The euphoria in the market after Grayscale’s historic victory over the SEC appears to have faded, with the global crypto market capitalization correcting by 0.5% over the past day.
While Bitcoin is barely holding on above the $27,200 price mark, major altcoins like Solana, Polkadot and Chainlink are seeing heavy corrections.
Pepe coin also dipped 2.5% over the past 24 hours, as last week’s potential rug-pull has damaged investors’ faith in its long-term viability.
On the other hand, presale meme tokens like Wall Street Memes and Sonik Coin are showing continued strength in their respective ICOs and could present potential alternatives to Pepe.
Pepe Coin Plunges Once Again, Is It Going To Zero?
Pepe devs shocked the crypto market last week when they sold close to $15.7 million worth of $PEPE tokens on various exchanges. Shortly after, the number of signatures required to access their multi-sig wallets changed from 5 to 2, which most experts agree is a bad security move.
In response, Pepe’s value plummeted close to 20% in a span of a few hours, with whales and smart money traders rushing to dump their holdings.
Pepe saw a modest rally after Grayscale’s landmark victory against the US Securities and Exchange Commission. However, the third-largest meme token is back to its bearish ways as it has plummeted 2.5% over the past 24 hours. Its market cap has also dropped below the $340 million mark, along with a 60% dip in the 24-hour trading volume.
A potential cause of Pepe’s current bearishness may not even have anything to do with its ecosystem as all major cryptocurrencies appear to be retracing their Grayscale pumps.
Benjamin Cowen, the founder of Into the Cryptoverse who also has close to 800K followers on Twitter, points out that XRP displayed a similar retrace phenomenon after its watershed victory against the SEC.
However, Pepe’s case may be different as investors appeared to have lost confidence in the meme coin.
Popular trader @CryptoKaleo, who has close to 600K followers on Twitter, states that he will no longer invest in the token due to the “greedy and shady” actions of its founders.
In an effort to control the damage, Pepe’s official account on Twitter put out a statement explaining that last week’s dump was the actions of a few bad actors within the team. The statement goes on to confirm that the Twitter account and the multi-sig wallet are now in safe hands, and the remaining 10 trillion tokens in its control would either be burnt or used judiciously.
However, prominent crypto community members like @Pauly0x, @Degentraland and @EricCryptoman have refused to trust the team behind Pepe coin anymore.
As Pepe Struggles, Could Wall Street Memes Token Be An Alternative?
The Wall Street Memes token continues to display a stellar performance in its ICO, leading popular traders to call it the next Pepe. $WSM has already raised over $26 million in just over three months and is now set for an explosive launch on multiple Tier-1 exchanges in less than a month.
The token’s strong start is not a surprise, considering the immense popularity of the Wall Street Memes group. It has strong ties to the legendary Wall Street Bets Reddit that sparked the GameStop bull run in 2021.
Since then, the group has developed a global brand value of its own by becoming the internet’s go-to source for hilarious finance-related memes. It farms over 40 million social media impressions on a monthly basis and even Elon Musk is a fan of its Twitter account.
Due to this immense fan-following, $WSM is targeting to hit the $1 billion market cap after launch. After all, even Pepe’s meteoric rise was a result of nothing more than the popularity of Pepe The Frog memes.
The developer team behind the token also has a strong track record in the Web3 space, which inspires confidence among investors. Its Wall St Bulls NFT collection sold out in just 32 minutes, netting $2.5 million in profits.
Interested buyers can purchase the token in the presale by swapping ETH, USDT or BNB tokens.
Visit Wall Street Memes Presale
Sonik Coin Another Option as New Meme Token Approaches $850K Milestone In Impressive Presale
Pepe The Frog-based meme tokens are now becoming old news, with Sonic The Hedgehog-inspired coins quickly becoming the new trend in the market. Some tokens like HarryPotterObamaSonic10Inu have even displayed 8000% bull rallies.
The newly launched Sonik Coin is one such token that is generating a strong buzz in its presale, having already raised close to $850K in a span of two weeks.
Just like the beloved blue hedgehog, $SONIK is all about speed and explosiveness and is seeking to be the quickest meme token to hit the $100 million market cap.
Considering the global popularity of Sonic The Hedgehog franchise, this would not be a totally unlikely scenario. After all, meme coins paying homage to popular fictional characters have seen tremendous success in recent months.
Sonik Coin is also a true low-cap gem – despite 50% of the entire token supply being available, its presale has a hard cap of just over $2 million. This gives $SONIK a lot of potential for explosive price growth after launch.
Another 40% of the token supply will support its on-chain stake-to-earn feature, which has become a major point of attraction for retail investors.
Visit Sonik Coin Presale
The post Pepe Coin Price Slips Again as Traders Turn To Alternative Meme Coin appeared first on BeInCrypto.