(MENAFN- News Direct) Bitcoin ($BTC) fell more than 3% in the last 24 hours, and it dragged a host of popular memecoins down with it. As these better-known cryptos continue to slide, traders are beginning to eye another set of smaller-cap meme tokens that are showing promise during their presale and early-life stages. Let's take a brief look at the current price situation for the established memecoin market, and then take a look at why investors are flocking to new meme coins aidoge and $sponge as major tokens struggle.
Memecoins Dump After CPI ReportDogecoin ($DOGE) – the crypto market's first and leading memecoin – is down over 9% over the last seven days, dropping alongside Bitcoin in the hours following the latest US CPI report .
Like Bitcoin (below), Dogecoin had initially pumped upon the announcement, which showed more signs of progress in the Fed's mission to cool inflation through restrictive monetary policy. Yet after rising from $0.072 to $0.074, the price collapsed again to just $0.071 after 5 hours, and remains at that price at the time of writing.
Meanwhile, Dogecoin killer Shiba Inu ($SHIB) has fallen roughly following a roughly similar trajectory, losing over 13% over the last week. The token has been in consistent decline since February despite Bitcoin, Ethereum, and other top cryptos surging since that time.
Granted, both DOGE and SHIB were never the stars of the memecoin show in 2023. The latest sensation, rather, is Pepe ($PEPE) – which surged to a $1.8 billion market cap this month shortly after launching in mid-April. However, even Pepe's hype is beginning to die down, having already fallen more than 62% from its highs earlier this month (below).
Another meme token to surge in recent weeks – Wojak (WOJAK) – underwent an even stronger 80% correction since topping on May 5 alongside Pepe. Wojak has lost 14% in the last 24 hours alone, with Pepe even worse off at 26.5%.
The memecoin resurgence caused Ethereum gas fees to hit a 12-month high last week. Similarly, Bitcoin fees soared to multi-year highs earlier this week as the popularization of Ordinals and BRC-20 tokens caused much of the memecoin mania to migrate to the top blockchain. Many suspect that these fees contributed to Bitcoin's falling price, leading to the short-term slump the crypto market is in today.
Naturally, this is a time for traders to seek new promising tokens to purchase before the next hype wave takes hold. Here are two that traders have been backing.
AiDoge: A New Meme Coin But With Utility - Over $6m Raised so Far
aidoge ($ai) has been garnering huge attention over recent weeks, having raised over $6m throughout its ongoing presale phase. The project brings together two scorching trends within the crypto and tech spheres right now: memes and artificial intelligence.
AI is not only a speculative token like many meme coins, but a piece of a large platform and ecosystem built around AI.
The aidoge.com platform automatically generates memes for users based on user-provided text prompts. It does so using its complex AI algorithm, combined with a database of crypto news, and a meme dataset.
When creating memes, platform users can post them to a public wall for other users to rate them. The creators behind the most upvoted memes each month will be rewarded with AI tokens.
The utility of the AI token is that it allows users to purchase credits for creating more memes. Alternatively, users can stake their AI to earn more credits in the future, and win access to other benefits.
AiDoge is hitting the market just as other dog-based memecoins – including Dogecoin, Shiba Inu, and ArbDoge – are beginning to fade, and its genuine utility is a hint it could outperform these tokens in the long run.
AI's current price is $0.0000292, but will increase over time as the pre-sale continues. Its ultimate listing price will be at $0.0000336. If you believe AI and memes will continue to be a hot trend, AiDoge might be a worthy investment for you while the larger crypto market assets are in a slump.
visit aidoge presale
$SPONGE - New Meme Token That Exploded with 2,000% Rise, Major Exchange Listings Imminent
sponge token ($sponge) had a spectacular rise alongside Pepe, Wojak, and other memecoins last week after rising over 2,000% – and, likewise, has fallen 80% from its highs.
Thankfully for bulls, the Spongebob-based memecoin may be poised for a resurgence soon, as multiple centralized exchanges prepare to list it for trading.
The crypto is now listed on eight major exchanges, including MEXC, a Seychelles-based crypto exchange that garners 2 million monthly visits, according to coinmarketcap . On Friday, May 12, Bitget and Gate.io were added as exchanges that listed $SPONGE – both of which are rated as top ten crypto exchanges according to coingecko with a combined daily trading volume of $1.5 billion and nearly 25 million combined monthly visits.
Given that more exchange listings are likely in the pipeline, buying up some Sponge may be a good idea to get exposure to any price appreciation they may cause. After all, major exchange listings have been known to spur positive price action for cryptocurrencies in the past.
That was certainly the case with Sponge as news on the two listings saw the token pump by 67% on Friday morning with volume increasing to more than $30 million in 24 hours. The token showed strong signs of market health compared to other memecoins and cryptos, which were down across the board, with more exchange listings in the pipeline.
While $sponge is already listed on eight exchanges in just its first week, and secured its first one within 48 hours, Pepe took three weeks to reach any exchanges. The coin has strong cultural value, and is being marketed to a Telegram group of over 20,000, and a Twitter following of nearly 40,000, while its holder numbers remain strong at 12,000 despite the price action - it's even been covered in the highly influential new york magazine .
While the token's website claims Sponge has no formal team or developers, the word from a recent twitter spaces community event says that it has high-level VC involvement behind it. This could open up possibilities for newfound utility and value accrual to Sponge in the future!
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DISCLAIMER: This is not to be taken as investment advice. Crypto is a volatile asset, do your own research before investing and only invest money you can afford to lose. We may receive commission for clicking links in this article.
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