Dogecoin, DogWifHat Among Biggest Meme Coin Losers but Some Traders Remain Bullish on New Entrants STARS, WEPE
Its a bloodbath in the crypto market this week, with Dogecoin and DogWifHat taking a serious hit.
However, some newer meme coins are still thriving.
Crypto All-Stars and Wall Street Pepe continue to gain traction and some experts suggest they could be about to explode soon.
DOGE & WIF Plunge as Meme Coin Investors Get a Reality Check
DOGE and WIF are feeling the heat right now.
Dogecoin has plummeted to just $0.29, its lowest price since November 11.
The coin has also lost an enormous $16 billion in value over the past week alone.
DOGEs nosedive has left traders scrambling and wondering how far the OG meme coin will fall.
DogWifHat, with its signature dog mascot, isnt doing much better.
WIF has tumbled to $1.87, a 34% drop since Tuesdays local high.
And whats worse, the falling open interest suggests traders are starting to lose faith in the coin.
Its not just these two, either.
SHIB, PEPE, and BONK have also suffered double-digit losses in the past 24 hours.
The selloff is affecting all the top coins, and only Fartcoin has managed to post a small gain.
It looks like meme coin traders are again learning that what goes up must come down.
Jerome Powells Hawkish Stance Prompts Meme Coin Turmoil
Jerome Powell, the Fed chair, is one of the main reasons for the meme coin selloff.
His comments after this weeks rate cut sent shockwaves through the markets, and meme coins, being the most volatile corner of crypto, have been hit the hardest.
Powells hint that there might be fewer rate cuts than expected in 2025 spooked traders who were all about taking risks.
But its not just the Feds doing.
Bitcoins growing dominance is pulling money away from altcoins and meme coins as investors seek safety in the crypto equivalent of gold.
Add to that a wave of liquidated positions, and youve got a recipe for disaster.
The big players are cashing out while they can, and when whales make moves, the impact is enormous.
This can be brutal for meme coins, which are entirely driven by market sentiment.
However, these difficult conditions might only be temporary.
Crypto influencers like @XYOPepe believe the crypto market correction is now over.
If thats accurate, meme coins like DOGE and WIF could be ready for a swift comeback.
New Meme Coins Crypto All-Stars & Wall Street Pepe Keep Growing Despite Market Downturn
Although established meme coins are in the red, two newcomers are proving that the right project can still generate excitement.
The first is Crypto All-Stars, which just wrapped up a presale phase that raised over $26 million.
Hype is now building as STARS market launch on Monday approaches.
The potential gains with STARS are not the only thing generating buzz the projects MemeVault platform is also receiving considerable attention.
MemeVault lets investors stake 11 different meme coins to earn tokenized rewards.
Theres nothing else like it on the market right now, which is why popular influencers like ClayBro have shown interest in Crypto All-Stars.
Meanwhile, Wall Street Pepe is also seeing an uptick in interest.
This new meme coin has raised over $32.8 million in presale already, making it one of the fastest-growing pre-launch projects ever.
Wall Street Pepe is drawing attention by offering actual utility.
Its VIP group will feature trading signals, alpha calls, strategies, tips, and even trading competitions with WEPE rewards.
Frog army is the meta.
Join us: https://t.co/ZDBhKay9ss pic.twitter.com/nincuz3IYu
Wall Street Pepe (@WEPEToken) December 19, 2024
So, although it has that degen appeal, investors are also excited by the promise of a real trading advantage.
Ultimately, the interest in Crypto All-Stars and Wall Street Pepe shows that innovation can still attract investors, even in a down market.
These projects offer more than just funny memes they provide real benefits that traders find valuable.
It could be a sign that the meme coin sector is finally maturing.
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