The meme coin sector has been all over the place in the past few weeks – a total rollercoaster. We’ve seen extreme volatility that’s impacted both veteran traders and market newcomers alike.
A big reason for this volatility? Competition. Thousands of new meme coins are popping up almost daily, thanks to platforms like pump.fun – and they keep pulling capital away from the bigger names. And when attention moves on, prices for these coins often tank.
Throw in some market jitters, mainly due to tomorrow’s FOMC interest rate decision, and confidence across the sector has been shaky. Even rallies from low-cap tokens are being smacked down as profit-takers step in.
Right now, Dogecoin and Shiba Inu are feeling that pressure, selling off after last week’s pumps. But while those established names lose steam, Wall Street Pepe is picking up momentum and positioning itself as potentially the next meme coin to explode.
Dogecoin Pulls Back After Last Week’s ETF Hype
Dogecoin has taken a dip after running hard last week. The OG meme coin is trading around $0.267 today, down about 12% from Saturday’s local high – and it was down as much as 15% yesterday. DOGE’s 4-hour chart shows the coin trying to form minor support, but that might also be the beginning of a bear flag pattern.
Open interest in Dogecoin perpetuals is down more than 3% in the past day, which tells us leveraged traders are backing off. When those aggressive positions fade, the coin’s price could become way more vulnerable to volatility if selling pressure kicks in.
But this trend isn’t totally surprising. DOGE has had a solid month, gaining over 16% mainly on excitement around the upcoming Rex-Osprey ETF. That fund is set to go live on Thursday, but traders seem to be bored of all the delays.
Whales have also used the recent rally as an excuse to cash out, triggering over $10 million in long liquidations during the past day. Mix in concerns over the ETF’s 1.5% expense ratio, and it’s no wonder the hype around Dogecoin has cooled.
Shiba Inu Under Pressure as Price Dips 11%
Shiba Inu isn’t performing much better. It’s trading near $0.000013 right now, down 11% since Saturday. As it tends to do, SHIB is mirroring DOGE’s momentum – or lack thereof.
A lot of this bearishness is down to broader market conditions. With the Fed’s rate decision incoming, some traders are opting to ditch risk assets. For example, over $350 million in crypto was liquidated in the past 24 hours, and meme coins like SHIB have been impacted.
Plus, SHIB is also dealing with a recent security scare. Shibarium, its Layer-2 network, got hit with a flash loan exploit over the weekend that drained $2.4 million. That issue has significantly dented confidence in the entire ecosystem.
Now, SHIB is sitting on its 200-day simple moving average (SMA) – a level that could decide where the token’s price heads next. Holding this SMA might prompt a relief bounce, but slipping under it would put the bears firmly in control.
Wall Street Pepe Gains Ground Ahead of Highly Anticipated Solana Migration
DOGE and SHIB might be losing momentum – but Wall Street Pepe isn’t. WEPE originally launched on Ethereum, but is now migrating to Solana with an upcoming Token Generation Event (TGE).
The idea is to tap into Solana’s trending meme coin ecosystem while protecting existing holders through a “burn-and-migrate” system. And that mechanism is already having an impact.
Every time someone buys Solana-based WEPE, the equivalent amount of WEPE gets burned on Ethereum. That keeps the token supply locked at 200 billion. So far, over 3.6 billion tokens have been burned, with more than 600 million gone in just the last week.
The community is also leaning into NFTs. Wall Street Pepe’s NFT collection has racked up over $33,000 in secondary sales on OpenSea. Each NFT acts like a membership pass for perks like the project’s Alpha Chat – an exclusive hub for trading ideas and insights.
Between the burns, the NFTs, and the upcoming Solana migration, Wall Street Pepe is building traction even while DOGE and SHIB struggle. If interested, you can buy Solana-based WEPE through the project’s official website for a fixed price of $0.001 per token.
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