Meme coin madness is cooling off, with dogwifhat (WIF) and Bonk (BONK) sliding in the past 48 hours.
However, the bearish price action hasn’t dented investor enthusiasm surrounding Slothana (SLOTH) – which early backers speculate could explode once listed on exchanges.
WIF’s Weekend Gains Evaporate as Bearish Trend Takes Hold
After a sharp weekend pump, dogwifhat has come crashing back to earth over the past two days.
WIF has plunged a staggering 21% since Monday afternoon to trade around $3.40.
This selloff has effectively erased all of the token’s weekend gains in a bout of profit-taking.
The charts tell the tale of WIF’s deflating price momentum, too.
WIF has been forming a textbook descending channel pattern on the 4-hour timeframe as each bounce is met with fresh selling pressure.
Spot volumes for WIF are also down 4% in the past day as retail investors grow exhausted following the weekend’s frenzy.
If the bearishness continues to run rampant, the next key technical support to watch is around $3.20.
A break below could open the door for an extended retracement to the $3.00 psychological level.
On the flip side, a rebound from $3.20 may see WIF push back towards the upper boundary of the descending channel, where buyers and sellers will likely battle it out once more.
BONK Follows WIF’s Downtrend & Drops 13%
The bearish price action hasn’t been isolated to just dogwifhat, either.
Even the super-popular BONK token has found itself in trouble over the past 48 hours.
BONK’s slide has seen it lose over 13% of its value to trade at just $0.000021 at the time of writing.
That marks the token’s lowest valuation in nearly a week as the profit-taking gathers pace.
To make matters worse, BONK is now teetering around a major support level that hasn’t been breached since late February.
Charting a near-identical trajectory to WIF, BONK is also stuck in a large descending channel – this time on the daily time frame.
And a look at BONK’s fundamentals shows that the picture doesn’t get any rosier.
Spot volumes have contracted by over 15% in the past 24 hours, reflecting waning interest from retail investors.
Ultimately, with both WIF and BONK experiencing significant downward pressure, the meme coin frenzy that gripped the market over the weekend appears to be coming to an end.
Under-the-Radar Meme Coin Slothana Defies Trends with Explosive Presale Raise
While established meme coins have hit speed bumps recently, one under-the-radar token is still gaining traction – Slothana.
Against a backdrop of market bearishness, Slothana’s presale has continued raking in investment at a rapid pace.
The presale has now raised a jaw-dropping $10 million, with early buyers able to purchase SLOTH tokens at a rate of 10,000 per SOL.
But more than just the presale haul, Slothana’s community growth signals that this could be the next viral meme coin on the Solana chain.
Slothana’s official Twitter account has grown to over 15,800 members, and each new post receives over 100,000 impressions.
The buzz around Slothana has reached such fever-pitch levels that prominent crypto influencers have taken notice.
For example, Crypto Aman has already begun championing SLOTH to his 62,000 followers.
While no firm timeline has been announced, Slothana’s developers have begun dropping teasers that an exchange listing could be imminent.
Only time will tell if Slothana can maintain this momentum and join the ranks of top meme coins – but the early signs look positive.
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