Major cryptocurrencies remain heavily bearish as the crypto market continues its downward spiral. The global crypto market cap has fallen by another 1.1% yesterday and is at risk of falling below the $1 Trillion mark.
Bitcoin continues to trade below the $26,000 price level and is now down 12% over the last week. Ethereum has also corrected 1.5% over the past day in spite of the increasing optimism regarding the SEC approving an ETH Futures ETF.
However, a few altcoins such as Bitcoin Cash and Stellar Lumens have made substantial recovery. The meme coin asset class is also seeing a significant bounce, with both Dogecoin and Shiba Inu adopting a bullish stance over the last 24 hours.
Newly-launched meme coins also continue to display excellent growth. Sonik Coin has emerged as an alternative investment opportunity as it nears the $200K mark in its ICO while the popular Wall Street Memes token is set to hit the $26 Million milestone imminently.
Stellar Lumens and Bitcoin Cash Outperform Bearish Crypto Market
Stellar has undoubtedly emerged as one of the biggest winners in the crypto market today. Despite the enormous selling pressure on the rest of the market, XLM has skyrocketed by 5% in the past 24 hours. The token is now back to trading above the $0.12 mark with a market capitalization of $3.3 billion.
Expert crypto analyst @BCBacker reveals that the bull rally is a result of XLM holding the breakout backtest level at $0.11 and bouncing from the support.
Both the Commodity Channel Index and Stochastic %K oscillator indicators are also giving a Buy signal to the token in the daily time frame. The bulls would next look to breach the 50-day Exponential Moving Average at $0.129 which could lead to a bullish continuation.
Stellar’s strength today is particularly surprising due to its historically strong correlation to XRP. While XLM has bounced back, XRP is extremely bearish and is barely holding on to the $0.5 price mark.
Bitcoin Cash is another token that is seeing a successful trading session in the crypto market. The token, which is the result of a Bitcoin hard fork, has outperformed BTC and has rallied 1.5% over the past day. BCH is currently priced at $187 and could see another bullish wave if it manages to breach the 100-day Simple Moving Average at $188.
Investors will continue to eye both tokens with great interest as experts predict that Bitcoin would likely maintain its bearish stance. The weakness in the broader equities market, compounded by the threat of another interest rate hike has shaken investor confidence in the top cryptocurrency.
Dogecoin and Shiba Inu Display Bull Rally, How Long Will It Last?
The meme coin market is also displaying a noticeable bullish strength – while the global crypto market cap has plummeted by 1.1% in the past day, the meme tokens market cap has appreciated by 0.4%.
Dogecoin has surged by 1.6% in the last 24 hours and is trading near $0.064 with a market capitalization of $8.9 Billion. While $DOGE’s technical analysis still paints a bearish picture due to its 17% depreciation over the past week, a few indicators are pointing to a potential relief rally.
The Commodity Channel Index has turned green for $DOGE in the daily time frame, while the Hull Moving Average also gives it a Buy signal.
Data from the market intelligence platform Into The Block reveals that the number of active addresses for Dogecoin actually spiked despite the complex market outlook.
Shiba Inu also jumped back up to trade near the $0.0000087 price mark before correcting slightly to $0.0000085. However, experts believe that the second-largest meme coin can soon follow a positive trajectory, especially as the newly-launched Shibarium upgrade is already hitting major milestones.
Shiba Inu lead developer Shytoshi Kusama has revealed that Shibarium’s scaling and capacity have surged by 1500% after its launch.
In light of the recent positive developments, crypto analyst @army_shiba believes that $SHIB can display a 10% surge as soon as the market turns green.
New Sonik Coin Sparks Investor Frenzy As Presale Nears $200K
Despite the prevalent bearishness, the newly-launched Sonik Coin has had an impressive start to its ICO, having already raised over $186K in just 4 days. Staying true to Sonic The Hedgehog’s speedy nature, the $SONIK token is seeking to be the fastest meme coin to hit the $100 million market cap after launch.
After all, Sonic-based tokens have become the new trend in the meme coin market. Thanks to the global popularity of the beloved blue hedgehog, tokens like HarryPotterObamaSonic10Inu have seen 8000% rallies.
However, instead of just paying homage to the iconic video game character, the Sonik Coin is also offering retail investors an excellent opportunity to generate passive income through its on-chain staking mechanism.
This feature encourages investors to hold their tokens for a longer period of time, ensuring price stability and network security. In return, they can earn up to a staggering 363% APY.
The project has also made 50% of the tokens available in its ICO itself, enabling investors to get in early and maximise their profits – $SONIK is priced at just $0.000014 in the presale but could explode after its launch.
10% of the tokens have also been allocated to provide liquidity on decentralised exchanges, ensuring a seamless trading experience. The presale has a hard cap of just over $2 million.
Could Wall Street Memes Be The Next $1 Billion Meme Coin? Presale Nears $26 Million
The Wall Street Memes token is generating tremendous hype and excitement, with its presale phase entering its final stage. $WSM has already raised over $25.6 Million and is set to hit the $26 Million mark next.
The project has announced that the Wall Street Memes token will launch on several Tier-1 exchanges in just over a month. It will list at the price of $0.0337 but could display a 100x surge after launch according to experts like popular YouTuber Crypto Vlog.
$WSM has its origins in the legendary Wall Street Bets Reddit community that inspired the ground-breaking GameStop bull run in 2021.
Since then, the Wall Street Memes group has emerged as the trendiest online trading community with a global brand value and a million-strong internet army. Even Elon Musk has occasionally interacted with its Twitter account.
Thanks to this enormous community support, $WSM is aiming to reach the $1 Billion market capitalization.
After all, the developer team behind the project has a proven track record of delivering successful Web3 projects. Its Wall St Bulls NFT collection was sold out in a matter of minutes, netting a cool $2.5 million in profits.
In order to boost user adoption, $WSM will have its own stake-to-earn mechanism that can help retail investors earn as much as 185% APY.
