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Dogecoin's Bullish Sentiment Continues As 9% 7-Day Gains Fuel Investor Optimism - New Meme Coins Edge Towards 19 Million!

DOGE was the best-performing crypto over the weekend and signs are good but this new meme coin selling out fast could be coming for its throne.

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Dogecoin
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There are 12 Chinese zodiac signs, each one an animal, and every Chinese new year the animal changes. This year is the year of the rabbit. If the crypto market operated on a similar system this year would certainly be the year of the meme coin. Even now, when the market is quite bearish, the two top-performing coins are meme coins.

Dogecoin (DOGE) and Shiba Inu (SHIB) both enjoyed being the best-performing crypto of the last couple of days but it is Dogecoin we will focus on in this article as its underlying trends are very healthy for investors. Some are even suggesting that the presale of the Wall Street Memes ($WSM) token is injecting new life into the meme coin market and that is why we are seeing other more established meme coins enjoy a revival.

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The bearish conditions in the market will likely not last for too long so we would advise investors to be a little more prudent with their investing choices but there is still certainly money to be made even in a bearish market. The reason for these conditions is due to interest rates now being at a new 22-year high so it is an outside factor we cannot control but given conditions were good before it hopefully will not last too long.

Either way, meme coins are always the move in a bearish market and especially in 2023. As we mentioned the hottest presale coin now is a meme coin and the two best-performing coins on the market are also meme coins. Before we go into the former let's look at the latter.

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Dogecoin on the way back up?

As we can see from Dogecoin’s (DOGE) 7-day performance chart above, the crypto market's number one meme coin has been making a comeback of sorts. In fact, over the weekend it was the market's best-performing coin. Despite the small come down from an initial high the coin is still displaying bullish signals and there could be a positive correction in the coming days meaning it is still a viable purchase option for anyone that missed out.

There are many questions though about where this uptake in performance has come from. Some are speculating that it comes from Bitcoin’s stagnated movement over the last few months. For quite some time now crypto's number one cryptocurrency has been stuck between $28k and $32k. Some experts are musing that Bitcoin investors are taking on DOGE due to its traditionally volatile nature so as to add more possible short-term profit to their portfolios.

The fact the reason for the pump is unknown does not bode well for anyone hoping Dogecoin could pump back to previous highs. While it may still enjoy some growth it is unlikely to be sustained. While, as a whole, the year has been good for DOGE holders when we also consider the growth of the crypto market as a whole and how well meme coins are doing currently, it puts DOGE in a much better light.

It also has Wall Street Memes in its rearview mirror as a project many have described as the first real threat to Dogecoin’s throne.

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Wall Street Memes

Wall Street Memes-Presale breaking all the records

How could a presale be closing in on $20 million raised and still not even be two-thirds done? This seems crazy for a presale hard cap to be set at $30 million, especially a meme coin, but that is exactly what Wall Street Memes ($WSM) have done. For those that don’t know yet, this is the new meme coin that many people in the know are tipping to be the number one meme coin someday.

Wall Street Memes first came to prominence after a group of Redittors decided to take on Wall Street by attacking big hedge funds that were shorting some stock for companies long considered dead. The number one choice was Gamestop and it worked so well that it caused one hedge fund to go bankrupt and made news all over the world. Wall Street Memes was born and the soul of the movement is carried on through their social media following.

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It is this following that may give them the edge over all the other meme coin competition. The reason Dogecoin has been top for so long is that it was the first and only meme coin for so long so it has a huge community that includes millions of followers on social media. Wall Street Memes bring over 1 million social media followers to the party, which is something no meme coin has been able to do in the past.

Their most important weapon in the battle for meme coin supremacy is the Twitter account which has over 255k followers but more crucially is known as one of the first stops for crypto discussion. Big crypto influencers like Cameron Fous follow the page and Elon Musk has even interacted positively twice with their content.

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Musk is known to be a fan of Dogecoin and they became so intertwined that the meme coin had to rely on Musk mentioning the project for it to pump. Musk has huge power as crypto investors trust what he says and meme coins pop up every day based on the latest thing he has said. If Musk was to jump the DOGE ship and join $WSM expect it to pump more than we have ever seen before.

Conclusion

Even without Musk the Wall Street Memes crowd seems to understand they are set up for greatness. The only foray the team behind it has had with the crypto world so far is selling out an NFT collection in 32 minutes a few years ago. So why wait until now to launch a token?

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They clearly know what they are doing. Setting their hard cap so high shows they know the potential their project has. DOGE may be having a revival but $WSM looms large in its mirrors. We certainly know which side we would prefer to be on.

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