Dogecoin Fades, New Meme Coin Emerges with $12 Million Raised – Get in on the Trend 

In the ever-evolving world of cryptocurrencies, Dogecoin’s once-dominant position seems to be fading as a new meme coin emerges onto the scene. 

With an impressive $12 million already raised, this up-and-coming digital currency is capturing the attention of investors and enthusiasts alike. 

As the market shifts its focus, now is the time to get in on the trend and explore the potential of this exciting new meme coin. Notably, its 24-trading volume is experiencing a surge of about 73%, taking the trading volume to $525 million.

Dogecoin ($DOGE) Exhibits Bearish Momentum, Price Declines

According to market data from CoinMarketCap, the price of Dogecoin (DOGE) has experienced a significant decline, showing a decrease of 2.65%. 

This decline in value has led to the current trading price of Dogecoin being $0.066. The downward movement in Dogecoin’s price suggests a shift in market sentiment and investor confidence. 

Dogecoin, known for its meme-inspired branding and widespread community support, has been subject to volatile price movements throughout its existence.

Furthermore, according to data provided by CFG, a cryptocurrency sentiment analysis platform, the DOGE fear and greed index currently stands at 36%, indicating a sentiment of fear among investors. 

With a fear rating of 36%, it suggests that there is a prevailing bearish sentiment among investors regarding Dogecoin’s future price movements. 

A fear-based sentiment can influence investor behavior, leading to increased selling pressure and a more cautious approach to investing in Dogecoin. 

Technical Analysis of Dogecoin Using Indicators

According to the daily chart from TradingView, Dogecoin ($DOGE) is trading below both the 50-day and 200-day Simple Moving Average (SMA) indicators, which suggests a bearish trend. 

This indicates that the asset’s price is below its average levels over the short and long term, potentially indicating a weakening market sentiment and potential further price declines.

However, the Moving Average Convergence Divergence (MACD) is signaling trend reversal and a potential buy opportunity. This suggests that, despite the current bearish momentum in the Dogecoin market, the coin has an uptrend potential in the upcoming market.

Importantly, traders and investors shouldn’t rely only upon technical indicators when making trading decisions, as the crypto market is highly volatile.

Wall Street Meme (Alternative)

After its presale debut in late May, Wall Street Memes swiftly garnered global recognition among cryptocurrency enthusiasts, resulting in the project recently surpassing the significant milestone of $12.5 million.

What distinguishes Wall Street Memes from the multitude of other meme coins saturating the market is its notable background and expertise.

The individuals behind Wall Street Memes are well-versed in the digital realm, as evidenced by their previous triumph in launching the widely popular NFT collection named “Wall St Bulls” in 2021.

This collection astonishingly sold out all 10,000 pieces in a mere 32 minutes, generating an astounding $2.5 million in proceeds for its creators.

Understanding the Hype: Factors Driving the $12 Million Fundraising Success

The success of the new meme coin (WSM) is evident in the impressive $12 million raised during its initial fundraising phase (presale). Strong community engagement and support could be key to fundraising success.

The meme coin’s team has fostered an active and passionate community, leveraging social media platforms and online forums to spread awareness and generate excitement. This community-driven approach has encouraged investors to participate and contribute to the coin’s growth.

Furthermore, the groundwork for Tier-1 Centralized Exchange (CEX) listings has been established for Wall Street Memes, as prominent figures like Elon Musk have engaged with the project’s content. 

These CEX listings are planned to take place once the presale phase comes to a close. Moreover, the timing and overall market sentiment also play a role in fundraising success. 

With the cryptocurrency market experiencing increased attention and interest, investors are actively seeking new opportunities. 

The rise of meme coins as a trend within the broader crypto landscape has further fueled the hype, attracting both seasoned investors and newcomers looking for the next big thing.

$WSM Presale Performance

The presale of $WSM has seen remarkable success, achieving a significant milestone reaching a high of $12.7 million.

Notably, on May 30, 2023, the presale surpassed $1 million, and a few days later, it secured an additional $2 million, totaling $3 million raised by June 3, 2023. 

Impressively, the project continued its momentum, accumulating $4 million on June 5, 2023, and $5 million on June 9, 2023, indicating an additional $1 million raised in just four days. 

The $WSM presale maintained its upward trajectory, ultimately reaching $6.2 million by June 14, 2023. Presently, the Wall Street token is sold at $0.031 and will increase slightly in the next stage to a high of $0.0313.