Shiba Inu is being written off as WSM moves into the final pre-sales phase

The past few days have been hectic in the meme coin market. Marked by a high-profile mainnet launch, the start of new presales, in addition to the final stretch of successful presales.

In summary, the price of Shiba Inu (SHIB) has fallen since the implementation of the Shibarium network due to reports of technical issues. As investors rushed to take advantage of the latest presale phase of Wall Street Memes and the recently launched Sonik Coin (SONIK), demand was initially very enthusiastic.

Therefore, in this article, we look at the most important meme currency market news that is getting attention. The highlight is the new crypto that has already raised more than $25 million in investment from financiers.

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Shiba Inu faces obstacles

The price of the Shiba Inu (SHIB) meme coin has dropped by more than 20% in recent days despite the highly anticipated launch of the Shibarium tier 2 network.

At the time of writing, SHIB is hovering around $0.0000080, a significant drop from its price on August 12, which was $0.000011.

This drop comes amid technical issues that arose during the implementation of the Shibarium mainnet.

That’s because a post circulating on Twitter showed leaked screenshots from a Shiba Inu developer chat on Telegram, where developers discussed apparent issues recovering transferred assets on the new Shibarium network.

As such, this news sparked concerns about network reliability, which likely contributed to SHIB’s sale.

Until the reported issues are resolved, doubts about the Shibarium’s abilities are likely to remain, which could hurt the Shiba Inu’s prize potential.

Wall Street Memes closes for first listing

Pre-sale cryptocurrency Wall Street Memes (WSM) has also maintained its momentum and has now collected more than $25 million in seed funding.

The pre-sale of the project is already in its final stretch, which means that investors have only a small window of time to acquire the WSM tokens before the launch on the open market.

In addition, the Wall Street Memes team has hinted that there will be significant exchange listings once the presale is complete, though specific details have yet to be released.

However, rumors are circulating among members of the Wall Street Memes Telegram community that major exchange partnerships are in the works. The project roadmap mentions plans for “Level 1 CEX listings”.

In addition, much of the early success of Wall Street Memes is due to the brand’s 1.1 million online followers, spread across social media channels such as Instagram and Twitter.

In the midst of a volatile cryptocurrency market, this engaged community could have a significant impact on the WSM token once it is listed on public exchanges.

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Sonik Coin makes pre-order debut and hits the $450,000 mark

The Sonik Coin (SONIK), which has just started presale, is a new meme coin that is trying to gain exposure in the market. The SONIK token price was set at $0.000014 during the presale.

The presale of the Sonik Coin has already raised more than $450,000, with a target of just $2 million. This speed in fundraising can lead to a successful completion of the launch campaign.

A major driver of initial interest is Sonik Coin’s staking system, which is detailed in the project’s white paper. This system promises that SONIK holders can lock in their tokens and earn returns in excess of 1000% APY.

In addition, SONIK also benefits from Sonic the Hedgehog-inspired branding, which aligns with globally recognized pop culture design.

With its transparent presale structure and wagering benefits, Sonik Coin has gained popularity even amid the well-known volatility of the broad memecoin space.

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The trading volume of the meme coin market is decreasing

Finally, the general meme coin sector, while coins like SONIK and WSM have been gaining momentum, has seen a decline in trading activity recently. According to data from CoinMarketCap, the total trading volume of meme coins is down 2.79% in the past 24 hours.

In addition, flagship coins such as Dogecoin, Shiba Inu and Pepe experienced price drops, reversing the previous bullish trend.

The pullback in signals indicates waning short-term enthusiasm on the part of meme coin investors as bearish momentum gains momentum.

Thus, this trend can be attributed to the broader volatility of the cryptocurrency market, which often results in heightened caution among traders.

>>> Visit the Wall Street Memes presale <