The crypto market is having another bad day on Saturday, sparked by the broader crash in equities. The Bitcoin price has corrected by nearly 5% to trade as low as $60,700, resulting in a bloodbath in altcoins.
Much to the chagrin of investors, Dogwifhat is again amongst the worst-performing tokens for today after correcting by 11%. In fact, WIF has suffered the worst losses of any top 100 cryptocurrency over the past week, down over 35% over that period.
Top Base meme coin Brett isn’t faring much better either and has declined by 20% in the last 7 days.
However, new meme coins are showing considerable strength, likely because investors believe that the bull market isn’t over just yet. For instance, Shiba Shootout has raised close to $1 million in its ICO, a sign of its high upside potential.
Dogwifhat, Brett Prices Crash Again – How Low Can They Go?
The weak jobs report for July has raised concerns for an oncoming recession. With the stock market and gold prices crashing, it is no surprise that the crypto market is under significant selling pressure as well.
The meme coin market capitalization is down by nearly 10% today, data from CoinGecko reveals.
As previously mentioned, Dogwifhat is bearing the brunt of the market crash and is now trading at $1.70, down 65% from its all-time high.
The Dogwifhat RSI is now hovering near 23 in the 4-hour time frame, flashing a “Buy” signal. However, experts believe that the WIF price has yet to form a local bottom and will likely continue its bearish trend in the coming days.
For instance, popular crypto trader Nebraskangooner (@nebraskangooner) – who has close to 350k X followers – projects that the Dogwifhat price will likely test the $1 support level shortly. While experts believe that WIF will be an excellent buy at a dollar, this scenario means that the top Solana meme coin could see another 40% correction.
The top Base meme coin Brett is also facing substantial selling pressure and is down nearly 23% over the past two weeks. It is currently trading at $0.106 with a market capitalization of $1 billion.
Similar to WIF, things could get much worse for Brett as it faces the threat of breaking down below several key support levels. For instance, the meme coin could fall below its 100-day EMA and SMA, which currently stand at $0.102 and $0.103 respectively.
Shiba Shootout Nears $1M in Presale – Next 100x Meme Coin?
Considering the broader market weakness, low-cap tokens and new meme coins appear to be better short-term investments. Smart money investors have already identified Shiba Shootout as one of the new crypto coins that could deliver outsized returns after its launch.
The demand for SHIBASHOOT is evident in its presale. The new meme coin has received nearly $1 million in early investments during the first few weeks of its presale. The project’s Wild West touch and cowboy theme appear to have caught the attention of meme coin enthusiasts.
The strong interest in Shiba Shootout isn’t exactly a surprise, considering it is a high-utility meme coin that is drawing comparisons to Floki.
For instance, the meme coin has launched its own play-to-earn game, similar to Floki’s Valhalla. Additionally, it has its own staking program called Cactus Staking, which offers passive income at a much higher rate than the industry average, currently at an APY of over 1100%.
Posse Rewards and Lucky Lasso Lotteries are other attractive rewards in store for the token holders. Investors can read more about Shiba Shootout’s utility in its whitepaper.
With its strong presale demand and attractive monetary perks, it is no surprise that experts are bullish on Shiba Shootout, with some even calling it the next 100x meme coin.
