The meme coin market has taken a hit in recent weeks, with most tokens suffering double-digit value drops.

Investors are now looking elsewhere for returns potential, given the current state of meme coin stalwarts like Dogecoin and Shiba Inu.

However, despite this red wave, several tokens are withstanding the tide and producing stellar results – providing a glimmer of hope for meme coin enthusiasts.

Waning Enthusiasm Hits the Meme Coin Market Hard

Data from CoinMarketCap reveals that total meme coin trading volume is down by 17% over the past day – highlighting the lack of excitement around these crypto assets.

Individual trading volumes are down across the board, with the main culprits being $DOGE, $SHIB, $PEPE, and $FLOKI. All four of these tokens have seen waning interest over the past week – with $DOGE being the only one providing signs of a reversal.

Meme coins seem to be following the market trajectory set by big players like Bitcoin and Ethereum. Both of these coins have posted losses in the past few days, dragging down their peers.

Moreover, the buzz around the meme coin niche has mostly faded with the dramatic fall of popular tokens like $PEPE and $WOJAK.

Investors in these coins have opted to cash in rather than wait for price to bounce back – leading to the dramatic value drops experienced in recent weeks.

Finally, there has also been an evident lack of innovation within the space since the breakthrough of Pepe in mid-April. Although many copycat coins have entered the fray, none were able to match Pepe’s impact, prompting investors to return to more established cryptos.

All told, these factors paint a bleak picture for the meme coin niche in the short term.

Wall Street Memes Ignites Hope After Raising $2.7 Million

Fortunately, several projects have begun to gain traction over the past week – with investors hopeful that they can spark the meme coin market back into life.

Leading the way in this regard is Wall Street Memes ($WSM), a brand-new meme coin from the creators of the ultra-successful Wall St Bulls NFT collection.

In 2021, this NFT collection made headlines when it sold out all 10,000 pieces in 32 minutes and raised $2.5 million.