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Shiba Inu Price Struggling as Traders Switch to These New Meme Coins

As Bitcoin lingers below the $28K mark, the wider crypto market finds itself locked in bearish chains, struggling to find a rally. Meme coins such as Shiba Inu, Dogecoin, and Pepe have been no exception, registering losses over the past week. Shiba Inu is down 0.5% in 24 hours and over 6% in a week, making it the biggest loser.

The broader crypto market, caught up in a sluggish phase, is yet to embark on a decisive rally. Let’s take a look at Shiba Inu’s and other coins’ prospects for this month, as well as two new tokens that many meme coin traders are backing to perform well in the coming weeks.

Meme Coins Caught in the Market Storm

Shiba Inu, the second biggest meme coin, has been on a noticeable downtrend for the last four months as the wider market struggles. It’s lost over 10% in the last month alone, with no indication that this trend will be bucked in the coming weeks.

Similarly, Dogecoin, the current meme coin market leader, has seen its fortunes tied to Bitcoin. Over the past month, Dogecoin exhibited a 67% correlation with Bitcoin, resulting in a significant downturn over the last two months that aligns with the movement of Bitcoin and the broader market.

With their recent downfalls, Shiba Inu and Dogecoin have approached their immediate major support levels, creating chances of a possible recovery. However, this recovery depends on several factors, including the overall market sentiment and Bitcoin’s performance.

The Crypto Fear & Greed Index is currently positioned in the neutral region, implying the market is yet to tip in favor of either buyers or sellers. The decline in trading volume over the past few days further emphasizes this neutrality.

Pepe, another meme coin, has struggled, recording a decline of over 15% in the last week. After a spectacular surge a few weeks back, Pepe has been on a largely downward trajectory, although it has risen 3% in the last 24 hours as the market experiences extreme volatility

This bearish trend, however, has not prevented new meme coins from making their debut. Despite the broader downturn, meme coins such as Wall Street Memes and AiDoge have sailed through their presale stages, raising eyebrows and interest in equal measure.

Wall Street Memes, known for its popular Ethereum-based NFT collection, Wall St Bulls, has recently introduced its meme coin, $WSM. The $WSM token is currently in its presale phase and sells out for $0.028.

The coin has shown promising initial momentum, with the presale gathering over $5.4 million in just a few days of launch.

Following the success of their NFTs, which sold out in just 30 minutes, the team behind Wall Street Memes has been keen to align with crypto trends, now launching their very own meme coin.

Presales often carry risk, but platforms backed by strong communities usually yield positive long-term results. The community backing for Wall Street Memes is evident from its massive follower base across five social media platforms, numbering over a million.

Wall Street Memes has captured the attention of well-known personalities, including Elon Musk, evidenced by his interaction with their Twitter account

This prominent digital visibility and the recognition it commands could facilitate listing the $WSM token on prominent crypto platforms like Binance.

The tokenomics of $WSM reflect a commitment towards a community-centric approach. The total supply cap for $WSM is 2 billion, with all earmarked for the community. 

Of this, 50% is allocated for the presale, 30% for community rewards, and 20% for exchange liquidity. This lack of team allocation mitigates the risk of a rug pull, assuring investors of a 100% community-driven project. 

Wall Street Memes’ entry into the meme coin space, backed by a successful track record in the NFT market and robust community support, makes $WSM a promising meme coin to watch out for. 

As a result, traders are showing enthusiasm towards the meme coin, speculating $WSM could be the next meme coin to explode.

Visit Wall Street Memes Presale

AiDoge IEO Set for June 19th After Raising Huge $14.9

AiDoge is another new meme coin that sets itself apart by merging online memes alongside the potential of artificial intelligence through its AI-powered meme generation platform.

The presale of their $AI tokens sold out ahead of schedule and raised a whopping $14.9 million in just four weeks. The $AI tokens are primed for an Initial Exchange Offering (IEO) in the upcoming days, with some traders backing the price to pump upon listing.

The AiDoge platform introduces an innovative AI-driven meme generator that responds to text prompts. This system utilizes AI algorithms to craft memes that align with their intended context. 

As such, AiDoge democratizes meme creation, enabling those without creative or formal skills to generate memes.

Also, the memes created by AiDoge members are exhibited on a public feed for the community. Users can express their reactions to specific memes by voting on the platform.

AiDoge further incentivizes user engagement by offering $AI tokens for exceptional memes, encouraging original content creation and active community participation.

Although the team behind AiDoge remains anonymous – a common characteristic among meme coins – the platform promises high returns, similar to early adopters of Dogecoin, Shiba Inu, and, more recently, Pepe.

Additionally, Certik has audited the $AI smart contract, and a 10-year vesting period has been imposed on a significant portion of tokens, mitigating the fears of prospective investors. 

Even though the presale phase has concluded, prospective buyers still have an opportunity to grab the $AI token at its current listing price of $0.0000336.

Visit AiDoge

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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