The cryptocurrency market has experienced a significant pullback over the past week after Bitcoin collapsed beneath $26,000.
The sudden fall in Bitcoin caused the entire cryptocurrency market to sink as heavyweight giants like Ethereum, Ripple, Binance Coin, and Cardano followed its downside trajectory.
With the market in uncertain territory, traders are hunting for opportunities to park cash for a few weeks to take advantage of the incoming rebound.
In particular, traders are turning their attention to lesser-known projects capable of delivering exponential short-term gains in the coming weeks.
What you'll learn 👉
Crypto Market Sinks After Bitcoin Collapse Last Week
Bitcoin witnessed a turbulent trading period last week as the market collapsed by over 10%, causing the price of $BTC to drop from above $29,000 to reach as low as $25,600 in the process.
$BTC has since recovered slightly above $26,000;
The sharp drop-off dragged the entire altcoin market lower at the same time.
For example, Ethereum collapsed by 9%, falling as low as $1,575. It has since recovered back above $1,650 as it attempts to reclaim ground above $1,700;
Other alternative cryptocurrencies aren’t performing any better. Binance Coin ($BNB) is down 10% as it looks to maintain $200, Ripple ($XRP) is down by a sharp 15% as it looks to hold $0.532, and Dogecoin is down by 14% after dropping as low as $0.0637.
With the market on a downward trajectory, traders are looking to hedge their bets by investing in lesser-known tokens as they believe they can provide significant short-term upside potential.
What Coins Are Traders Using to Make Short-Term Gains in the Coming Weeks?
Traders are turning their attention to emerging projects that have been gaining momentum in the past few weeks.
Lesser-known projects attract traders during market turbulence as they provide a vehicle to park a small portion of their portfolio, immune to further downside price action. At the same time, the investment can offer significant upside returns in the short term.
In particular, three projects are gaining significant momentum as traders park more funds into them following the market drop. Projects like Wall Street Memes ($WSM), Sonik Coin ($SONIK), and Launchpad.xyz ($LPX) continue to rise this week while the overall market falls.
Wall Street Memes Crosses $26 Million Milestone.
Wall Street Memes ($WSM) has quickly become one of the sought-after meme coins in the industry as whales rush to get positioned in the project as they experience FOMO in its final stages.
The project has raised a staggering $26 million in its presale, making it one of the fastest-growing meme coin projects in 2023.
Traders are rushing to get positioned in this project due to its unique internet culture, meme-based humor, and particular attention received from Elon Musk.
Wall Street Memes is on a mission to mock the Wall Street giants through a series of memes on social media.
The memes posted have become so popular that they generate up to 40 million monthly impressions.
They’ve even attracted the attention of Elon Musk, who has been seen commenting on the hilarious nature of the memes on several occasions;
🤣— Elon Musk (@elonmusk)
April 22, 2023
The interest from Elon Musk sparked speculation regarding his involvement in the project, causing a wave of late-coming investment.
Whales also started to experience the FOMO as they rushed to purchase some of the few remaining $WSM available on the market. For example, one whale aped in with $850,000 in one purchase;
The sheer FOMO behind the project has analysts believing that Wall Street Memes will be at the forefront of the next bull cycle;
In addition, analysts are confident that $WSM is guaranteed a major tier-1 exchange listing as the project has a cult-like community of over 1 million followers.
The colossal following will generate enormous trading volume for exchanges like Binance or OKX, who would rush to be the first to list the token;
Overall, Wall Street Memes has struck the perfect balance between hype and FOMO, setting the foundation to turn into the next meme coin sensation on the market capable of producing returns similar to $PEPE or $SHIB.
The project is in the final stages of its presale, meaning there aren’t many tokens to purchase.
Once sold out, $WSM will be listed on major tier-1 exchanges and will start to trend across the industry. Therefore, investors are urged to get positioned or face the pain of paying higher prices later.
Sonik Coin Raises $250,000 In a Few Days.
Another newly-emerging project that’s turning heads is Sonik Coin ($SONIK), which managed to raise $250,000 just a few days after opening its presale.
Sonik Coin is a fun meme coin that has a unique theme that can give it the potential to go viral.
Described as the moronic recreation of SEGA’s best-selling gaming character – Sonic the Hedgehog – Sonik Coin brings a unique twist to the meme coin sector through its Stake-2-Speed function.
Sonik is on a mission to use his deceptive speed to help turn $SONIK into the fastest-ever meme coin to go from a $0 to $100 million market cap.
Experts believe that the Stake-2-Speed function will help Sonik Coin surge as it will cause a supply crunch on the open market as most tokens will be locked away for staking.
Stake-2-Speed is a new staking mechanism that lets the Sonik Coin community earn extra tokens for staking their holdings for at least seven days.
It’s a unique staking function because presale buyers can send their tokens to the smart contract before the presale ends.
The APY returns for staking are rather impressive, earning stakers 250% APY at the time of writing;
The tokenomics behind the project are ideal for long-term growth. The total $SONIK supply takes inspiration from the speed of its character, which can run at the speed of light – 299,792,458,000 m/s. Therefore, there are a total of 299,792,458,000 $SONIK in circulation.
Half of the total supply is being sold in the presale for a price of $0.000014. The presale and launch prices will be the same to create a fair and transparent launch for everybody involved.
In addition, the presale is aiming for a modest $2.1 million hard cap, providing significant room for growth once the token launches – which is why many experts believe a quick 10x is on the table.
Of the remaining supply, 40% is reserved to provide staking rewards for the next four years, and 10% is reserved for adding liquidity to DEXs.
Lastly, the smart contract behind the project is currently being audited, so investors don’t have to worry about the security of the project.
With over 10% of the presale already snapped up in just a few days, the presale isn’t expected to last more than a week or two. Therefore, you need to get positioned as early as possible to take advantage of the staking opportunity and get on the train before it leaves the station.
Launchpad.xyz Gains Traction Due to Unique Web3 Project Hunting and Doxxed Team
The final project that traders are positioning themselves in while the market sees a downturn is Launchpad.xyz ($LPX) – an all-in-one solution to finding and investing in Web3 projects.
Launchpad.xyz is on a mission to create an interface that provides all the tools users need to succeed in Web3, providing insights and learning, trading alpha analytics, and strategy to get positioned.
It aims to revolutionize how people invest in Web3 by overcoming the technical jargon through a consumer-centric portal that makes Web3 more accessible.
Besides helping users find the next potential Bored Ape Yacht Club NFT or the next $PEPE meme coin, investors are rushing to this project due to the full-doxxed team behind it.
With the number of scams in the sector rising, traders are growing tired of anonymous teams and voting with their dollars by investing in transparent teams.
Users can find the next best NFT, fractionalized asset, utility token, presale, or metaverse ecosystem to invest in on the platform.
The project uses a unique AI algorithm that will rank the risk-to-reward potential for all projects and provide a ranking score for the investment potential.
Launchpad.xyz requires users to stake their $LPX token in a subscription service, providing it with immense utility.
Overall, Launchpad.xyz has created a unique ecosystem that provides utility to users – providing the token with long-term growth potential.
With the project still in presale, you can get positioned at the lowest possible price.
Disclaimer: We advise readers to do their own research before interacting with any featured companies. The information provided is not financial or legal advice. Neither CaptainAltcoin nor any third party recommends buying or selling any financial products. Investing in cryptoassets is high-risk; consider the potential for loss. CaptainAltcoin is not liable for any damages or losses from using or relying on this content.
CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com