Meme coins are painting the crypto market red right now.
Yet a new dog-themed project called Base Dawgz (DAWGZ) continues to rally â and has just passed the $1.2 million milestone in its ongoing presale event.
Itâs been a challenging week to be a meme coin investor.
From the OG Dogecoin to recently trending tokens like Floki, nearly every major joke coin is nursing losses right now.
DOGE has shed over 1% of its value in the past 24 hours, while SHIB is also down a similar amount.
Self-proclaimed âDog coin of the people,â BONK, is faring even worse with a 4% drawdown.
Even PEPE hasnât been spared from the onslaught.
PEPE is down over 3% in the past day and is hovering around $0.0000122.
However, the worst performer has been the MEW token â which suffered a 10% dip since yesterday.
In total, the combined market cap for meme coins has dropped to $58.2 billion.
More pressingly, 24-hour spot volumes have sunk 34%, now at $5 billion.
Trading activity taking a hit implies investors are losing confidence in the meme coin market â at least for now.
The current meme coin selloff seems to be caused by a combination of macroeconomic factors and recent crypto market developments.
On the crypto front, Bitcoinâs failure to close above $70,000 has spooked traders.
This prompted Bitcoinâs price to drop significantly on Wednesday and Thursday â dragging down meme coins with it.
There are also lingering worries around the Fedâs interest rate policy trajectory.
With inflation still above the 2% target, fears that interest rates could stay higher for longer are leading to a risk-off sentiment from some traders.
Then, thereâs another catalyst more specific to the crypto market itself.
The recent streak of inflows into spot Bitcoin ETFs finally snapped on Monday after 19 consecutive days, perhaps signaling that institutional demand is waning.
When big money starts pulling back, itâs usually a bearish sign.
So, in summary, a confluence of macro factors and shifting narratives is deflating the meme coin momentum for now.
But, as seasoned crypto investors will know, sentiment can turn quickly in this sector.
Often, all it takes is one positive catalyst to spark an explosive revival.
Despite the malaise in the meme coin market, one newcomer is still performing well.
That newcomer is Base Dawgz â a multi-chain project that has raised $1.2 million in just ten days of its ongoing presale.
Itâs not a bad start, considering the bearish environment surrounding meme coins right now.
So, whatâs driving Base Dawgzâs impressive presale performance?
For one, it is tapping into the demand for meme coins hosted on the Base Layer-2 network.
While Solana and Ethereum still dominate the meme coin space, Base has emerged as a promising new ecosystem (with low fees).
Base is now the second-largest Layer-2 network in the world.
And since Base Dawgz is hosted on that network, it has a unique selling point compared to the countless Solana and Ethereum-based joke coins.
This has seen DAWGZ receive some high-profile backing from influencers.
For example, Matthew Perry said that DAWGZ might be âthe next BRETT coinâ â a reference to the successful dog-themed meme coin on the Base chain.
Crucially, Base Dawgz isnât just relying on hype like this.
It has real use cases and built-in utility, such as the DAWGZ staking protocol and the multi-chain architecture.
Base Dawgzâs Telegram channel members are particularly excited about the latter because it will allow holders to bridge their tokens to different blockchains easily.
Considering all this, the signs look promising for DAWGZ â even while other meme coins struggle.
Visit Base Dawgz Presale
Disclaimer: The above article is sponsored content; itâs written by a third party. CryptoPotato doesnât endorse or assume responsibility for the content, advertising, products, quality, accuracy, or other materials on this page. Nothing in it should be construed as financial advice. Readers are strongly advised to verify the information independently and carefully before engaging with any company or project mentioned and do their own research. Investing in cryptocurrencies carries a risk of capital loss, and readers are also advised to consult a professional before making any decisions that may or may not be based on the above-sponsored content.
Readers are also advised to read CryptoPotatoâs full disclaimer.
The post Meme Coin Prices are Down But New Base Dawgz Presale Has Raised $1.2M appeared first on CryptoPotato.
Yet a new dog-themed project called Base Dawgz (DAWGZ) continues to rally â and has just passed the $1.2 million milestone in its ongoing presale event.
Meme Coins Pull Back as Spot Trading Volumes Plummet
Itâs been a challenging week to be a meme coin investor.
From the OG Dogecoin to recently trending tokens like Floki, nearly every major joke coin is nursing losses right now.
DOGE has shed over 1% of its value in the past 24 hours, while SHIB is also down a similar amount.
Self-proclaimed âDog coin of the people,â BONK, is faring even worse with a 4% drawdown.
Even PEPE hasnât been spared from the onslaught.
PEPE is down over 3% in the past day and is hovering around $0.0000122.
However, the worst performer has been the MEW token â which suffered a 10% dip since yesterday.
In total, the combined market cap for meme coins has dropped to $58.2 billion.
More pressingly, 24-hour spot volumes have sunk 34%, now at $5 billion.
Trading activity taking a hit implies investors are losing confidence in the meme coin market â at least for now.
Bitcoin Price Flops, Leading to Meme Coin Selloff
The current meme coin selloff seems to be caused by a combination of macroeconomic factors and recent crypto market developments.
On the crypto front, Bitcoinâs failure to close above $70,000 has spooked traders.
This prompted Bitcoinâs price to drop significantly on Wednesday and Thursday â dragging down meme coins with it.
There are also lingering worries around the Fedâs interest rate policy trajectory.
With inflation still above the 2% target, fears that interest rates could stay higher for longer are leading to a risk-off sentiment from some traders.
Then, thereâs another catalyst more specific to the crypto market itself.
The recent streak of inflows into spot Bitcoin ETFs finally snapped on Monday after 19 consecutive days, perhaps signaling that institutional demand is waning.
When big money starts pulling back, itâs usually a bearish sign.
So, in summary, a confluence of macro factors and shifting narratives is deflating the meme coin momentum for now.
But, as seasoned crypto investors will know, sentiment can turn quickly in this sector.
Often, all it takes is one positive catalyst to spark an explosive revival.
New Meme Coin Base Dawgz Defies Market & Passes $1.2M in Viral Presale Event
Despite the malaise in the meme coin market, one newcomer is still performing well.
That newcomer is Base Dawgz â a multi-chain project that has raised $1.2 million in just ten days of its ongoing presale.
Itâs not a bad start, considering the bearish environment surrounding meme coins right now.
So, whatâs driving Base Dawgzâs impressive presale performance?
For one, it is tapping into the demand for meme coins hosted on the Base Layer-2 network.
While Solana and Ethereum still dominate the meme coin space, Base has emerged as a promising new ecosystem (with low fees).
Base is now the second-largest Layer-2 network in the world.
And since Base Dawgz is hosted on that network, it has a unique selling point compared to the countless Solana and Ethereum-based joke coins.
This has seen DAWGZ receive some high-profile backing from influencers.
For example, Matthew Perry said that DAWGZ might be âthe next BRETT coinâ â a reference to the successful dog-themed meme coin on the Base chain.
Crucially, Base Dawgz isnât just relying on hype like this.
It has real use cases and built-in utility, such as the DAWGZ staking protocol and the multi-chain architecture.
Base Dawgzâs Telegram channel members are particularly excited about the latter because it will allow holders to bridge their tokens to different blockchains easily.
Considering all this, the signs look promising for DAWGZ â even while other meme coins struggle.
Visit Base Dawgz Presale
Disclaimer: The above article is sponsored content; itâs written by a third party. CryptoPotato doesnât endorse or assume responsibility for the content, advertising, products, quality, accuracy, or other materials on this page. Nothing in it should be construed as financial advice. Readers are strongly advised to verify the information independently and carefully before engaging with any company or project mentioned and do their own research. Investing in cryptocurrencies carries a risk of capital loss, and readers are also advised to consult a professional before making any decisions that may or may not be based on the above-sponsored content.
Readers are also advised to read CryptoPotatoâs full disclaimer.
The post Meme Coin Prices are Down But New Base Dawgz Presale Has Raised $1.2M appeared first on CryptoPotato.
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