Bitcoin Price & Other Major Cryptos Are Stalling, But Traders Remain Bullish on These Tokens
As the crypto landscape continues to change, recent days have seen Bitcoin ($BTC), along with several other cryptos, experience a notable downturn.
This downturn has caused ripples of concern throughout the market, with many traders now pondering whether the bullish momentum is over for now.
However, despite the slump, several new tokens are emerging, offering a silver lining.
Red Week for Crypto As Bitcoin Price Stumbles
It’s been a difficult week for crypto traders thus far, with most major coins and tokens experiencing a significant selloff.
Bitcoin, the world’s largest cryptocurrency, has seen its price drop 4% in the past day – and has now closed in the red for three days in a row.
This surprise turnaround in fortunes comes after a period of sustained momentum for $BTC, which saw the coin’s price soar by 27% over the past month.
However, this bullish momentum appears to have been halted, with $BTC struggling to surpass the crucial $31,000 level.
At the time of writing, $BTC is retesting $30,000 – a vital psychological level that has often served as support and resistance in previous market cycles.
If it fails to hold, further downward momentum could be on the cards.
Market Uncertainty Dampens Crypto Enthusiasm
It’s not just Bitcoin experiencing a price dip – major altcoins like Ethereum ($ETH) are also seeing the bears take control.
The $ETH price has dipped over 5% from Monday’s high, with the token now trading around the $1,860 level.
A quick glance at the Coin360 heatmap shows a sea of red, with big hitters like Ripple ($XRP) and Binance Coin ($BNB) also experiencing a sharp price drop.
It appears that uncertainty is rippling throughout the crypto market following the release of the Federal Reserve’s FOMC meeting minutes, which indicate that another rate hike could be in the works for July.
This is bearish news for the crypto market since higher interest rates can make riskier assets, like cryptocurrencies, less attractive to investors.
As a result, investor funds may be redirected towards “safer” financial instruments and away from cryptos, leading to a broad decline in coin/token values.
Despite the current headwinds, many traders still hope for a rebound – although time will tell whether they’re correct in their predictions.
Which Tokens Are Traders Still Bullish On?
However, it’s not all doom and gloom in the crypto market, with several new projects gaining traction and turning heads.
Two of these projects are Wall Street Memes and Thug Life, which are gearing up for major exchange listings once their respective presales conclude.
Wall Street Memes Gears Up for Major CEX Listings & Hits $13.2m Presale Raise
Wall Street Memes ($WSM) is a new meme token that aims to capture the spirit of the r/WallStreetBets subreddit and the GameStop saga, where retail investors challenged the big hitters on Wall Street.
The $WSM token is community-driven and aims to reward holders for showing faith in the Wall Street Memes brand – which is backed by over 1.1 million people worldwide.
Wall Street Memes’ scale can be traced to the success of the Wall St Bulls NFT collection, which launched in 2021 and sold out in 32 minutes.
The collection’s popularity has prompted the creators to turn their attention to the crypto market, launching $WSM and hoping to capitalize on the ongoing meme coin craze.
This decision already appears to be bearing fruit, with high-profile names like Crypto Jamie opting to join the project as a brand ambassador.
Wall Street Memes is now in Stage 21 out of 30 during its presale phase, which has already raised $13.2 million.
Investors who get in early can purchase $WSM tokens at the appealing price of just $0.031.
While the exact price for the intended CEX listing remains undisclosed, it’s anticipated that the currently-offered price will be a discount on the eventual listing price.
Visit Wall Street Memes Presale
Thug Life Aims to Be “Baller’s Meme Coin” & Raises $600,000 in One Week
Thug Life ($THUG) is another new meme token that many believe is set to explode in the crypto market.
As its name suggests, Thug Life is a project that embraces a bold and edgy persona in the world of finance – setting it apart from most other low-cap cryptos.
Thug Life’s branding features a variety of well-known memes and celebrities, including Snoop Dogg and Pepe the Frog, which looks set to appeal to a broad demographic of retail investors.
Not only that, but Thug Life’s team encourages investors to adopt a “gangsta” attitude and “pimp out” their money game.
As these statements highlight, Thug Life aims to fuel a community-driven movement through humor and trolling – an approach that seems to be working, given the huge influx of new members to the official Telegram channel.
Like Wall Street Memes, Thug Life is in its presale phase, which has already raised over $600,000 in just one week.
The presale price of $THUG is $0.0007, fixed for the duration of the offering, ensuring that early investors can secure their tokens at a stable price.
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Filed under: Bitcoin - @ July 7, 2023 8:06 pm