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Slothana, a new meme coin continues to show strength as its presale surges past $7.5 million. Can it reignite meme coin season?
Leading meme coins have struggled today, stoking concerns further downside may be on the horizon. Currently, Pepe is down 5.3% and Dogwifhat is down 3.6%.
Traders split on whether PEPE and WIF will bounce
Pepe and Dogwifhat have struggled to maintain momentum this week after a parabolic meme coin mania took the market by storm recently.
Market analysts’ opinions on whether they can recover are split. Some anticipate a deeper pullback first, while others expect a swift recovery.
Currently, Pepe is trading at $0.000006974, down 5.3% today, 9.9% this week, and 2.7% this month. However, it remains up a whopping 675% from its price of $0.000006975 two months ago.
Market analyst Mfiqrihanafi noted a “possible rising wedge pattern” on the Pepe price chart and anticipated further downside toward $0.0000057 in the coming weeks.
On the other hand, prominent Pepe proponent and analyst Plazma0x says that his Pepe “long stays open.”
The analyst cites previous deep retracements within Pepe’s meteoric rise, alluding that market participants should not worry about the recent downturn.
Dogwifhat has endured similar difficulties today, currently priced at $3.94 and down 3.6%. That said, it has outperformed Pepe recently, up 28% this week and 113% this month.
Yet, renowned trader Bluntz fears WIF may be due to a cooling-off period.
“I think WIF’s macro five wave structure might be done here, with all waves accounted for and a long-drawn-out ABC probably underway before the next parabolic leg,” the analyst wrote on X.
He continued, “I’m looking to rebuy my bags down around $1-$2 between the 0.618 and 0.78 Fibonacci levels.”
Nevertheless, other analysts remain bullish on Dogwifhat. For instance, X account WebTrend Analytics believes that WIF is going higher, referencing its recent $3.5 support retest and a reset of the RSI indicator.
But while market analysts display mixed sentiment on the top meme coins, emerging projects continue to show strength. Currently, one of the most promising is Slothana, a new Solana presale backed to 100x.
Slothana raises $7.5m
The latest twist in the meme coin craze is in Solana-based presales. Book of Meme began the frenzy with its $2 million presale, which translated to a staggering $1 billion market cap within two days of its IEO.
This made countless multi-millionaires in the process, as reported by LookOnChain.
However, the latest Solana presale hype has arrived: Slothana. As a lazy sloth-themed meme coin, this presale takes a nonchalant approach with a single-tiered pricing system and multiple ways to buy.
Yet, degens have been captivated. Slothana’s presale raised a staggering $7.5 million in just over one week, surpassing Book of Memes’ total raise, laying the way for a bright future.
Adding to the excitement, rumours surfaced that the Smog team is Slothana’s creator. Smog soared 100x after its February launch, peaking at over a $200 million market cap. These whispers are backed by a connection, with the Smog team commenting on Slothana’s first-ever X post when it had less than 50 followers.
Indeed, this presents a bullish outlook for Slothana. However, since a presale hard cap has not been announced, potential buyers must act fast to avoid missing out.
To learn more about this project visit the Slothana website
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This article first appeared at crypto.news
