As meme coins across the board struggle, market leader Dogecoin has slumped 14% this week.
However, the new presale WienerAI has provided a new investment opportunity for meme coin traders, with its total raise surging past $5.5 million today.
Dogecoin Dives as Macroeconomic Uncertainty Grows
Led by concerns about macroeconomic conditions, the crypto market has endured difficulty over the past week, proving particularly detrimental for meme coins like Dogecoin.
Bitcoin has sold off by 5% this week, and most altcoins have followed suit.
Meanwhile, Coinglass data reports $189 million in crypto market liquidations over the past 24 hours, with a whopping $146 million of that being long liquidations.
This unrest comes ahead of the United States FOMC meeting on Wednesday, which will determine whether interest rates will change.
According to the CME FedWatch tool, the market anticipates no change in the upcoming meeting.
However, much of crypto’s strong performance in 2024 has occurred under the assumption that rate cuts will happen this year.
But now, the market is bracing for potentially unfavorable remarks from Fed Chair Jerome Powell that could imply no rate cuts in 2024.
While this has been detrimental to crypto prices across the board, Dogecoin has fared worse for wear.
It is currently priced at $0.14, at breakeven today but down 14% this week.
Dogecoin’s market cap is $20.2 billion, and its trading volume is $1.1 billion, up 9% today.
Reminiscent of the macroeconomic outlook, sentiment is mixed on Dogecoin’s upcoming trajectory.
On the one hand, CryptoKnight is bullish, providing technical analysis that implies DOGE is entering an “expansion zone.”
Based on the analyst’s chart, Dogecoin could rally toward $1 in the coming months.
https://twitter.com/cryptoknight890/status/1800794927582031886/photo/1
However, other analysts suggest a deeper retracement is needed before an upward movement.
Crypto Tony predicts a pullback toward $0.1 before an uptrend continuation can resume.
So, while analysts retain a bullish longer-term view for Dogecoin, its short-term outlook reflects the wide-reaching macroeconomic uncertainty.
However, WienerAI has continued to advance at presale, proving that newer cryptocurrencies can provide a shelter from the broader market turbulence.
WienerAI Presale Rallies While Market Struggles – Next Meme Coin to Explode?
In an unwavering display of relative strength, the WienerAI presale has surged past $5.5 million amid the market downturn.
With momentum on its side, there’s every chance that this project could explode when crypto prices recover.
WienerAI is a sausage dog-themed meme coin with a captivating AI-infused twist.
While the project’s meme coin allure is inviting, it’s a cutting-edge AI trading bot causing its buzz.
The bot will help users make better trading decisions. They can ask it questions, and it will scour the market for the best opportunities.
For instance, users could ask it to identify a low market cap cryptocurrency with a strong community on the Ethereum network.
Once it finds a suitable crypto, users can take advantage of its instant, fee-free, MEV-resistant, and noob-friendly trade execution.
Adding to the project’s utility, WienerAI also boasts a staking mechanism that rewards users for locking up their tokens.
Considering its staking utility and position at the intersection of AI and meme coins, it is clear why the presale is in such high demand.
The current $WAI price is $0.000717, but this will rise throughout the campaign, with the next uptick in 10 hours or when the total raise hits $5.6 million.
