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Meme coins continue to seize all the headlines as several new contenders enter the space to challenge the established heavyweights like $DOGE, $SHIB, and $PEPE.
For example, newcomer and $PEPE copycat, $PEPE2.0, is potentially primed for a reversal as it hits a .618 Fib Retracement.
Meanwhile, Thug Life and Wall Street Memes continue their funding frenzies, and a new token recently hit top-trending on DexTools – although most analysts believe this will be short-lived.
Let’s dive deeper into the meme coin sector today and update ourselves on what’s happening.
1. $PEPE2.0 Primed for Reversal After Hitting .618 Fib Retracement?
After seeing an enormous price explosion of over 1300% last week, $PEPE2.0 started to fall this week as it dropped from its peak of $0.0000002 to reach the current $0.000000084 level.
Interestingly, the copycat project that seeks to replicate the billion-dollar $PEPE has established solid support at the $0.000000079 level – provided by a .618 Fibonacci Retracement.
The .618 Fibonacci Retracement is often considered the “golden level” for retracements to provide a re-entry opportunity after a parabolic bull-run reverses.
As a result, traders are hoping that the level holds and allows $PEPE2.0 to continue its epic growth over the coming days.
However, it’s important to recognize that the .618 Fibonacci Retracemet does not guarantee a reversal. If $PEPE2.0 falls beneath $0.000000079, traders will look for support at $0.00000007, $0.000000065, and $0.0000000533 (.786 Fib).
According to data from CoinGecko, the market cap for the project currently sits at $35 million, and the trading volume is still exceptionally high as it stands at $12.7 million over the past 24-hours – meaning there is still high interest in the meme coin.
2. Thug Life Sees Funding Frenzy as Traders Learn About Marketing Team
Thug Life continues its funding frenzy, raising $1.1 million in just two weeks as traders rush to get positioned after learning about the marketing team driving the project.
$THUG provides a second chance for those tricked by their favorite influencers when navigating the dangerous crypto degen space – helping them turn previous losses into wins.
Investors are flocking to the project due to its intuitive tokenomics, revolutionary presale structure, and the highly experienced marketing team driving awareness for the token.
Inspired by the timeless Thug Life movement propagated by hip-hop stars in the 90s, Thug Life intends to create a strong and united community to rally behind the token and push it to the forefront of the degen sector.
To achieve this, the team has implemented a unique presale proposal that lets everybody get invested on an even playing field for a fair launch.
Instead of having multiple price points in its presale, $THUG will be sold during one stage for $0.0007.
The team believes this will help to incentivize long-term holding for the token.
In addition, there’s a hard cap of just $2 million for the presale, meaning over half of the tokens have already been snapped up.
The hard cap means that $THUG will start at a $2.97 million market cap – providing extraordinary room to surge higher following its launch.
Furthermore, the team has guaranteed $200,000 worth of ETH for the liquidity pool on launch, which will be locked by Team Finance to prevent rug-pulls.
Lastly, there’s been a flurry of new investment in $THUG after investors learned about the expert marketing team driving the project.
The marketing team is highly experienced, helping previous projects like $SPONGE achieve 100x returns for early investors.
With just five days to go in its presale, the opportunity to get positioned at presale prices for $THUG is quickly running thin – so you will need to act quickly to get involved.
3. Wall Street Memes Hits $14 Million Milestone as FOMO Takes Hold.
Wall Street Memes is quickly becoming the most sought-after meme coin in the industry after raising $14 million in just fifty days.
This also makes it one of the fastest-growing presale projects in 2023, demonstrating the immense hype and FOMO behind the project.
Wall Street Memes has created the perfect fusion of internet culture, hilarious memes, and decentralized finance, causing a wave of investment.
The project seeks to mock our traditional financial system through a bank of memes on social media.
The memes are becoming highly popular, generating over 40 million impressions per month – making it the primary destination for online trading and finance-related memes.
The memes have even attracted the attention of billionaires like Elon Musk, who has commented on their truthful nature on several occasions;
With high-profile figures paying attention, it’s unsurprising that Wall Street Memes now has a cult-like community with over 1.1 million followers.
The huge community has experts believing that major tier-1 exchanges will scramble to list the token after its presale to take advantage of the enormous trading volumes.
In addition, the project has onboarded leading influencers like Crypto Jamie and Aaron CryptoNoob to lend their credibility and reach to the project.
Overall, Wall Street Memes has all the fundamental principles to go viral after its presale, positioning itself as the next meme coin sensation in the industry.
4. New Token $DEDE Hits Top Trending Tokens on DexTools.
A new token is making waves in the degen circuit after quickly climbing to the number 1 trending spot on DexTools today.
$DEDE, a project that describes itself as the “Pepe Killer,” launched on July 10th and has since surged by almost 1500% – allowing it to reach the current $6 million market cap value;
The sudden growth for the token allowed $DEDE to reach the number one spot for top-trending tokens on the platform as traders hope to continue capitalizing on its exceptional growth;
However, with only $300,000 in the liquidity pool, experts warn degens to remain cautious about this new contender, believing its parabolic nature will be short-lived.
Their reasoning is due to the fact that traders are likely to take profits from its exceptional run, and the potential for a rug-pull is still active as the team hasn’t committed to the project by locking the liquidity in the pool.
Overall, there is still growth potential for $DEDE, but traders must manage risk and watch the market closely.
5. Meme Coin Market Sees Downturn But Maintains $15 Million.
Although there is a buzz in the meme coin market with lots of copycat projects and 2.0/3.0 replicas appearing, the overall sector has seen a considerable downturn this week as its market cap drops to $15 million;
The falling market cap is largely attributed to the heavyweight meme coins experiencing sell-offs during the week.
For example, Dogecoin, the number one ranked meme coin, fell by almost 5% this week as its market cap dropped beneath $10 billion.
In addition, newly-birthed sensation $PEPE underwent a rough trading week after falling by over 12%, dragging its market cap closer to $600 million.
Despite this, the emerging meme coins mentioned above are still helping to support the entire sector by providing fantastic opportunities for traders to make some gains while the heavyweights take a back seat.
In addition, the presales mentioned are gaining considerable traction, demonstrating that interest is still incredibly high for meme coins.
Overall, even with heavyweights falling, there are plenty of options for investors to take risks and make exceptional returns in the thriving meme coin sector.
