HomeBranded ContentNew Meme Coins ChuanPu and PlayDoge Explode Despite Crypto Market Crash

New Meme Coins ChuanPu and PlayDoge Explode Despite Crypto Market Crash

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Large-cap cryptocurrencies continue to bleed under strong selling pressure, with altcoins bearing the brunt of today’s crypto market crash. 

While Bitcoin remains range-bound between the $64,000 and $66,000 levels, the altcoin capitulation today has resulted in tokens such as Worldcoin (WLD), Dogwifhat (WIF) and Bonk (BONK) correcting by over 10%. 

Amidst this broader market bearishness, new meme coins are again emerging as promising alternatives. Low-cap tokens such as ChuanPu, PlayDoge and Billy have seen significant growth over the past few days and look poised for a strong bullish continuation. 

Why is the Crypto Market Crashing Today?

The crypto market has been unable to recover from the hawkish FOMC meeting last Wednesday. The Federal Reserve is now forecasting one interest rate hike in its Survey of Economic Projections (SEP), instead of the previously expected two cuts, which is a decidedly beairsh scenario for the crypto market. 

However, the ongoing crypto market crash is even more perplexing when considering the strength in US stocks and equities. Both S&P 500 and NASDAQ 100 reached new all-time highs on Monday. 

Typically, Bitcoin shows strong correlation with equities. However, the Bitcoin price failed to hold above the $66k support level and could be visiting the $60k – $61k range over the coming days. 

Large-cap altcoins are even underperforming BTC. For instance, AI cryptocurrencies are continuing their weak showing today on Tuesday, with the sector leader NEAR Protocol down 12.3% over the past 24 hours. Render, Bittensor and Injective have all crashed by more than 10% over the same period.

Large-cap and mid-cap meme coins are not faring any better. Market leaders Dogecoin and Shiba Inu are down by 11%, while Solana meme coins such as Dogwifhat and Bonk have dipped closer to 15% today on Tuesday. 

Meme coin investors would hope that Dogecoin could hold the $0.106 support. A failure to do so could present the max pain scenario for both Doge and the rest of the sector. 

How Can The Crypto Market Bounce Back?

Despite the weakness in the cryptocurrency market, experts believe that the bull market is nowhere near over. 

For instance, technical analyst Yoddha believes that the ongoing crypto market crash and altcoin capitulation is simply a shake down before the “up only” rally. 

Analysts are highlighting the plethora of upcoming catalysts that could kickstart a bullish reversal. For instance, Bloomberg analysts expect spot Ethereum ETFs to start trading from July 2nd. 

Similarly, the Federal Reserve is expected to cut its benchmark rate at least once this year, which woud likely create weakness in the US Dollar, a decidedly bullish scenario for the altcoins. 

Analyst CRG (@MacroCRG) reveals that the dollar is loosing strength after positive US Retail Sales data for May. If the trend continues, it could mark the local bottom for Bitcoin. 

New Meme Coins Explode

New meme coins continue to surge in demand, especially owing to the weakness in large-cap altcoins. 

For instance, a new meme coin ChuanPu has exploded by 23% today, even as larger meme tokens such as Dogecoin and Shiba Inu crashed by over 10%. 

Interestingly, CHUANPU still have a market capitalization of under $18 million and could still offer significant returns if it sustains its bullish trajectory. 

Similarly, a new Solana meme coin Billy displayed 1000x growth in a day. 

While ChuanPu and Billy have already exploded, play-to-earn meme coin PlayDoge is still in its presale stage. 

The token has already raised close to $5 million in its ICO, thanks to its beginner-friendly game, which experts are calling the modern version of Tamagotchi. 

Indeed, players get to own Doge at their pet Tamagotchi-style, except through a smartphone rather than a handheld toy. As an added benefit, they can earn free crypto for completing a series of classic 2D games. 

PlayDoge’s strong fundamentals has already drawn comparisons to Floki, with a few experts calling it the next 100x meme coin.

*Cryptonomist did not write the article or test the platform.