Uncertainty has struck the crypto market today, and leading meme coins Pepe and Shiba Inu have taken a nosedive, each down 4.9%.
However, analysts continue to wade support for the new meme coin Wiener AI as its presale advances toward the $1 million total raised mark.
Meme Coin Prices Slide Amid Market Downturn
The crypto market has stumbled over the past 24 hours, led by regulatory concerns and attacks in the United States.
However, the volatile nature of meme coins has rendered many worse for wear. The total crypto market cap is down 3.9%, but Pepe and Shiba Inu have suffered deeper retracements.
Currently, Pepe is trading at $0.000006997, down 4.9% today, up 7% this week, and down 17% this month.
Its market cap is $2.9 billion, while its 24-hour trading volume is $610 million, down 8.3% today.
However, its trading volume remains favorable, in the 13th-highest spot among all cryptocurrencies. This far outpaces its market cap, which is positioned in the 37th spot.
A recent perpetual futures listing on Coinbase’s institutional-focused arm, Coinbase International Exchange, which serves clients outside the United States, is behind its recent spurt of market interest.
Industry commentators anticipate the listing could precede a spot launch on the main Coinbase exchange.
“Coinbase added PEPE perpetual futures; trading starts on 18 April. I’m expecting a spot listing soon,” Said prominent analyst Plazma on X recently.
Meanwhile, Bluntz highlighted that Pepe has recently held up well relative to other meme coins and suggests that this hints at things to come.
“Of all the major meme coins, Pepe looks the best. It has already cleared and reclaimed the (a) wave lows after ‘turbo V’ reversing from the major 0.618 Fibonacci level,” he wrote on X.
Moving to Shiba Inu, it is trading at $0.00002352, down 4.9% today, 13% this week, and 23% this month.
Its market cap is $13.8 million, while its 24-hour trading volume is $484 million, up 36% today.
That said, its volume remains lower than Pepe’s despite its market cap being over $10 billion higher and it is listed on Coinbase’s main exchange.
Indeed, this indicates relative weakness for Shiba Inu, and this is reflected in social media sentiment, with analysts seemingly skipping over the project recently.
However, Max Schwartzman, prominent meme coin trader and CEO of Because Bitcoin, charted Pepe against Shiba Inu and predicted PEPE would outpace SHIB in the coming months.
“Why hold any other meme coins with size if they bleed against Pepe? This is a great opportunity to roll your meme coin holdings into Pepe over the next week. No emotions, just charts,” he wrote.
While this presents a bullish outlook for Pepe, analysts are also overarchingly bullish on newly launched meme coin Wiener AI, which recently surpassed the $600K total raised mark at presale.
Wiener AI Raises $600K at Presale, Next 10X Meme Coin?
Injecting memetic excitement into the AI revolution, the new meme coin Wiener AI is proving a formidable force in the crypto market.
The project has raised over $600K so far and is backed to explode 10x by leading analyst Jacob Bury.
Its website explains that it will adopt AI technology for “unparalleled capabilities,” making it the “ultimate asset for every crypto trader.”
This isn’t the first time an AI project has adopted a meme coin exterior; others, like Scotty the AI and Meme AI, have already seen massive success by taking this approach.
However, Wiener AI marks the next evolution in the potential gold standard for contemporary crypto marketing, packaging revolutionary technology inside culturally resonant user-facing front-ends to encourage adoption.
As per its website, Wiener AI will introduce a zero-fee AI trading bot that’s instant, predictive, and beginner-friendly.
While there is no doubt that this use case provides long-term potential, the project looks to extend its lasting outlook with a staking layer.
Users can deposit tokens in exchange for passive rewards, currently valued at approximately a 1,400% APY. However, the rewards will decrease as the staking pool grows.
This incentivizes early adopters, but the project further rewards these extraordinaires with a discounted presale entry. The current Wiener AI presale price is $0.000702, but this will rise in just over one day.
