The cryptocurrency market saw its most severe crash yesterday since the FTX debacle. Major crypto assets were in a free fall after the Wall Street Journal reported that Elon Musk’s space venture SpaceX may have sold all its Bitcoin holdings.
BTC plunged 7% in the daily time frame and fell to $25.4K before rallying slightly to trade near the $26,500 price mark. Altcoins are once again bearing the brunt of the bear market, with XRP posting the worst performance of any top 10 cryptocurrency and momentarily slumping to the 40-cent range.
Top meme coins have also buckled under the tremendous selling pressure, with Dogecoin and Shiba Inu correcting close to 8% and 10% respectively over the past 24 hours.
However, a rare few newly meme tokens continue to see bullish growth. Sonik Coin is one such token that continues to see growing demand, having already surpassed the $140K milestone in its ICO in just 3 days.
Dogecoin, Shiba Inu Prices Plummet After The Biggest Post-FTX Bitcoin Crash
The crypto market has re-entered deeply bearish territory, with its global market capitalization falling 6% yesterday. Naturally, the downward move had a strong ripple effect on top meme coins, with Dogecoin falling below Solana in terms of market cap.
Doge is currently trading at $0.062 after correcting 8% in the daily time frame, bringing its weekly cumulative loss to over 17%. The top meme token’s market cap fell below the $9 billion mark as it is now the 9th largest crypto asset according to CoinMarketCap.
A few Doge supporters like Andrew Griffiths have tried to make a bullish case for the token, pointing to a slight bounce in its price after hitting its global support level. However, TradingView gives a Sell signal to the token in the daily time frame while also highlighting the possible threat of its price falling below the Hull Moving Average at $0.0616.
Shiba Inu is not faring any better and is back to trading near the $0.000008 price mark. Despite a successful Shibarium launch, $SHIB is maintaining its negative trajectory as it is down 17% over the past week.
In fact, Shibarium may even be contributing to the token’s downfall as rumours are circulating that the launch may not have been as seamless as expected. According to a few reports, transactions on Shibarium were stuck for over 5 hours, locking up $2.5 million worth of Ether.
Experts like Scott Melker have even rejected that there is any need for Shibarium at all, stating that it will never be a contender in the DeFi race.
Outside of the unconfirmed reports that SpaceX has sold out its entire BTC holdings, there are other significant factors contributing to the prevalent bearishness in the market. James Butterfill of CoinShares believes that investors may have realised that a spot Bitcoin ETF approval is not imminent.
Similarly, the global recession alarms are going off once again as Chinese property giant Evergrande filed for bankruptcy. Meanwhile, the Federal Reserve remains poised for another interest rate hike, which could mean more bloodbath for the crypto market.
New Sonik Coin Defies Bear Market to Surge Past $130K In Presale
Despite the bearish market outlook, the newly-launched Sonik Coin is generating tremendous hype and excitement in its presale phase, having already raised over $130K in just three days.
The meme coin market is seeing a strong influx of new tokens that are inspired by the beloved video game character Sonic The Hedgehog, with some tokens like HarryPotterObamaSonic10Inu seeing 8000% rallies.
Just as Sonic The Hedgehog is known for his explosive speed, the new $SONIK token is looking to be the fastest meme coin to reach the $100 million market capitalization.
Sonik Coin’s stake-to-earn mechanism will certainly push it towards this target as it is a major point of attraction for retail investors looking to generate exciting passive income. The project has allocated 40% of the token supply for staking, and holders can earn up to a staggering 773% APY.
In order to further boost its user adoption, the project has made 50% of the tokens available in its ICO itself while another 10% will provide liquidity on decentralised exchanges.
While the token is priced at just $0.000014 in its ICO, it could see explosive growth after its launch as some traders are backing it to 10x. However, its presale has a hard cap of just over $2 million which is expected to sell out extremely quickly.
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