In an inexplicably volatile crypto market where meme coins have left serious investors baffled, DOGE2.0 has made a mark by seeing a 700% surge within 24 hours. Barely weeks old on Uniswap where it was paired with Wrapped Ethereum (WETH), DOGE2.0 has hoodwinked traders by gaining a massive 5,000%. However, despite the initial euphoria, a downtrend of 69% from its all-time high of $0.022 has left investors both perplexed and skeptical.
Despite being a newly minted anonymously launched meme token bearing no connection to the original Dogecoin, DOGE2.0 had a promising start. However, the tokens’ luster seems to be wearing thin as growth charts show a flattening around the $0.006608 level in recent hours.
An added setback for DOGE2.0 is its negligible community presence online. In the world of crypto trading, a strong online presence and thriving community significantly impact investors’ faith and influence the longevity of a token’s success. This lack of online footprint for DOGE2.0 has inevitably triggered speculations around its future resilience.
On the other hand, another newborn meme token, Wall Street Memes (WSM), is grabbing attention with its ongoing presale achieving over $11.1 million in no time. With no substantial utility or fundamentals to back it, WSM’s sudden popularity seems fueled by its robust community support. Its official Twitter handle itself boasts over 255,000 followers, hinting at a vast pool of potential WSM buyers.
Interestingly, the meme token appears to be benefiting from its connection to the meme stocks movement. Given this link back to the GameStop and AMC rallies of 2021, WSM seems to stand a better chance against random meme tokens floating in the market. With the presale price currently rolling at $0.0304, the high community following indicates a potential price ascent when the token hits exchanges in the coming weeks.
With the crypto market’s high risk, the question remains whether the popularity of these meme tokens, like DOGE2.0 and WSM, is sustainable in the long run. The future success of these tokens might hinge on their capacity to cultivate a solid community backing and create a definite online presence. Although they present enticing short-term gains, whether they will prove to be sound long-term investments remains questionable. Until then, investors must tread carefully in this volatile and unpredictable meme token market.
Source: Cryptonews
