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Memecoins are in the green again this week after the newly launched Shanghai Inu ($SHANG) and Psyop ($PSYOP) more than doubled in price on Tuesday. Meanwhile, the upcoming AI trading & analytics platform Launchpad XYZ ($LPX) has successfully raised over $500,000 during its token presale.
Let's take a closer look at what’s driving traders to flock to these new tokens.
Shanghai Inu ($SHANG) Roars Back to Life While Influencers Hype $PSYOP
SHANG began trading in mid-April alongside many of the most famous picks in the memecoin market over the past month, including Pepe ($PEPE) and Wojak ($WOJAK). Unlike the latter coins, however, SHANG has fully reclaimed its highs from its initial bullish price pump post-launch, despite suffering a 90%+ correction in the meantime.
The token’s success has it listed as a top 3 trending coin on CoinMarketCap, and the 2nd best performing trending coin on the site, outdone only by PSYOP. $SHANG is currently up over 180% in 24 hours and over 4,000% in a week, with $PSYOP up over 280% over the last day.
Shanghai Inu is one of many new-generation dog-based tokens which – unlike top competitors Dogecoin and Shiba Inu – features various utilities, including Liquid ETH staking, AI implementation, P2E Gaming. These utilities put the token and platform at the center of many popularizing trends in crypto tech which may help it popularize over time.
On the other hand, traders should be cautious of the coin’s current success, which doesn’t appear to be supported by much liquidity. Data from CoinGecko shows that Shanghai’s 24-hour trading volume only stands at $657,907.
At the same time, data from Etherscan shows that the token’s fully diluted market cap is just $1.6 million and that it only has 705 unique holders. These factors suggest that the coin may not be as popular as its recent gains may suggest, and might only be propped up by a select few holders that could easily manipulate its price.
The same cannot be said of PSYOP: the token – up 225% since launching on Monday – is generating $51 million in daily volume, outdone only by DOGE, SHIB, and PEPE. One day after launch, the coin has already listed on BitForex, a top 20 CEX.
PSYOP appears to have garnered attention thanks to its history with the well-known NFT collector ben.eth, and the crypto YouTuber Ben Armstrong (aka Bitboy). The former, who previously launched a highly criticized token called $BEN, revealed on Tuesday that he would airdrop 1% of the BEN supply to PSYOP holders, and vice versa.
PSYOP’s purported goal is to “make people question what they are told, and look deeper.”
Launchpad XYZ ($LPX) Raises $500 Million During Presale, Presents Utility Alternative to Meme Coins
The recent explosion of new and highly volatile meme coins has created an exciting environment for traders, making tools that help identify the best trading opportunities all the more valuable.
That may be why Launchpad XYZ – a curated portal for accessing the best projects in Web3 – has managed to raise over $570,000 during its presale so far.
The platform provides insights including trading alpha, analytics, and strategy for traders to stay ahead of the curve when identifying the PEPE or other crypto boom. It covers all types of assets in the Web3 sphere, including NFTs, fractionalized assets, utility tokens, and token pre-sales.
Traders can market sentiment, news, and track monitor setups from other top traders to inform their decisions. After creating their own trading framework, users can then access a trading terminal and DEX for executing trades over the same platform.
The platform’s native token, LPX, offers investors exposure to the Launchpad ecosystem’s growth, alongside a variety of benefits on the platform. If users stake over 10,000 LPX, they will receive reduced trading commissions on Launchpad’s DEX, and early-bird access to new NFT mints, token presales, and P2E games.
Interested investors can access Launchpad’s presale on its website, where they can purchase LPX tokens using ETH, USDT, or card payment. One LPX currently costs $0.0445, though its price will only continue to rise as the presale moves forward.
The token will ultimately list for $0.0565, so getting in early will create the best opportunity to profit.
DISCLAIMER: This is not to be taken as investment advice. Crypto is a volatile asset, do your own research before investing and only invest money you can afford to lose. We may receive commission for clicking links in this article.
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