CoinDesk Reports:
The meme coin market has seen a tumultuous week so far.
Fan-favorites Dogwifhat (WIF) and Pepe (PEPE) experienced sharp declines, serving as a stark reminder to traders of their unpredictability.
However, amidst the economic downturn, a newcomer has defied the odds – WienerAI (WAI).
This new token raised over $7 million in its presale and is preparing for an exchange launch later this year.
Dogwifhat had a tough week, plunging 23%.
It’s been a rough week for Dogwifhat.
The meme coin, themed around dogs, dropped 11% in the past 24 hours and extended its losses to 23% since Monday.
This downward spiral began when WIF failed to hold the 200-period exponential moving average (EMA) as resistance on the 4-hour chart.
Since then, WIF has been on a downhill trajectory.
The token even breached the 50-period moving average, a bearish signal causing concern among traders.
With this key technical indicator breached, all eyes are now on $1.50 as the next potential support level.
Interestingly, despite the price drop, Dogwifhat’s spot trading volume surged by 96% over the past day.
Such increased activity may indicate dip buyers attempting to seize rebound opportunities.
Nevertheless, WIF’s struggles appear to be part of a broader market downturn.
Bitcoin dipped below $60,000 yesterday, and its continued bearish trend today is dragging WIF down with it.
PEPE breaches critical support levels, sparking investor concerns.
PEPE’s situation this week hasn’t improved.
The token has tumbled off a cliff, trading at just $0.0000094.
This latest plunge saw PEPE break below the critical support level of $0.000010, previously a psychological safety net for traders.
And the losses are significant.
PEPE is currently at its lowest price since May 20th, depreciating by 22% since Monday, leaving many holders worried about how far it might fall.
More worrisome is the declining public interest in political meme futures.
This suggests even speculative traders may be losing confidence in the token.
Ultimately, this perfect storm of negative factors has left political meme coin investors questioning whether their favorites can rebound.
It seems unlikely at this point.
But given the ability of political memes to create frenzied price swings, a sudden recovery remains possible.
WienerAI gains momentum with millions raised in presale and AI trading bots.
While WIF and PEPE struggle, WienerAI is gaining momentum.
This AI-driven cryptocurrency has just surpassed the $7 million mark in its ongoing presale, demonstrating continued demand for creative meme coins.
Much of WienerAI’s appeal lies in its trading bots.
Investors can ask it questions like “Which altcoin should I invest in?” and the bot scans the market for viable opportunities.
Once identified, it presents clear reasons for selecting these opportunities.
But that’s not all.
WienerAI’s bots also offer seamless token swaps, eliminating the need to navigate different exchanges or manage multiple wallets.
They can even execute these swaps for free.
This makes WienerAI a powerful tool for anyone looking to simplify their cryptocurrency trading experience and potentially maximize returns.
Thus, the heated presale of WienerAI comes as no surprise.
Early investors could purchase WienerAI’s native token WAI for just $0.000725 during the presale.
According to the project’s whitepaper, developers plan to list WAI on DEX (and later CEX) once the presale concludes.
These listings are highly anticipated by WienerAI’s Telegram community members.
Overall, the signs for this new project look promising.
Despite the struggles of WIF and PEPE, WienerAI might be a breath of fresh air for investors.
Visit WienerAI’s presale.
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