Elon Musk-inspired meme coin Meme AI has dropped by as much as 30% in the last week, as crypto markets enter freefall. The decline comes as Bitcoin plunged below $60,000 hitting its lowest point since February. Both Shiba Inu and Dogecoin also experienced double-digit drops in recent days.
The drop in Meme AI’s price comes after six consecutive days of downward pressure, pushing the token to its weakest leave since March 4.
Despite this, a new meme coin called WienerAI is showing strong momentum, having raised $700k since launching its token presale.
Meme AI Suffers as Market Sees Downturn
Launched in January 2024, Meme AI is a meme coin that gets its utility from being an AI meme generator and an NFT marketplace. The premise of the platform is to empower users to have fun whilst being creative in their use of memes.
Built on the back of the tweet below from Elon Musk, the meme generator was made, tailoring its tool for crypto communities. This resulted in the creation of its native token MEMEAI, which peaked at $0.03688 in early March this year.
Since then the price has been in freefall, as traders rushed to capture profits, resulting in the price hitting a series of lower lows. The token is currently down 45% this month, currently trading at $0.004.
Meme AI isn’t the only meme coin that’s struggling though, with Dogecoin, Shiba Inu, and Pepe all seeing heavy declines over the last 30 days, reflecting a wider market struggle. DOGE has been one of the biggest decliners, falling by over 40% in the last month. SHIB dropped by nearly 27%, with Pepe down 25% in the last month.
These declines come as expectations for a U.S. Federal Reserve to cut rates in June have been all but squashed. The domestic economy has outperformed expectations in recent months, and this resilience has boosted the prospects of inflation remaining higher. Presently, consumer prices have yet to fall back to the Federal Reserve’s 2% target, climbing by 304% in Q1.
Despite this, several new meme coins are showing promise this May, with one interesting token being WienerAI.
New Meme Coin WienerAI Receives Bullish Predictions
WienerAI is a potentially viral meme coin that has taken inspiration from other popular dog-themed tokens and has raised over $700,000 in its presale. The sausage dog offers traders an AI Enhanced Trading interface to help them find market opportunities.
The platform charges the user zero commission, with rewards of as much as 1248% APY for staking the token. It describes itself as more than a typical trading bot, but instead, an AI-powered crypto trading partner that aims to enable investors to gain advantages from the market.
There are 69 billion WAI tokens 30% of which have gone into its presale. By leveraging the potential of its predictive technology and attractive community rewards, it has seen 829,603,016 tokens staked by early investors. Over 620 $WAI tokens have now been handed to these investors in the form of rewards.
Currently priced at $0.000702, this amount will soon increase once the presale raises the $946,698 it is targeting. Keep tabs on its progress by following its X (Twitter) and Telegram channel.
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