Memecoins
Meme Coin Prices Dropped, But New Dawgz Base Pre-Sale Raised $1.2 Million
Meme coins are painting the cryptocurrency market red right now.
Yet a new canine-themed project called Base Dawgz (DAWGZ) continues to grow and just passed the $1.2 million milestone in its current pre-sale event.
Meme coins retreat as spot trading volumes plummet
It’s been a busy week to be a meme coin investor.
From the OG Dogecoin to recently trending tokens like Floki, almost every major joke coin is seeing losses right now.
DOGE has lost over 1% of its value in the last 24 hours, while SHIB has also lost a similar amount.
The self-proclaimed “people’s dog money,” BONK, is doing even worse with a 4% drawdown.
Even PEPE was not spared from the assault.
PEPE has fallen by over 3% over the past day and is trading around $0.0000122.
However, the worst performer was the MEW token, which suffered a 10% decline since yesterday.
In total, the combined market capitalization of meme coins fell to $58.2 billion.
Even more pressing, 24-hour spot volumes are down 34%, now at $5 billion.
The slowdown in trading activity means investors are losing faith in the meme coin market, at least for now.
Bitcoin price plummets, leading to sell-off of Meme coins
The current meme coin sell-off appears to be caused by a combination of macroeconomic factors and recent cryptocurrency market developments.
On the cryptocurrency front, Bitcoin’s failure to close above $70,000 has spooked traders.
This pushed up the price of Bitcoin decrease significantly Wednesday and Thursday – dragging meme coins with them.
Concerns also remain about the trajectory of the Fed’s interest rate policy.
With inflation still above the 2% target, fears that interest rates could remain higher for a longer period are leading to risk-off sentiment among some traders.
Then, there is another catalyst that is more specific to the cryptocurrency market itself.
The recent string of inflows into Bitcoin spot ETFs finally it clicked Monday after 19 consecutive days, perhaps signaling that institutional demand is waning.
When big money starts to retreat, it’s usually a bearish signal.
So, in summary, a confluence of macro factors and shifting narratives is deflating the meme coin’s momentum for now.
But, as experienced cryptocurrency investors will know, sentiment can change quickly in this sector.
Often, a positive catalyst is enough to trigger an explosive rebirth.
New Dawgz Meme Coin Base Challenges the Market and Tops $1.2 Million in Viral Pre-Sale Event
Despite the malaise in the meme coin market, one newcomer is still performing well.
That newcomer is Basic Dawgz – a multi-chain project that raised $1.2 million in just ten days of its ongoing pre-sale.
Not a bad start, considering the bearish environment surrounding meme coins right now.
So, what drives Base Dawgz’s impressive pre-sales performance?
For one thing, it is capitalizing on the demand for meme coins hosted on the Base Layer-2 network.
While Solana and Ethereum still dominate the meme coin space, Base has emerged as a promising new ecosystem (with low fees).
The base is now there the second largest Layer-2 network in the world.
And since Base Dawgz is hosted on that network, it has a unique selling point compared to countless Solana and Ethereum-based joke coins.
This has seen DAWGZ receive high profile support from influencers.
For example, Matthew Perry said DAWGZ could be “the next BRETT coin” – a reference to the successful dog-themed meme coin on the Base chain.
Basically, Base Dawgz doesn’t just rely on advertising like this.
It features real-world use cases and built-in utilities, such as the DAWGZ staking protocol and multi-chain architecture.
Dawgz Basic Telegram Channel members are particularly excited about the latter because it will allow holders to easily connect their tokens to different blockchains.
Considering all this, the signs look promising for DAWGZ, even if other meme coins struggle.
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