The overall cryptocurrency market continues to struggle as the price of Bitcoin and Ethereum fail to gain any upside momentum.
The price of Bitcoin is now down a steep 30% over the last month, with Ethereum down a smaller 12%.
Despite the rocky market conditions, several lesser-known meme coins are gaining traction.
In particular, Sonik Coin ($SONIK) has raised $660,000 during the recent market wipeout, demonstrating the increasing FOMO behind the project as investors look for speedy returns with Stake-2-Speed.
In addition, whales continue to pile into Wall Street Memes ($WSM) as the final stage of the presale thrives.
What you'll learn 👉
Bitcoin Struggles to Gain Momentum Above $26,000 and Trades Sideways in Range.
The price of Bitcoin is still struggling to gain any momentum above $26,000 since plunging by over 10% a fortnight ago.
Before the price collapse, Bitcoin had been trading in a descending price channel, holding support at $28,650 (June 2021 lows).
Unfortunately, the collapse of Evergreen in China and the news that Elon Musk’s Tesla and SpaceX had sold their BTC holdings sent the price of Bitcoin crashing.
The cryptocurrency is now down by a total of 18% from its 2023 high set in mid-July and is currently trading sideways within a range between $26,400 and $25,770;
Looking ahead, the first level of support lies at the lower boundary of the range, around $25,770. This is followed by support at $25,415 (May 2022 lows).
If the bears continue to drag the market lower, additional support lies at $25,000, $24,755 (June 2023 lows), $24,235 (December 2020 resistance), and $24,000.
Beneath this, support can be expected at $23,000, $22,650 (December 2020 support), $22,000, and $21,600.
The RSI shows that the momentum is wholly in the bears’ control and fails to gain any upside potential.
Ethereum Battles to Hold $1,650 as Bearish Pressure Mounts
Ethereum is also struggling to gain any upside momentum as it battles to hold the $1,650 level.
Ethereum is now down 22% from its all-time high set in April. The coin was sent lower during the BTC price collapse, sending the price as low as $1,558.
It has since recovered but is failing to break above a descending trend line;
Looking ahead, the first level of support lies at $1,650 (June 2021 lows). This is followed by support at $1,600, $1,588, $1,550, and $1,510 (March 2021 lows).
If the sellers continue beneath $1,500, added support lies at $1,488, $1,466 (downside 1.414 Fib Extension), and $1,420.
Meanwhile, Sonik Coin Sees Epic Growth During Turbulent Crypto Period
Meanwhile, as the rest of the market tumbles, a newly emerging meme coin starts seeing some epic growth as investors rush toward the probable 10x return.
Sonik Coin ($SONIK) only started its presale around ten days ago but has already managed to raise an impressive $660,000 in fundraising.
Described as the moronic meme recreation of the world-famous Sonic the Hedgehog, Sonic Coin has the potential to go viral as it’s based on the gaming sector’s most beloved character.
While Sonic the Hedgehog runs through maps collecting rings, Sonik is collecting $SONIK tokens to fuel his capitalist ego.
The character wants to use his deceptive speed to pump $SONIK to make it the fastest-ever meme coin to go from a $0 to $100 million market cap.
One feature the project uses to achieve this is the groundbreaking unique Stake-2-Speed mechanism.
This staking utility allows the $SONIK community to earn extra tokens for staking their holdings for at least seven days.
It’s unique because it allows token holders to start staking their tokens even during the presale before they’re claimable.
As a result, investors have already rushed to lock around 23 billion $SONIK tokens in the staking contract, earning them an APY of approximately 100%;
Experts believe this feature will create a supply shortage on the market for new buyers, causing a sudden surge in price once launched.
We all know Sonik can run at the speed of light – 299,792,458,000 m/s. Therefore, just under 300 billion $SONIK tokens will be in circulation.
Of that supply, half is being sold in the presale at a single price of $0.000014. The project aims for a modest $2.1 million hard cap in the presale, providing room for exceptional growth potential once the project has launched.
In addition, the presale and launch price will be the same to ensure a fair and transparent launch for investors.
Of the remaining supply, 40% will be locked in the staking pool to provide rewards for four years, and 10% will be reserved for the DEX to ensure a stable trading environment.
The smart contracts have been submitted to be audited so investors can be confident about the security of the project. The team will publish the results on the website after the audit.
Overall, investors are rushing to this project as they’re keen on a speedy 10x return with the Stake-2-Speed function.
With such a tiny hard-cap target, the presale isn’t expected to last too much longer.
Therefore, investors are encouraged to get positioned before the token hits exchanges and starts to trend across popular platforms like X and DexTools.
What Other Tokens Are Seeing Strong Momentum?
It’s not just Sonik Coin that’s starting to see strong momentum during the recent overall market crash.
Investors are rushing to hedge their portfolios in projects that they can believe will provide outsized returns in the next few weeks while the overall market sinks.
Furthermore, as presales offer closed markets, investors can protect their ETH from further downside action by parking in presales.
Another presale gaining strong momentum is Wall Street Memes ($WSM), which is witnessing increased FOMO in its last presale stage.
Wall Street Memes Sees FOMO Increase in Last Presale Stage
Wall Street Memes ($WSM) is one contender experts believe can become the next meme coin sensation on the market and provide similar returns to $PEPE.
The project has already raised well over $25 million in its presale, making it one of the most sought-after tokens in the space.
With the presale in its last stage, investors are scrambling to get positioned in $WSM as they expect vast returns of up to 50x on their small investment.
Wall Street Memes is a project making a mockery out of Wall Street through hilarious memes on social media.
These memes have become so popular that they generate over 40 million monthly impressions on X/Twitter.
The memes have even attracted the attention of Elon Musk, who’s been seen commenting on the truthful meaning behind the memes on several occasions;
🤣
— Elon Musk (@elonmusk) April 22, 2023
The interest from Musk sparked a wave of speculation as whales rushed to get positioned in $WSM.
One whale recently bought $850,000 worth of $ETH in one transaction, demonstrating his extraordinary confidence in the project as he expects enormous profits;
You see, the popularity of the memes has helped Wall Street Memes cultivate a cult-like community of over 1.1 million followers.
Experts believe that this cult-like following pretty much guarantees $WSM a listing on a tier-1 exchange like Binance or OKX, which would list the token to take advantage of the enormous trading volume;
In addition, the tokenomics behind the project are designed to make it fully community-driven, with the team refusing to allocate any for themselves.
Instead, half is sold in the presale, and the other half is reserved for community rewards and adding liquidity to centralized and decentralized exchanges.
Overall, Wall Street Memes has created the perfect blend of internet culture, meme-based humor, and FOMO to turn it into the next meme coin sensation on the market.
However, with the presale in its final stage, you’ll have to be quick to get positioned or face the pain of paying higher prices once the token launches on tier-1 exchanges.
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.
