WienerAI ($WAI) has surged 91% in the past 24 hours as the crypto market looks to close a second consecutive day in the green.
This meme coin wrapped up its presale on July 31, raising an impressive $9 million for its upcoming AI-powered crypto trading chatbot, often dubbed the “ChatGPT of crypto”.
Although $WAI’s debut on Uniswap was rocky due to $600 million in leveraged long positions being liquidated on “Black Monday”, investor confidence has since rebounded.
Just as they rallied around WienerAI’s presale in June when the market was down, investors have poured capital back into $WAI, boosting its value as the market stabilizes.
WienerAI is enjoying a solid two-day uptrend since its listing on Monday
$WAI opened at $0.0004106 on Monday but initially dropped 50% to $0.0001664 within the next hour.
Fortunately, thanks to recent bullish momentum, $WAI quickly bounced back and is now showing a healthy uptrend on the 1-hour chart. It is currently trading at $0.0006683, just a hair short of its presale price of $0.0007231.
In addition to the renewed investor confidence, another boost for $WAI’s price came from its recent token burn that slashed 30% of its total supply, or about 20 billion $WAI. This move effectively makes the remaining tokens more valuable.
Plus, with 9 billion $WAI already staked, that leaves about 40 billion tokens in circulation, adding to the scarcity and potential price appreciation of each $WAI token.
Approximately 30% of supply burnt!
That's 20,000,000,000 $WAI tokens removed from circulation!https://t.co/TiewZUz23x
— WienerAI (@WienerDogAI) August 5, 2024
Broader market factors have also played a role in shifting sentiment and influencing $WAI’s price and the overall appetite for meme coins. Notably, on August 6, spot Ether exchange-traded funds (ETFs) attracted $98.4 million in inflows, their best day since launching on July 23. This surge in interest helped push the market back into a risk-taking mode.
Additionally, BlackRock’s iShares Ethereum Trust (ETHA) has seen total inflows of $869.8 million since its launch just two weeks ago.
Presale tokens have performed the best in this year’s downturn
As noted, WienerAI has already made a splash in the presale scene. Even during the market downturn in June, investors flocked to WienerAI, proving it’s a hidden gem, as recognized only by the savviest investors.
But $WAI isn’t alone in the presale spotlight. Other tokens are also making their mark even amid turmoil.
For instance, Pepe Unchained ($PEPU), which launched its presale just over a month ago, has already raised $7.5 million and is poised to outshine predecessors Pepe ($PEPE) and Pepecoin ($PEPECOIN) with its own Layer 2 chain on Ethereum that offers faster and cheaper transactions.
BaseDawgz ($DAWGZ) and PlayDoge ($PLAY), both Shiba Inu-themed, offer much more utility than mainstream tokens like Dogecoin ($DOGE) and Shiba Inu ($SHIB). BaseDawgz operates on the Base chain with multi-chain functionality and has raised $2.8 million, while PlayDoge, gearing up to launch a crypto remake of Tamagotchi that allows users to earn its native $PLAY token, has raised close to $6 million.
This trend highlights how the market is evolving, and like WienerAI, Pepe Unchained, BaseDawgz, and PlayDoge, meme coins are showing they are not just for fun and laughs anymore but also offer valuable real utility that makes them worth having in your wallet.