Meme coins like Shiba Inu and Dogecoin have long captured the attention of the crypto community, but now they’re drawing attention from a wider audience–thanks to the help of new projects in the space like Wall Street Memes. Known for their blend of humor, culture, and financial speculation, meme coins have also become social phenomena–with Wall Street Memes, for one, bringing a new crowd to the market with its million-strong social media following.
To get a sense of the current meme coin market and where it might be heading next we’ll take a look at Wall Street Memes as a new project gaining steam in the meme coin space, along with Shiba Inu and Dogecoin.
The Arrival of Wall Street Memes in the Meme Coin Market
Wall Street Memes, widely recognized for sharing viral memes on social networks like Instagram and Twitter, announced its new venture into meme coins on May 26, 2023.
The initial exchange offering (IEO) for the meme coin is set for September 27, and so far, the presale has attracted more than $25 million in funding.
This isn’t the company’s first step into the cryptocurrency arena. Before diving into meme coins, Wall Street Memes had already made a name for itself in 2021 with its NFT collection “Wall St Bulls,” which sold out in half an hour.
The company continued its NFT endeavors in 2023 by listing its Wall St Bulls Ordinals NFTs on Magic Eden.
The initial price for each $WSM token was $0.025, and the price has since increased to $0.0337. The presale will end in the coming weeks, with the IEO scheduled shortly after.
The platform boasts a large following, as it has gained support from one million social media followers for its meme coin project.
Wall Street Memes has already designed a clear plan for its meme coin. The entire token supply will be distributed to the community, with half allocated for the presale and the rest divided between liquidity and community rewards.
As of now, 289 million tokens have been added to the staking pool, projecting an estimated APY of 69%.
Elon Musk has also interacted with Wall Street Memes on Twitter. While this doesn’t confirm anything, it has led to speculation that $WSM might get listed on major exchanges in the future, as other trending meme coins have been.
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SHIB’s Unique Positioning: Building an Ecosystem Amidst Meme Coin Hype
The meme cryptocurrency Shiba Inu (SHIB) has seen massive growth since its creation in 2020, surging over 45,700% in 2021 alone.
SHIB started trading in August 2020 at a minuscule $0.0000000001 and remained relatively flat until May 2021. That month, the coin abruptly surged 457% in 24 hours, reaching $0.00003791.
Just five months later, amidst the crypto bull run, SHIB hit an all-time high of $0.00008845 in October 2021–giving it a market capitalization of $44 billion. According to crypto market analysts, several factors enabled SHIB’s meteoric rise during the last bull cycle.
As a meme coin, SHIB benefited from viral social media hype and a devoted community of holders. Celebrities like Paris Hilton and Antonio Brown tweeted about SHIB or added SHIB-themed pictures to their social media, receiving mainstream attention.
Additionally, SHIB is differentiating itself from other meme coins by actively building out its ecosystem.
The team is developing products like the Shibarium blockchain and a crypto gaming incubator called Shib.io. These utilities could increase real-world demand for SHIB.
Currently, SHIB is trading 90% below its all-time high due to the crypto bear market that began in 2022. However, analysts predict crypto could soon enter another bull cycle. If so, SHIB has significant room for growth.
There are now over 1.2 million SHIB holders – a strong foundation of buyers. Meme coins often experience viral spikes in bull markets as hype grows on social media.
If Shibarium and other SHIB products gain traction, utility-driven demand could also increase. However, SHIB does face challenges like regulatory uncertainty in crypto and competing meme coins that could hamper its growth.
Dogecoin’s Long Road to $1: What Lies Ahead for the Meme Coin
Dogecoin, the meme-inspired cryptocurrency, has seen major price fluctuations over the past year despite support from high-profile figures like Elon Musk.
The digital token was created in 2013 as a joke poking fun at the cryptocurrency craze. However, it quickly developed an enthusiastic online community that used Dogecoin for tipping and donations.
Notably, Tesla CEO Elon Musk and Dallas Mavericks owner Mark Cuban have both publicly stated they are fans of the meme coin. This celebrity backing helped push Dogecoin to skyrocket over 10,000% to an all-time high of $0.69 in May 2021.
However, the price has dropped over 90% since then to about $0.063 as of September 2023. Daily trading volume has also declined to around $163 million.
Analysts say it’s unlikely Dogecoin will reach the symbolic threshold of $1 per token in 2023. For this to happen, tens of billions of dollars would need to pour into the cryptocurrency market overall.
The next Bitcoin halving event in 2024 could potentially spur the next crypto bull run. As such, 2025 may be the earliest realistic timeframe for Dogecoin to potentially hit $1.
Further adoption of Dogecoin as an everyday payment method could also impact price growth. But so far, real-world usage remains limited despite the coin’s brand recognition.
Looking even further ahead, some optimists predict Dogecoin could reach $10 by 2030 and possibly $100 by 2050. But prices over $1 would require widespread mainstream acceptance on par with top cryptos like Bitcoin and Ethereum.
With miners adding 5 billion new Dogecoins per year, significantly higher valuations seem improbable based on current demand. The circulating supply is already around 140.9 billion DOGE.
For now, meme coin investors should be prepared for continued volatility until real utility emerges. While social media hype can unpredictably drive up prices, Dogecoin lacks mechanisms to ensure long-term stability.
The Hidden Potential of Upcoming Crypto Presales in 2023
Cryptocurrency presales serve as early windows into new digital currency projects before they become widely accessible.
Purchasing tokens at this phase often results in cost savings compared to their anticipated market price.
Should the project excel after its public debut, early backers may find themselves in a favorable financial position.
Investing in presales can be rewarding, but it’s not without its challenges. The objective is to spot projects that have a high chance of success, led by competent teams with well-structured blockchain strategies.
While the upside can be attractive, there’s also a level of risk that investors must consider.
Cryptonews.com’s specialists employ their extensive knowledge in the field of cryptocurrency to investigate forthcoming presales.
They focus on projects with the potential for growth, taking into account various indicators such as effective leadership and original project concepts.
Based on comprehensive assessments, the experts have pinpointed certain presales set for 2023 that appear to offer solid prospects for those who don’t mind a calculated risk.
For those willing to step into this area of investment, participation in these carefully selected presales could lead to financial benefits in the coming year and potentially beyond.
New Cryptocurrencies to Buy In 2023
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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