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Investor enthusiasm has cooled for these hype-driven coins, leading to muted price action and waning trading volumes.
However, the new meme coin project Wall Street Memes (WSM) has defied the downtrend, raising notable sums during its presale.
Supporters of Wall Street Memes (WSM) can take part in pre-sale and buy tokens here.
Enthusiasm Wanes as Key Memetic Coins Take a Dive
While meme coins have experienced bullish momentum earlier this year, the past week has been a different story.
These coins have struggled to maintain their valuations, seeing significant declines as investor enthusiasm wanes.
Dogecoin is down over 4% in the past week, now trading around the $0.074 level – meaning DOGE is up just 6% since the turn of the year.
Source: Wall Street Memes
Pepe has fared even worse, dropping over 10% to hit the $0.0000011 region, erasing most of the gains made during late June.
The token has decreased 38% from June's high, leading many to speculate that its heyday may be well behind it.
Crypto market sentiment creates pressure on memecoins
There doesn’t appear to be a clear catalyst for the price decreases of meme coins.
Instead, bearish crypto market sentiment appears to be weighing on meme coins over the past seven days.
Data from CoinMarketCap reveals that the value of the meme coin market has dropped by 2.16% over the past 24 hours, taking it to $17.7 billion.
This reflects an increased risk-off attitude toward meme coins amid broader crypto uncertainty.
Without any significant new catalysts or viral moments, meme coins appear unable to resist the broader market downturn.
Which Meme Coins Are Defying the Bearish Momentum?
While most major meme coins are struggling, one new coin has managed to gain momentum.
The new Wall Street Memes (WSM) token has defied the broader downtrend in the meme coin space.
Wall Street Memes Presale Defies Meme Coin Market Downturn
Wall Street Memes has been making headlines in recent months as its 30-stage presale continues to captivate investors worldwide.
This presale is now in its final stages, with would-be investors able to acquire WSM for the discounted price of $0.0331 ahead of the token’s planned exchange listings.
Source: Wall Street Memes
Zach Humphries, a crypto analyst with over 113,000 subscribers on YouTube, recently released a video breakdown of Wall Street Memes – highlighting his belief that it could be "the next big meme coin."
Popular YouTuber Michael Wrubel, who has an audience of 310,000 also posted a video about WSM, discussing his bullish stance on the token.
These endorsements have helped fuel further hype around the Wall Street Memes project, which has already reached fever pitch.
Source: Wall Street Memes
Time will tell whether WSM lives up to the hype, but its presale performance and growing community support suggest it could be a meme coin to watch in the coming weeks.
Vladislav Sopov
Dan Burgin
U.Today Editorial Team