The price of DogWifMAGA Coin has fallen by 73% in the past 24 hours, with the new meme token correcting heavily after a big launch at the start of the week.
Running on Solana, WIFMAGA had risen by as much as 50,000% in the day that followed its listing on Raydium, with the token trending on social media.
Yet it has plunged significantly today, with the coin’s founders likely dumping their bags on the retail investors who’d jumped on its bandwagon.
It may struggle to recover in any meaningful way, yet there are better alternatives available to traders seeking above-average gains, with multi-chain token Dogeverse one of the most promising new coins in the market right now.
DogWifMAGA Coin Price Skyrockets as Presidential Elections Heat Up
There are two key features of DogWIFMAGA Coin’s chart, and both involve sharp declines.
Firstly, the token’s price has declined consistently ever since reaching a high on Tuesday, and at the moment it doesn’t look like it’s going to recover.
Source: DEXTools/TradingView
One reason for this pessimism is that, secondly, the coin’s volume has also dried up, suggesting a very quick loss of interest.
At the moment, its 24-hour volume stands only at $4 million, in contrast to $27 billion for Ethereum, for example, and $800 million for BONK (to take another Solana-based meme coin).
As such, it would be unwise to assume that it’s going to recover anytime soon.
This is particularly the case when its presence and fundamentals are minimal, even if some traders have been bigging it up in the past day.
SHAH check of #WIFMAGA less than 24hours old and First CEX before CMC/CG even listed. $WIF $MAGA@DogwifmagaCTO pic.twitter.com/zWYI1WyFtE
— Diogo Carvela (@diogocarvela) May 21, 2024
The coin’s only hope is that it attracts listings from major centralized exchanges, although its listing on Poloniex today has done little to resuscitate its price so far.
It’s therefore uncertain as to whether we’ll see DogWifMAGA Coin recover, unless a wave of new listings boosts it.
It has launched at a time when the United States is gearing up for yet another election between President Joe Biden and former President Donald Trump, with whom the coin is unofficially associating itself.
Yet because it lacks any real credentials or fundamentals, it would be irresponsible to suggest that a comeback is certain.
Buy Now or Is This Other Coin the Real Winner?
DogWifMAGA Coin may be inherently risky, yet there are some new meme tokens that actually show more potential for gains in the near future.
Possibly the likeliest to make gains soon is Dogeverse (DOGEVERSE), a multi-chain crypto that has raised more than $15 million in its heavily subscribed presale.
Source: Dogeverse
What’s special about Dogeverse is that it’s the market’s first Doge-themed multi-chain cryptocurrency, running on Ethereum, Polygon, BNB Chain, Solana, Avalanche and Base.
Its availability on multiple chains means it could gain traction on many more apps and trading platforms than it would have otherwise.
And by attracting more usage, it will, in theory, see its price rise over time.
This will find help from the fact that it has a capped supply of 120 million tokens, meaning that it’s a deflationary cryptocurrency (unlike most other meme coins).
On top of this, holders will be able to stake to token, something which could see a big proportion of its total supply exit circulation.
Knocking down the #Memecoin competition! #Solana #Altcoins #Crypto #PEPE #Usyk #TysonFury #FuryvsUsyk #Boxing #Champion pic.twitter.com/BsgqVCmuab
— DogeVerse (@The_DogeVerse) May 20, 2024
Such tokenomics help explain why so many investors have ploughed into its sale, which newcomers can still join by going to the official Dogeverse website.
1 DOGEVERSE is selling at a final sale price of $0.00031, although it’s likely to exceed this level comfortably once it lists in the next few weeks.
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