Top meme coins like Dogecoin, Shiba Inu, and PEPE are falling. Meanwhile, investors are pouring into Base Dawgz in the ongoing DAWGZ presale.
For now, the meme coin boom led by BONK, PEPE, seems to be over. Traders are now bracing for a burst that could erase millions.
There are tell-tale signs that all is not well.
Please, bro. You gotta sell your meme coins. When the music stops there will be only 5 chairs bro. We are gonna crash bro. And then who is gonna buy? Where will the other 95 chairs come from? Bro, please sell. pic.twitter.com/03OeDic8pb
— Airmass (@The_Airmass) May 22, 2024
DOGE, PEPE, And Top Meme Coins Crashing
The total market cap for meme coins is $55 billion, down from around $65 billion last week.
Interestingly, all the top 10 meme coins, including DOGE, SHIB, PEPE, and WIF, have posted double-digit losses in the last week of trading.
(CMC)
To quantify, WIF is down -25% in the last week, while FLOKI has shaved -30% over the same period.
BOME, DOG, and MEME are also down roughly -30% in the past seven days.
Though DOGE and SHIB are the undisputed kings of meme coins, at least going by market cap, they have not been spared.
However, there are other pressing concerns in Dogecoin and Shiba Inu.
(SHIBUSDT)
Data from Santiment, a crypto intelligence platform, paints a concerning picture for the two biggest meme coins.
Active addresses and trading volume in Dogecoin and Shiba Inu, key indicators of user activity, have been steadily dropping in June.
This suggests waning interest among traders.
But in more optimistic news, the situation facing meme coins now has some investors wondering if a new entrant, Base Dawgz, might be the answer to their prayers.
DISCOVER: The Best Solana Meme Coin to Buy in June 2024
Base Dawgz Booming, DAWGZ Presale Raises Over $1 Million
While other meme coins struggle, Base Dawgz is booming.
The DAWGZ presale has surpassed its initial target of $600,000 barely days after launching.
At the current presale stage, each DAWGZ, the platform’s native token, is changing hands for $0.00502. Only five days remain before prices rise.
So far, over $1 million has been raised, pumped by what the meme coin offers but primarily because of its unique features.
For example, Base Dawgz, unlike PEPE, is multi-chain. Accordingly, users can transfer the token across multiple blockchains, such as Solana, Ethereum, and even Avalanche.
Besides the flexibility of being multi-chain, the platform will offer staking with huge attractive rewards, an appealing feature for those looking to earn passive income. According to its tokenomics, 20% of the total supply has been allocated for this purpose.
Base Dawgz’s early traction is undeniable, and investors who get in early stand to reap huge rewards.
Analysts, including YouTube influencers, are convinced DAWGZ is another gem that would follow, even outperform, PEPE or BOME in the long run.
On launch, they expect the meme coin to jump by at least 100X as Base Dawgz rises up the market cap leaderboard to dethrone established meme coin giants.
EXPLORE: FLOKI Price Crashes As Retail Investors Race to Swap For This Other Coin
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.
