As the cryptocurrency landscape continues to change, in recent days Bitcoin ($BTC), along with several other cryptocurrencies, saw a notable drop.
This recession has caused ripples of concern throughout the market, with many traders now wondering if the bullish momentum is over for now.
However, despite the drop, several new tokens are emerging that offer a silver lining.
Red week for cryptocurrencies as Bitcoin price wobbles
It has been a rough week for cryptocurrency traders thus far, as most major coins and tokens experienced a sell-off.
Bitcoin, the world's largest cryptocurrency, has seen its price drop 4% in the past day, and has now closed in the red for three days in a row.
This unexpected turn in fortunes comes after a period of sustained momentum for $BTC, which saw the coin's price soar 27% over the past month.
However, this bullish momentum appears to have stalled, with $BTC struggling to break above the crucial $31,000 level.
At the time of writing, $BTC is retesting $30,000, a vital psychological level that has often served as support and resistance in previous market cycles.
If it doesn't hold, there could be further downside momentum on the cards.
Market uncertainty curbs enthusiasm for cryptocurrencies
It's not just Bitcoin experiencing a price drop โ major altcoins like Ethereum ($ETH) are also seeing bears take over.
The $ETH price is down more than 5% from the Monday high, and the token is now trading around the $1,860 level.
A quick look at Coin360 heat map shows a sea of โโred, with big hitters like Ripple ($XRP) and Binance Coin ($BNB) also seeing sharp price declines.
It seems that uncertainty is spreading throughout the crypto market after the release from the Federal Reserve's FOMC meeting minutes, which indicate that another rate hike may be in the works for July.
This is bearish news for the crypto market, as higher interest rates may make riskier assets such as cryptocurrencies less attractive to investors.
As a result, investor funds may be redirected towards โsaferโ financial instruments and away from cryptocurrencies, leading to a broad decline in coin/token values.
Despite the current headwinds, many traders are still hoping for a rally, although time will tell if their predictions are correct.
What tokens are traders still bullish on?
However, not all is gloom in the crypto market, with several new projects gaining ground and attracting attention.
Two of these projects are Wall Street Memes and Thug Life, which are preparing to go public once their respective pre-sales conclude.
Wall Street Memes Gears Up For Major CEX Listings And Hits $13.2 Million Presale Raise
Wall Street Memes ($WSM) is a new meme token that aims to capture the spirit of the r/WallStreetBets subreddit and the GameStop saga, where retail investors challenged Wall Street's heavy hitters.
The $WSM token is community-driven and aims to reward holders for showing faith in the Wall Street Memes brand, which is supported by more than 1.1 million people worldwide.
The scale of Wall Street Memes goes back to the success of the Wall Street Bulls NFT collection, which launched in 2021 and sold out in 32 minutes.
The popularity of the collection has led creators to turn their attention to the crypto market, launching $WSM and hoping to capitalize on the current meme coin craze.
This decision already seems to be paying off, with high-profile names like crypto jamie opting to join the project as a brand ambassador.
Wall Street Memes is now in Stage 21 of 30 during its pre-sale phase, which has already raised $13.2 million.
Investors who get in early can purchase $WSM tokens at the attractive price of just $0.031.
While the exact price for the anticipated CEX listing remains to be disclosed, it is anticipated that the currently offered price will be a discount to the final listing price.
Visit the Wall Street Memes Presale
Thug Life pretends to be the "gamer meme coin" and rakes in $600,000 in a week
Thug Life ($THUG) is another new meme token that many believe will explode in the crypto market.
As its name suggests, Thug Life is a project that embraces a bold and forward-thinking persona in the world of finance, setting it apart from most other small-cap cryptocurrencies.
The Thug Life branding features a variety of well-known memes and celebrities, including Snoop Dogg and Pepe the Frog, which seems set to appeal to a broad demographic of retail investors.
Not only that, but the Thug Life team encourages investors to take a "gangsta" and "pimping" attitude to their money game.
As these statements highlight, Thug Life aims to fuel a community-driven movement through humor and trolling, an approach that seems to be working, given the large influx of new members to the official site. telegram channel.
Like Wall Street Memes, Thug Life is in its pre-sale phase, which has already raised over $600,000 in just one week.
The pre-sale price of $THUG is $0.0007, fixed for the duration of the offer, ensuring that early investors can secure their tokens at a stable price.
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