto that started as a joke but has since gained real-world use. Transactions are quick, and fees are low, making it popular for microtransactions.
Over the past week, despite seeing a downtrend of approximately 15%, Dogecoin has shown its resilience. Notably, the $0.061 support level has been steadfast, signaling a bullish stance among investors.
However, a bullish hammer candlestick recently appeared on its daily chart, a technical analysis pattern often indicating a trend reversal.
This suggests buyers are stepping back in, ramping up their holdings, and driving demand. As a result, despite the recent dip, investors remain bullish, strongly believing in Dogecoin’s potential. However, like all cryptos, its value is volatile, and investing in it comes with risks.
Shiba Inu: Striving To Rise from Yearly Lows After the Recent Dip
Shiba Inu is the second biggest meme coin that gained popularity due to its low price and high circulating supply. Shiba Inu’s creators designed it to be a “fun” token, building a community of holders around it.
The meme token has seen a rough week. With a 22% dip, the coin may be stuck in a bearish trap. Also, It’s worth noting that the meme coin plunged to its two-year low on 10 June amidst market uncertainty. A likely bullish rebuttal can help the SHIB break its current bearish chains.
As a result, Shiba Inu’s capacity to bounce back from its current support levels will be pivotal in determining its short-term trajectory. From a relatively long-term perspective, its community will play a vital role in driving SHIB’s price above critical resistance barriers.
While seasoned meme tokens like Dogecoin and Shiba Inu still strive to break free from the bearish pressure, meme coins like Wall Street Memes & AiDoge have gained traction.
Wall Street Memes Soars Amid Regulatory Concerns, Securing Over $6.5m
Amidst the ongoing regulatory uncertainty, one meme token achieving milestones is the newly launched $WSM token by Wall Street Memes. It originates from the creators of the Wall St Bulls NFT project, which witnessed a sellout in just 32 minutes.
The token has already witnessed significant support, evidenced by its impressive $6.5 million fundraising in a little over two weeks. Its presale offers an attractive entry point for early investors, with one $WSM token selling out for $0.0283 USDT.
The $WSM token stands tall with its strong community of over a million followers across various platforms and engagements from prominent personalities like Elon Musk.
Also, its community-centric distribution strategy caps the total supply at 2 billion tokens – half reserved for presale, 30% for community rewards, and 20% to ensure exchange liquidity.
Moreover, the project has planned an upcoming airdrop, planning to reward $50k to a few lucky winners across social media channels.
The platform showcases its ability to keep pace with evolving market trends, reflecting the enthusiasm that powered the GameStop and AMC bull runs of 2021. Consequently, many popular analysts suggest that $WSM has the potential to be the next big meme coin.
Visit Wall Street Memes Presale
AiDoge: New Platform Blending Memes with AI That Raised $14.9 Million, Prepares For Listing on 19th June
AiDoge is another new entrant in the meme crypto market, distinguishing itself by merging two dominant trends – meme coins and artificial intelligence. The crypto’s presale impressively sold out a hard cap of $14.9 million within four weeks of its launch, indicating strong market interest.
AiDoge offers a unique proposition – an AI-powered meme generator. The platform enables users to utilize AI to create engaging memes. The more successful creations receive rewards in $AI tokens, which incentivize participation and fuel the platform’s growth.
Though AiDoge’s development team has opted for anonymity, a common practice in meme coin projects, their commitment to the project is evident.
The coin’s smart contract has undergone a rigorous audit by leading security firm Certik, and there’s a 10-year vesting period on team tokens.
Users can also stake their $AI tokens for additional token generation, further boosting the coin’s appeal. With meme coins and Artificial Intelligence tokens marking a combined market cap exceeding $6 billion, AiDoge’s unique integration of these two popular niches could potentially reap significant returns.
The presale period has concluded, yet there’s still an opportunity for investors to purchase AiDoge at its current listing rate of $0.0000336.
Visit AiDoge Presale
Disclaimer
This article is a paid publication and does not have journalistic/ editorial involvement of CoinGape. CoinGape does not endorse/ subscribe to the contents of the article/advertisement and/or views expressed herein. Do your market research before taking any actions . The author or the publication does not hold any responsibility for your personal financial loss.
Credit: Source link