Several top meme coins, including Shiba Inu, Dogecoin, and Pepe, have experienced significant drops in value over the weekend. Shiba Inu, in particular, has seen a 4.69% decrease in the past 24 hours. However, despite the struggles of these major coins, newer low-cap meme coins like Shibie Coin and Wall Street Memes are defying the bear market and making gains.
Shiba Inu’s recent losses can be attributed to the overall bearish sentiment in the meme coin market. Even though the project generated excitement with the upcoming release of Shibarium, its Ethereum layer two scaling solution, the weekend brought a halt to its progress. As a result, SHIB’s price fell from $0.00001035 on August 5th to $0.0000092 today.
The recent pump in SHIB’s price may have been a “bull trap,” as the one-year chart shows a bearish trend. SHIB is down 23% over the past year and 89.64% from its all-time high. It appears that market makers artificially pumped the price to take advantage of retail investors’ fear of missing out (FOMO).
Similarly, Dogecoin and Pepe have also faced difficulties, with both coins experiencing significant decreases from their all-time highs. Dogecoin is down 89% from its ATH, while Pepe is down 73% from its ATH and 25% in the past month alone.
The downfall of these top meme coins can be attributed to their reliance on hype and FOMO. Investors are now realizing that lower-cap coins provide better alternatives to multi-billion dollar market cap projects. As a result, the meme coin community is shifting its focus to new and lesser-known meme coins.
Two such coins, Shibie Coin and Wall Street Memes, have gained traction in the market. Shibie Coin, inspired by a blend of Barbie and Shiba Inu, is currently in presale and has already raised over $160K. It offers investors the opportunity to capitalize on the cultural talking points raised in the recent Barbie movie.
Wall Street Memes, on the other hand, has raised over $22 million in its presale. The project aims to fight traditional finance malpractice through community, memes, and humor, tokenizing the movement in the crypto space. Influencers like YouTuber Michael Wrubel have been supportive of the project since its early stages.
While major meme coins struggle, these new tokens are defying the bear market and attracting investors with their unique concepts and potential for growth. As always, investors are advised to conduct their own research and exercise caution when investing in cryptocurrencies.
