Heavyweight meme coins are feeling the effects of last week’s Bitcoin price collapse, which dragged the entire altcoin market lower.
As a result, Shiba Inu ($SHIB), Pepe Coin ($PEPE), and HarryPotterObamaSonic10Inu ($BITCOIN) have seen their prices slide significantly over the past week.
However, as the giants start to see pullbacks, newly emerging projects are beginning to steal the headlines as investors rush to get positioned to take advantage of the incoming short-term gains.
What you'll learn 👉
Heavyweight Meme Coin, $SHIB, Finds Support Ahead of Mainnet Relaunch.
Shiba Inu ($SHIB) is now down by a steep 10% over the past week as the price for the token sank as low as $0.00000750 during the worst of the drop-off.
$SHIB had seen rising prices throughout the first half of August as traders eagerly anticipated the Shiabrium Mainnet launch – a layer-2 scaling solution to expand the $SHIB ecosystem.
The hype behind the layer-2 solution caused $SHIB to surge into resistance at $0.0000106, meeting a bearish .5 Fib Retracement.
It has since rolled over from there following the $BTC price drop. It found support at $0.00000750 on Aug 21, 2023, and bounced to the current $0.00000830 level.
Looking ahead, the first resistance lies at $0.000009. This is followed by $0.00000940, $0.00001, and $0.0000106.
On the other side, support lies at $0.00000790. This is followed by $0.00000750, $0.00000715 (June 2022 lows), and $0.00000671 (.786 Fib).
$PEPE and $BITCOIN Also Struggle as Prices Slide
Other altcoin heavyweights are starting to feel the bearish pressure as $PEPE falls by 7.5% and $BITCOIN by 30%.
$PEPE had been trading in a range between $0.00000105 and $0.000001477.
The coin had reached the upper boundary of the range last week, but the $BTC collapse caused it to sink into the lower border;
The bulls are now attempting to defend the support to prevent further downturns to the June 2022 lows.
If the sellers break beneath $0.00000105, the first support lies at $0.000001. This is followed by support at $0.0000008 (.786 Fib), $0.0000006, and $0.000000526 (.886 Fib).
On the other side, resistance lies at $0.0000012. This is followed by $0.0000014, $0.00000147 (upper boundary of the range), $0.0000016, and $0.00000187.
HarryPotterObamaSonic10Inu ($BITCOIN) is the worst-performing meme coin heavyweight after sinking by a steep 30% this week.
$BITCOIN had been on an incredible run, surging by over 2000% from the July lows to reach as high as $0.2 last week.
The coin was trading inside an ascending price channel but was unable to close a daily candle above the upper boundary.
The $BTC price collapse caused $BITCOIN to drop into the lower boundary of the price channel today;
Looking ahead, if the sellers push beneath the price channel, support lies at $0.1, $0.09, $0.0836 (.618 FIb), $0.08, and $0.06.
What Meme Coins Are Still Rising?
It’s not all bad news in the meme coin sector, as a handful of newly emerging meme coins are gaining traction as the heavyweights fall.
During bearish periods, traders usually hedge their portfolios by investing a small percentage into lesser-known projects capable of producing outsized returns.
Sonik Coin Attracts Strong Investment During Bitcoin Downturn
Sonik Coin ($SONIK) is one of the latest newly-emerging meme coins gaining popularity this week.
The meme coin has raised around $400,000 in just a few days since going live – during one of $BTC’s most devastating weeks.
The increased investments during the downturn demonstrate traders’ confidence, believing that $SONIK can provide speedy short-term gains.
The project is on a mission to become the fastest-growing meme coin to reach a $100 million market cap.
Described as a moronic meme recreation of Sonic the Hedgehog, $SONIK has viral potential as it’s based on SEGA’s most lovable gaming character.
However, instead of collecting rings like Sonic, Sonik will collect $SONIK coins to fuel his capitalistic ego.
Sonik wants to use his speed to turn his project into the fastest-growing meme coin. To do this, the project has implemented an intuitive staking mechanism – dubbed Stake-2-Speed.
Stake-2-Speed will allow $SONIK holders to stake and earn additional tokens if they stake for at least seven days.
The staking mechanism differs from traditional staking because investors can send their tokens to the staking contract before the token is launched.
The APY returns are rather impressive, currently providing stakers with a whopping 170% APY.
Experts believe that the APY will attract many stakers, causing lots of the supply to be locked in the staking contract. As a result, there will be fewer $SONIK available to purchase on the open market, leading to a huge surge in value once it’s launched.
The tokenomics are based on the speed of Sonik – who can run at the speed of light, which is 299,792,458,000 m/s. Therefore, the total supply for the token is 299,792,458,000 $SONIK.
Of the supply, 50% is sold in the presale at a single price of $0.000014.
The project is aiming for a modest $2.1 million hard cap, leaving plenty of room for exceptional 10x growth once the token has launched.
The team has set the launch price at the presale price to ensure a fair and transparent token launch, benefiting all early adopters and newcomers.
Of the remaining supply, 40% is locked in the staking contract to provide rewards for the next four years, and 10% is reserved for DEX liquidity.
Finally, the smart contract is being audited by a top-tier security firm to ensure the smart contract is bulletproof.
Overall, $SONIK provides a unique opportunity to become an early adopter of a meme coin that has the potential to go viral and provide returns similar to $PEPE and $SHIB.
However, with such a small market cap, the presale is expected to last only a short time, so investors must be quick to get positioned.
Wall Street Memes Continues to Rise as FOMO Kicks in For Final Stage
Another lesser-known meme coin that continues to rise as the heavyweights fall is Wall Street Memes ($WSM).
The project has already raised well over $25 million as investors rush to get positioned in what they think can be the next meme coin sensation on the market.
Wall Street Memes has a unique blend of internet culture, meme-based humor, and high-profile attention, causing a wave of investors.
Furthermore, the FOMO is officially kicking in as the presale is in its final stages, meaning we’re currently in the last couple of weeks to invest.
Whales are rushing to get positioned now, with one recently purchasing over $850,000 in one transaction;
The confidence from the whales demonstrates the extraordinary hype behind the project, as their experience usually only lets them make calculated investments.
Wall Street Memes is a project that’s making a mockery out of the greedy capitalists on Wall Street through meme-based humor on social media.
The Wall Street Memes handles have become the go-to source for trading and finance-related memes, generating over 40 million monthly impressions.
They even attracted the attention of the X CEO, Elon Musk, who’s been seen commenting on the profile plenty of times;
🤣— Elon Musk (@elonmusk) April 22, 2023
If Elon Musk is paying attention to your presale, you know huge returns are on the way.
Analysts across the industry are expecting huge returns from the project, with some suggesting that $WSM will be at the forefront of the next bull cycle;
Furthermore, investors increasingly anticipate a massive $WSM launch on tier-1 exchanges, with some believing that Binance might be listing it.
The reason is that the colossal cult-like community with over 1.1 million followers will generate huge trading volume for tier-1 exchanges.
Overall, $WSM has the perfect mixture of hype and FOMO, setting the foundation to turn it into the next meme coin sensation on the market.
With just 30 days left in the presale, this is your last call to get positioned or face the pain of paying higher prices once the token launches and trends across the industry.
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