The meme coin market continues to suffer as the prices of heavyweight projects start to slide again.
Over the weekend, popular meme coins like $PEPE and $BITCOIN set fresh monthly lows as investors start to feel uncertain about their positions.
Meanwhile, whales continue to back a lesser-known meme coin project as they believe it has the potential to provide speedy 10x returns in the coming weeks.
With $1.25 million already raised and just 24 hours remaining in the presale, this might be your last chance to get positioned in the newly emerging $SONIK.
What you'll learn 👉
Meme Coins Face Capitulation as Heavyweight $PEPE Struggles
Meme coins continue to face capitulation as the confidence surrounding the heavyweight projects gradually diminishes over the weekend.
Pepe was one of the dominant cryptocurrencies over the past few months, but a recent move from the token’s developers has eroded investors’ confidence.
Toward the end of August, the anonymous development team behind $PEPE went on to sell nearly $16 million worth of tokens.
The move sent shockwaves to investors and led to uncertainty, causing the price for the token to tank by 26% following the sell-off from the developers.
The uncertainty continued over the weekend as $PEPE broke beneath the $0.0000008 level, reaching as low as $0.000000752 as it found support at a downside 1.272 Fib Extension;
The token has since rebounded slightly as it looks to reclaim territory above $0.000000801 – provided by the .786 Fib Retracement, which supported the market in June.
Despite the brief rebound, the situation remains unnerving for $PEPE holders as many start to leave their positions for newly emerging tokens.
Looking ahead, if the bears break beneath $0.0000008 again, the first level of support lies at $0.000000752.
This is followed by added support at $0.0000007 (downside 1.414 Fib Extension), $0.0000006, and $0.000000526 (.886 Fib Retracement).
$BITCOIN Also Heads Lower Over The Weekend
Another meme coin heavyweight that’s also losing momentum is HarryPotterObamaSonic10Inu ($BITCOIN).
$BITCOIN rose to prominence in July, and it reached a market cap as high as $200 million in a few short weeks.
Unfortunately, it has since dropped by a total of 67% over the past fortnight, as it hits the current $0.065 level.
The cryptocurrency had dipped further lower over the weekend, reaching as low as $0.0522 (.786 Fib Retracement), before rebounding back above $0.06;
Again, the setting of a new monthly low shows that there might be some rocky trading ahead.
If the sellers break back beneath $0.06, the first support lies at $0.0522 (.786 Fib Retracement). This is followed by support at $0.04, $0.0334 (.886 Fib Retracement), $0.03, and $0.02.
Whales Start To Back $SONIK Coin After Raising $1.25 Million.
While the confidence in the heavyweight diminishes, whales are starting to turn their attention to lesser-known projects, where they can invest small amounts and expect more significant returns for getting positioned early.
In particular, Sonik Coin ($SONIK) is one project that’s continued to climb as the overall cryptocurrency market sees a sharp price fall.
Sonik Coin has managed to raise a total of $1.25 million in a fortnight, demonstrating the increasing hype behind this new meme coin.
Investors are rushing to get positioned as early as possible into this project due to its unique theme, groundbreaking staking mechanism, and the expert marketing team behind the project.
Sonik is a fun meme coin that’s a stupid version of the popular Sonic the Hedgehog character from the SEGA game franchise.
Sonik Coin has a unique art that can only be described as a moronic recreation of Sonic the Hedgehog.
Instead of an agile and streamlined body, Sonik has a crooked head and narrow shoulders – causing him to fall over on multiple occasions. In addition, while Sonic the Hedgehog is busy collecting rings, his funny-looking counterpart collects $SONIK tokens to fuel his capitalistic ego.
Despite his awkward appearance, Sonik wants to use his deceptive speed to pump $SONIK into becoming the fastest-ever meme coin to hit a $100 million market cap after its launch.
One of the features implemented by the project to achieve this goal is a groundbreaking staking mechanism called Stake-2-Speed.
This feature allows $SONIK holders to earn additional tokens for staking their tokens for at least seven days.
The unique aspect of Stake-2-Speed is that investors can start staking their tokens and earning rewards – even before the presale ends.
As a result, over 40 billion $SONIK have already been staked – providing a 60% APY for investors;
Intriguing Tokenomics With Just One Day Left to Invest
In addition to the staking feature, $SONIK has crafted its tokenomics carefully to ensure long-term rewards and sustainable growth.
The total circulating $SONIK supply is set at 299,792,458,000 – an ode to the speed of light, which is how fast $SONIK can run.
Of that supply, 50% is sold in the presale for a single price of $0.000014.
Taking things further, the team has stated that the presale and launch prices will be identical to ensure a fair and transparent launch for everybody invested.
The presale aims to raise a modest $2.1 million, meaning there is exceptional room for upside growth once the token launches.
Of the remaining supply, 40% is locked in the staking contract to provide rewards for four years, and 10% is reserved for adding liquidity to DEXs.
As you can see, the team isn’t allocating any tokens for themselves – demonstrating their long-term commitment to ensuring the project is successful in hitting its $100 million market cap target.
Experts believe that most of the circulating supply will be locked in the staking contract, causing a shortage on the market for new investors to buy.
This is because 40% of the supply is already reserved for rewards, and new investors are already pouring their tokens into the staking contract.
Therefore, new buyers will be forced to pay higher prices to get invested once the token launches.
Finally, the team has ensured that the smart contracts are fully secure through an audit by 0xGuard, which can be viewed on the website – adding an extra layer of credibility to the project.
Overall, $SONIK might be one of the best investments during this brief bearish period, providing the opportunity to make a quick 10x return.
However, there are just 24 hours left to get positioned in this project before it hits DEXs and starts to trend across the industry.
This is your last chance to get involved or face the pain of higher prices once the token is live.
Where Else Are Whales Heading?
It’s not just the $SONIK token that whales flock toward in the meme coin sector.
Another newly rising project is starting to turn heads as whales experience FOMO in its final stages.
Wall Street Memes has already raised over $25 million in its presale, which is why many whales are touting it to be the next meme coin sensation on the market.
Wall Street Memes Has Whales Experiencing FOMO
Wall Street Memes ($WSM) is quickly being recognized as the next $PEPE as it has the eyes of the entire industry after raising more than $25 million in its presale.
The presale is now in its final stage, meaning there are just a couple of weeks left before the product launches and it becomes the next meme coin sensation on the market.
Wall Street Memes is on a mission to mock the greedy capitalists on Wall Street through meme-based humor in social media.
The memes have become so popular that they generate over 40 million monthly impressions, allowing the project to cultivate a cult-like community of over 1.1 million followers.
Even Elon Musk has been paying attention to the project, commenting on the hilarious memes on several occasions;
Elon Musk’s interest and the increasing hype behind the project have led a bunch of whales to experience FOMO and scramble to get positioned in $WSM before its presale ends.
For example, one whale recently aped in with $850,000 in one purchase;
Investors are becoming increasingly excited about the launch as they believe $WSM is pretty much guaranteed a listing on a major tier-1 exchange, such as Binance.
This is because the colossal community behind $WSM will generate enormous trading volumes for the exchanges – similar to the level of $PEPE;
Overall, Wall Street Memes has undoubtedly set the foundation to be the next meme coin sensation on the market, and it’s unsurprising to see whales line up for their final opportunity to invest.
The meme-based humor, internet culture, and decentralized finance have set the perfect recipes between hype and FOMO to turn this into an explosive token launch later this month.
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