The price of Bitcoin is currently undergoing a period of consolidation as it struggles around $30,000.
The token experienced a bullish surge toward the end of June but has since been trapped in a range between $29,900 and $31,500, causing the entire crypto market growth to stall.
Despite this, several lesser-known tokens exhibit extraordinary growth during the market stall as traders remain incredibly optimistic about them. In particular, Wall Street Memes ($WSM) and Thug Token ($THUG) have gained significant traction during Bitcoin’s consolidation.
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Bitcoin Enters New Consolidation Despite Optimistic Sentiment
Despite the optimistic sentiment within the industry, the price of Bitcoin has started to experience a new phase of consolidation as it’s been trapped in a range for the past twenty days.
The boundaries of the range are set at $29,900 and $31,500, and a daily closing candle beyond these levels is likely to dictate the next direction for the world’s largest cryptocurrency;
The range marks the 2023 highs for Bitcoin, as traders eagerly anticipate the next move, with hopes lying in an upside break.
The market has seen a rollercoaster of emotions throughout 2023, with Bitcoin surging to $31,000 in the first few months of the year as it experienced a strong revival.
However, the market started to see turbulence from mid-April to mid-June as the SEC, the United States financial regulator, moved to sue two of the largest cryptocurrency exchanges – Binance and Coinbase.
The strong regulatory pressure caused a sell-off as traders were uncertain about the regulators’ next move.
Then, in a remarkable turn of events, Bitcoin started to surge in June’s final days, allowing it to return to the current range.
The primary driving force behind the revival was BlackRock, the world’s largest asset manager, filing for Bitcoin spot ETF to allow institutional investors to enter the space through a compliant vehicle.
Strong Support Beneath the Market Encourages Bullish Trajectory
With traders waiting for a break of the current range, many are taking comfort in knowing there is major support beneath the market – even if BTC breaks beneath $30,000 again.
The following chart shows BTC/USD from April 2023. We can clearly see the breakout of the downward wedge toward the end of June, driven by BlackRock applying for a Bitcoin spot ETF;
The surge allowed BTC to set fresh 2023 highs at $31,500, but the coin has failed to capitalize further above the level.
Looking ahead, the first support lies at $30,000 – provided by the July 2021 low-day closing price. This is followed by support at $29,890, $28,920 (.382 Fib), $28,650 (June 2021 lows), $28,130 (.5 Fib), and $27,750 (Jan 2021 lows).
Added support lies at $27,340 (.618 Fib), $26,950, and $26,400.
Which Tokens Could Outpace Bitcoin in Q3 2023?
With Bitcoin taking a quick breather during its consolidation, a handful of tokens are starting to gain traction under the radar.
In particular, Wall Street Memes and Thug Life Token are hitting the headlines and circulating in Twitter circles as the projects achieve impressive fundraising numbers during BTC’s sideways price action.
Investors believe these projects provide a pathway to higher returns as they harness the power of community, unique presale proposals, and hilarious internet culture.
Let’s take a look at them individually.
Wall Street Memes Surpasses $13.5 Million – Is it the Next Memecoin Sensation?
The first token causing waves in the market is Wall Street Memes – a charming memecoin quickly becoming one of the most sought-after tokens in the sector.
Wall Street Memes has raised an impressive $13.5 million in just over forty-five days – making it one of the fastest-growing presale projects in 2023.
Investors are rushing to get positioned at the lowest possible prices before the token hits major tier-1 exchanges following its presale.
The project is quickly winning the hearts of investors due to its unique fusion of internet culture, meme-based humor, and decentralized finance.
The entire idea behind Wall Street Memes is to make a mockery of the traditional financial system and the greedy capitalists on Wall Street through a bank of hilarious memes.
The social media handles for Wall Street Memes are quickly becoming the go-to source for the most entertaining online trading and finance-related memes – achieving over 40 million monthly impressions.
As a result, the project has amassed a huge cult-like community with over one million followers and has even gained the attention of billionaire tech-mogul Elon Musk, who has been seen commenting on the memes on multiple occasions;
The interest from Elon Musk caused a flurry of investment into the project as investors believe further interactions will help it achieve extraordinary heights following its presale.
Furthermore, the fact that the project has over a million followers puts it in the perfect position for a major tier-1 centralized exchange listing, with analysts expecting Binance or OKX to be first in line to list the token.
In addition, CryptoWendy0, an influencer with almost 200,000 YouTube subscribers, chimed in on the project – telling her following that she expects WSM to go viral before the crypto bull run;
Overall, Wall Street Memes has struck the perfect balance between hype and FOMO, positioning itself as the next memecoin sensation on the market that can provide 100x returns for early adopters.
With over two-thirds of its presale sold, investors must invest quickly to get positioned with early adopter prices before its presale ends.
Thug Life Token Raises $800K in Days With Unique Presale Proposal and Exceptional Team.
Another token that traders are becoming increasingly bullish on is Thug Life Token – a new memecoin with a unique presale proposal and exceptional team steering the ship.
Thug Life Token is dubbed the “ballers’ memecoin,” taking inspiration from the timeless Thug Life movement, first popularized by stars like Snoop Dogg in the 1990s.
The project takes its branding from hip-hop stars, street culture, and internet memes – featuring individuals like Snoop Dogg, Hasbulla, Dogecoin Dog, and Pepe the Frog in its marketing.
The entire idea behind the project is to provide a second opportunity for those who have been tricked in the crypto industry, helping investors turn their previous losses into wins.
Thug Life wants to represent the tough love of the internet while being fueled by humor, brotherhood, and the shared struggle of navigating the difficult degen crypto world.
The project opened its presale just a few days ago but has already managed to raise almost $800,000 in its fundraising.
Investors are curious about this project because it presents a unique presale proposal that hasn’t been explored in the memecoin market.
First, the team has enforced a strict $2 million hard cap limit on the presale – meaning it won’t start at inflated levels for traders.
Furthermore, the presale is designed to provide a fair launch for everybody.
Instead of investors buying the token at multiple price points during its presale, $THUG will be sold at a single price of $0.0007 – allowing everybody to invest on an even playing field.
The team believes this will help to incentivize long-term holding and build a strong and united community to rally behind the token and take it to new heights.
In addition, the team recently revealed their previous successful projects, such as Spongebob Token, which provided investors with over 100x returns.
Based on the presale price and the total supply, the Thug Life market cap will start at $2.97 million, providing exceptional growth potential.
For example, the token would only need to reach a $30 million market cap to provide 10x gains for early investors – a milestone achieved by most memecoins in a bull market.
Lastly, the team has stated that there will be over $200,000 worth of Ethereum for the liquidity pool after the presale, which will be locked for three months by Team Finance – preventing any possibility of a rug-pull or scam.
Overall, Thug Life has an exceptionally strong team with a wealth of experience, making it one of the most alluring memecoin investments today.
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