It’s been an eventful week in the meme coin market, with new entrant Sonik Coin ($SONIK) kicking off its public presale, offering tokens for just $0.000014.
Meanwhile, trending token Wall Street Memes ($WSM) has hit the $24 million fundraising milestone in its presale, while Shibarium Token ($SHIBARIUM) has capitalized on the ongoing Shiba Inu hype.
With that in mind, here’s a closer look at some of the top stories dominating the meme coin space recently.
1. Limited-Time Sonik Coin Presale Kicks Off with Low Hard Cap
The newly-launched Sonik Coin ($SONIK) has started its public presale event, offering early investors the chance to buy $SONIK at the basement-level cost of $0.000014.
Sonik Coin’s developers have earmarked 50% of the total 300 billion token supply for presale investors, with the hard cap set at just over $2 million.
The strategically low hard cap aims to speed up $SONIK’s transition to the open market, which is expected to occur via a listing on the Uniswap DEX.
As its name implies, Sonik Coin aims to drive price growth by tapping into Sonic the Hedgehog’s popularity while introducing unique staking rewards.
By adding a real-world use case for $SONIK, the development team hopes to stand out in the meme coin space, where many projects lack utility.
With Sonik Coin’s Telegram community already seeing early growth, the project has laid the groundwork for building an engaged follower base to drive presale momentum.
2. Trending Wall Street Memes Presale Hits $24 Million Funding Milestone
Wall Street Memes ($WSM) has emerged as a standout performer in the meme coin space in recent months, crossing the impressive $24 million milestone in its presale.
This community-driven project has captured significant investor interest, priming the token for an eagerly-awaited exchange launch in the coming weeks.
Wall Street Memes’ presale, now in its second-last stage, is offering participants a narrow window to purchase $WSM tokens for $0.0334 before they hit the open market.
The early fundraising figure is a testament to $WSM’s potential and the community’s confidence, which comprises over 1.1 million “degens” worldwide.
This community has also grown rapidly on Wall Street Memes’ Telegram channel, with members discussing potential influencer partnerships for $WSM.
With Wall Street Memes’ roadmap presenting plans for Tier-1 CEX listings and a goal of hitting a $1 billion market cap, it’s clear the token’s developers are taking a proactive approach to making $WSM the best it can be.
3. Shibarium Token Takes Advantage of Shiba Inu Buzz
Shibarium Token ($SHIBARIUM) is a new meme coin that aims to leverage the buzz around the upcoming Shibarium layer-2 network built by Shiba Inu’s ($SHIB) developers.
While not directly affiliated with Shiba Inu, $SHIBARIUM seeks to leverage the continuing hype surrounding $SHIB.
The project’s website emphasizes the real-world utility that will come from Shibarium, like lower fees and faster transaction speeds.
These elements are playing into the early growth of the Shibarium Token, which has seen its price rise 226% in the past 24 hours, according to data from CoinMarketCap.
At present, $SHIBARIUM can only be traded on Uniswap using $WETH, but the developers plan to expand the token’s availability to other exchanges in the future.
4. Bad Idea AI Trends on CoinMarketCap
Another meme coin that has been attracting investor attention recently is Bad Idea AI ($AI).
Through tongue-in-cheek branding, the project playfully pokes fun at the rapid rise of artificial intelligence through memes and jokes while emphasizing the need for decentralized solutions.
After launching in May, $BAD saw its price stagnate for weeks; however, momentum picked up significantly in mid-June, with the token rising over 1,600%.
Although the price pulled back after this, the sell-off was short-lived – and $BAD soared by a further 910% in the first week of August.
Unfortunately for $BAD bulls, the token’s price surge was fleeting, and $BAD has corrected lower in the past few days.
Regardless, Bad Idea AI is still ranked number eight on CoinMarketCap’s list of trending cryptocurrencies, demonstrating that there’s still significant interest in this unique meme coin.
5. Meme Coin Market Trading Volume Surges 25%
Lastly, the meme coin space has seen trading activity pick up substantially in recent days, with data from CoinGecko revealing that the market is now valued at over $17.6 billion.
As noted by CoinMarketCap, more than $1.1 billion in meme coin trading volume occurred in the past 24 hours – a 25% increase from the previous day.
Established projects like Dogecoin and Shiba Inu saw volume spikes alongside newer coins like $PEPE and $BITCOIN.
This renewed interest comes when most major cryptocurrencies have seen a decrease in trading volume and rangebound price action.
However, meme coins are bucking the trend, likely thanks to intense speculation and hyped-up launches.
Although the long-term outlook of the meme coin market is uncertain, trading looks poised to stay heightened in the near future.
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