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Dogwifhat and Floki face significant price drops amid a market-wide selloff, but Sealana’s presale shows bullish potential with over $4 million raised.
Dogwifhat and Floki have endured major price downturns this week, fueled by a broader crypto market selloff. However, the emerging memecoin Sealana continues to show bullish potential, with its presale total raise surpassing $4 million ahead of its exchange listing later this month.
WIF and FLOKI decline as crypto market uncertainty sets in
A market-wide selloff has proved memecoins are not invincible. The crypto market leaders Bitcoin, Ethereum, and BNB are all deep into the red this week.
BTC is down 5%, ETH is down 7%, and BNB is down 12%. However, the added volatility of memecoins has slashed prices across the board, with Dogwifhat and Floki faring worst for wear.
Currently, WIF is trading at $2.58, at breakeven today and down 25% this week. It holds a $2.5 billion market cap and a $450 million 24-hour trading volume.
Bearish sentiment is dialing up as respected analyst Bluntz argues that “$1 is inevitable” for WIF. This would equate to a 61% selloff from its current price and a 79% selloff from its March all-time high of $4.85.
👀$1 $wif is inevitable imo, should be a generational buying opp around there but most will panic sell the lows and give it all back. pic.twitter.com/2n68pGsZRa
— Bluntz (@Bluntz_Capital) June 11, 2024
However, others remain optimistic that WIF can recover. For instance, Trader Koala suggests a bottom is in and anticipates a swift repricing toward $3.6.
$WIFSend pic.twitter.com/VCYIpYPE3d
— Trader Koala (@trader_koala) June 12, 2024
In a similar fashion to WIF, Floki has experienced relentless selling pressure this week. It is currently trading at $0.0002317, down 6.5% today and 28% this week.
Floki holds a $2.2 billion market cap and a $436 million 24-hour trading volume.
Traders are hopeful that Floki’s higher time frame bullishness will prevail, but the recent selloff has sparked concerns.
The CryptoBull recently tweeted a Floki price chart, illustrating that it is currently trading at a key support level. He wrote, “praying mode activated” alluding that losing this level would prove detrimental.
Praying mode activated$FLOKI pic.twitter.com/scjXoTnlaA
— The CryptoBull (@TheCryptoBull77) June 11, 2024
Dona.inj also highlighted that Floki is nearing a key support level and anticipates a “bullish retest,” which would precede a bounce to the upside.
However, he also admits that losing this level “is a bearish sign.”
$FLOKI$0.0002145 was the important level to break before the big move happened , looking for a bullish retest for continuation to the upside losing that level is a bearish sign https://t.co/P6xIIz4i8D pic.twitter.com/22iulnweHh
— Dona.inj🥷 (@CryptoDona7) June 11, 2024
After months of bullish momentum, cracks have started to appear for Dogwifhat and Floki. Yet this has not reduced the market’s appetite for memetic thrills.
While the top dogs cool down, a new seal-themed memecoin has emerged, taking the market by storm. The project is called Sealana and has raised over $4 million in its presale.
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Sealana backed by prominent analyst as presale ends in 13 Days
With the Sealana presale steaming ahead as the broader market struggles, there is every chance that this could be the next big memecoin.
Initially launching on the Solana network, Sealana’s team has displayed technical prowess by bridging to Ethereum, so now the memecoin is available on crypto’s two hottest blockchains.
Sealana’s $4 million total raise reflects that the project has resonated with memecoin traders, but this is no surprise given its memetic allure.
Inspired by South Park’s “World of Warcraft guy,” Sealana is an overweight seal who is particularly fond of junk food. He lives in his mom’s basement, trading memecoins with hopes of one day buying a Lambo.
The project offers a hilarious spin on American patriotism. Its social media is littered with South Park references and even the occasional nod toward the controversial MAGA movement.
However, the Solana community is renowned for its appreciation of bold, contrarian ordeals, so it is no surprise that SEAL has been in hot demand. Adding to the excitement, leading analysts are rallying behind the project.
In a recent video, CryptoBoy dubbed it a “100x gem,” underscoring its early momentum and the market’s demand for Solana memecoins as reasons why.
The Sealana presale ends in 13 days, so those seeking to buy have limited time left to do so.
To learn more, visit the Sealana presale.
Read more: Sealana presale hits $4m funding milestone, clock ticking on final 2 weeks
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