Dogwifhat, Floki, Bonk See Big Losses but New Meme Coin Presale Dogeverse Nears $11M
In the wake of a recent pump, meme coins prices have collapsed, with Dogwifhat, Floki, and Bonk down 15%, 6.9%, and 8%, respectively.
However, the emerging presale meme coin Dogeverse has displayed resilience as its total raise pushes toward $11 million.
Meme Coin Turmoil as Crypto Market Nosedives
The crypto market has grappled with relentless selling pressure over the past 24 hours, and top meme coins have suffered big losses.
At press time, the total crypto market cap is $2.33 trillion, down 4.9% over the last 24 hours. However, meme coin holders have taken flight, with the sector’s total market down 9.3%.
It’s 24-hour trading volume has also shot down 15% today, reflecting traders’ disdain amid the sluggish market conditions.
Dogwifhat has suffered the worst losses among top meme coins, plunging by 14% today. It is currently priced at $2.92 and down 10% this month but remains up 18% this week.
WIF’s market cap is $2.9 million, while its 24-hour trading volume is $755 million, down 10% today.
Analyst Nebraskangooner speculates WIF could be poised for a deeper retracement, retesting a key level around $2.3, before regaining momentum and embarking on its next leg up.
Moving to Floki, the popular Ethereum-based meme coin has also struggled today, down 6.9%. However, it has outperformed WIF this week, up 38%, but it is trading at a deeper monthly discount, down 19%. FLOKI’s current price is $0.000187.
The project holds a $1.7 billion market cap and a $283 million 24-hour trading volume, down 40%.
In a newly published tweet, prominent trader The CryptoBull backed it to recover in the coming days.
The CryptoBull notes that Floki is holding above a key lower-time-frame level, speculating it will bounce and push higher.
In a recent tweet, he wrote, “I really don’t see any reason to diversify beyond FLOKI. Study relative strength.”
Meanwhile, Bonk is trading at $0.00002494, down 8% today, but remains up 74% this week and 6% this month.
Its current market cap is $1.6 billion, and its 24-hour trading volume is $476 million, down 34%.
Despite its recent downturn, Bonk’s higher time frame bounce has instilled confidence in traders.
Sjuul, CEO of AltCryptoTalk, explained that Bonk is forming a “cup and handle” chart pattern. As such, the analyst tells investors to “pay attention to a possible breakout.”
Overall, despite the recent price downturns, traders are taking a longer-term outlook on meme coins, anticipating further gains amid a bullish market landscape.
Another meme coin displaying momentum is Dogeverse, which is currently in its presale phase and nearing the $11 million total raised mark.
The First Multichain Meme Coin Dogeverse Nears $11M as Analyst Predicts Major Gains
Dogeverse is the first meme coin to launch on the six hottest smart contract-enabled blockchains.
Its ambitious endeavor has already begun, with the project’s presale live on the Ethereum, Base, Polygon, Avalanche, and BSC networks. The team is also set to launch Dogeverse on Solana shortly.
This unique move is more than just optics. It is a groundbreaking revelation addressing the blockchain fragmentation issue, encouraging the sometimes tribalistic blockchain communities to brush aside their differences and unite under one meme coin banner.
Dogeverse will be widely accessible, bolstering its potential to attract investment and enabling more stable and long-term price action.
The project also ushers in a staking mechanism that allows holders to earn passive rewards by locking up their tokens. In addition to rewarding the community, this initiative established favorable supply and demand dynamics by expediting token demand while minimizing sell pressure.
Currently, stakers can garner a 102% APY, but this will decrease as more tokens are staked.
Adding to the project’s excitement, leading analysts have been vocal in their support. In a popular analysis, Roshawn Silva said, “Dogeverse can 100x” and that it could “fly to the moon.”
Currently, investors can buy $DOGEVERSE at presale for $0.000302. The next uptick will occur in one day or when the total raise hits $12.1 million.
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Filed under: Bitcoin - @ April 25, 2024 3:27 pm