Wall Street Memes Celebrates 7 Million Milestone Amidst Doge And SHIB Ongoing 30-Day Slide
The meme coin market is by far the most interesting space in the crypto world right now. Not only is it enjoying a purple patch the likes of which we have not seen before, but the trend in investing is quite shocking. Some of the best new meme coins, like Wall Street Memes ($WSM), are excelling while traditional giants like Shiba Inu (SHIB) and Dogecoin (DOGE) struggle.
It is a fascinating trend, and we cannot be sure what is causing it, but it is more than likely a combination of investor fatigue and the quality of the meme coins on the market. The question, though, is how long will this trend last? Are we looking at a meme coin market where DOGE and SHIB will continue to fall until they are completely out of the picture?
We cannot say for sure, but with projects like Wall Street Memes capturing the investor's imagination, we are left to wonder, what is the route back for the two traditional giants of the meme coin industry?
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Can DOGE And SHIB Compete with $WSM?If we look at the below chart, we can see Dogecoin's (DOGE) performance over the last 30 days. As you can see, it took a sharp fall around the time that the SEC lawsuit against Binance and Coinbase was announced. However, DOGE had already been on a steady downward trend, and the SEC news was just another nail in the coffin.
This Chart below is the 30-day performance chart for Shiba Inu (SHIB). What immediately stands out is how similar it is to the DOGE one. SHIB also took a big hit when the SEC lawsuit was announced but also like its main rival it had already been going through a rough period before the announcement.
So why, during a golden age for meme coins, are the two traditional giants of the sector failing? As we have already said, it is a combination of investor fatigue and the quality of new projects like Wall Street Memes.
Even before PEPE exploded and caused a California gold rush-like reaction for the meme coin market, there were ominous signs for DOGE and SHIB. New meme coin projects were learning from mistakes of the past and building coins with utility and security.
Even though SHIB, in particular, has tried moving with the times by adding utility, in truth, both have been left behind by new developments. Wall Street Memes in particular, is a huge threat to both coins. Even though other meme coins may have had good whitepaper and rug pull insurance, DOGE and SHIB still dominated when it came to the community. They had a huge social media following, and this allowed them to survive and remain at the top.
Now with Wall Street Memes, there is a project that brings with it a huge social media following. Its come-up has coincided with the slide of the long-time top two meme coins, and it is likely, not coincidental. Let's take a look at why Wall Street Memes have the potential to topple the status quo and become the number one meme coin.
Will Wall Street Memes Be The New King of Meme Coins?If the presale so far is anything to go by, then it certainly has a good chance. Even though it only began three weeks ago, the project has already surpassed $7 million raised, and the pace hasn't slowed down since the project first launched, making it one of the best new crypto projects on the market.
This is no surprise, however, as this was a highly anticipated project once it was announced. The group's only venture into the world of crypto so far was when they launched their NFT collection in 2021. This sold out in 32 minutes. So, considering this, the timing of the coin launch can be seen as not at all coincidental, considering the attention currently on meme coins.
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But why are Wall Street Memes so popular, where does the hype come from? Well, many of you may already know the answer to this. Back in 2021, a group of Redditors decided to take on Wall Street and specifically those that had shorted Gamestop stock. The story went international as it caused chaos in the market and even took down a hedge fund.
From this, Wall Street Memes was born, and across their social media, they now have over 1 million followers. Even more crucial is they are one of the most popular crypto accounts on Twitter with over 220k followers, including a lot of influential accounts in the crypto world, such as YouTuber Cameron Fous.
This is where the main threat to DOGE and SHIb comes from. Never has a mem coin come fresh to the market with a ready-built community, let alone one with over 1 million followers that include influential figures within the industry. It is this community that gives $WSM unlimited potential, and so it is not out of the realms of possibility that it one day becomes the number one meme coin.
There is one person that could help speed up that process, too, and it would be to the detriment of DOGE in particular. That person is Elon Musk, the owner and most followed account on Twitter. The billionaire has caused Dogecoin to pump in the past just by a mere mention, and that shows how much weight he carries in the crypto world.
Well, Musk has twice interacted positively with the Wall Street Memes Twitter account, and although he doesn't follow them yet, he has also retweeted them, which means one of the few accounts he follows does follow Wall Street Memes. This means that information regarding their coin will be on his Twitter feed. If he was to change sides and send a positive tweet about $WSM, then we can really expect the new meme coin to take over from DOGE and SHIB.
So we can leave it at this, DOGE and SHIb may not be done for good but recent patterns do not bode well. Their main strength, which was their community size, remained untouched for so long, but now with the arrival of Wall Street Memes, their positions at the top of the meme coin ladder could be in real danger.
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