The meme coin craze is showing signs of losing steam.
DogWifHat (WIF) and Floki (FLOKI), two of the biggest meme coins, have seen their prices crash as the broader crypto market turns bearish.
However, not all hope is lost – with one analyst pointing to Base Dawgz (DAWGZ) as a potential alternative to WIF and FLOKI.
WIF & FLOKI Plummet – Is the Meme Coin Craze Ending?
Once-hot meme coins are facing a reality check.
DogWifHat and Floki have taken a steep dive, leaving investors reeling – and portfolios shrinking.
WIF has tumbled to $1.15, its lowest price since March 5th.
In just 24 hours, WIF has shed 27% of its value.
And looking at the past week, the picture gets even grimmer with a 59% plunge.
WIF’s market cap has also been slashed to $1.1 billion.
This marks the roughest patch for WIF since its launch, a stark contrast to its earlier explosive rise.
FLOKI isn’t faring much better.
Trading at just $0.00010, FLOKI is down 23% since yesterday and has nearly halved its value over the past week.
Like its dog-themed counterpart, FLOKI is at lows not seen since the first week of March.
These two tokens are standing out in the meme coin space – but not in a good way.
They’re two of the worst performers, leaving investors wondering if their glory days are truly over.
Crypto Market Plunges as Global Economic Fears Trigger $1B in Liquidations
The meme coin market’s tumble isn’t happening in isolation.
It’s part of a broader crypto downturn that’s seen Bitcoin and Ethereum also take a hit.
The market is experiencing its worst daily performance since FTX collapsed in November 2022.
But what’s behind this bearishness?
It’s all because of a perfect storm of global economic factors.
The Japanese yen’s surge against the dollar has disrupted a popular trading strategy, leading to a sell-off of “risky” assets.
Couple this with recession fears in the US, and you’ve got a recipe for market jitters.
Since yesterday, all of this uncertainty has triggered over $1.1 billion in crypto liquidations, with long positions taking the brunt of the damage.
It’s yet another reminder of how connected the crypto market and the global economy truly are.
And how quickly things can change in the blink of an eye.
Base Dawgz Defies the Bear Market & Surges Past $2.8M in Trending Presale
While established meme coins are taking a beating, a new token is still performing well.
Base Dawgz is defying the bearish trend.
Its presale recently passed the $2.8 million mark – and is quickly approaching $3 million.
Currently, DAWGZ tokens are up for grabs at $0.007061 each, though this price is set to increase in less than a day.
That’s why investors are clamoring to get involved as early as possible.
So, why all the hype around Base Dawgz?
The main reason is the coin’s multi-chain features, which are a rarity in the crypto market.
Even more exciting is that DAWGZ’s primary home is on the Base chain – an unusual choice that sets it apart from its peers.
Popular analyst ClayBro recently discussed Base Dawgz in a YouTube video.
He positioned it as a potential alternative to the more established meme coins, like WIF and FLOKI, which had struggled lately.
ClayBro also highlighted DAWGZ’s staking protocol and Share-to-Earn mechanism, claiming they offer “more rewards than the rest.”
This endorsement has gone down well with investors.
There are now over 7,800 people active in Base Dawgz’s Telegram channel.
And since Coinsult has audited the token’s smart contracts, investors are confident about its security.
Ultimately, there’s no getting away from the broader market’s struggles.
But Base Dawgz’s multi-chain features, growing community, and analyst backing are giving it a fighting chance to buck the trend.
Disclaimer: The above article is sponsored content; it’s written by a third party. CryptoPotato doesn’t endorse or assume responsibility for the content, advertising, products, quality, accuracy, or other materials on this page. Nothing in it should be construed as financial advice. Readers are strongly advised to verify the information independently and carefully before engaging with any company or project mentioned and do their own research. Investing in cryptocurrencies carries a risk of capital loss, and readers are also advised to consult a professional before making any decisions that may or may not be based on the above-sponsored content.
Readers are also advised to read CryptoPotato’s full disclaimer.
The post DogWifHat, Floki Prices Slide But Analyst Backs Base Dawgz as an Alternative Meme Coin appeared first on CryptoPotato.
