The new Hawk Tuah meme coin crashed today on Thursday, squandering all of yesterday’s gains. The meme coin now has a market capitalization of just over $500k, as compared to the $2.7 million all-time high valuation that it recorded yesterday.
The meme coin is down nearly 72% over the past 24 hours, despite some recovery in the past few hours.
However, another new meme coin – Base Dawgz (DAWGZ) – is stealing the spotlight from HAWK. It has already raised over $2.8 million in its ongoing presale, more than Hawk Tuah’s all-time high.
The strong early demand has impressed several deep-pocketed investors, some of whom are aiming for 100x returns with DAWGZ. Others believe that it is one of the best meme coins to buy now.
The Hawk Tuah price is currently trading at $0.00053, down nearly 81% from its all-time high.
Initially, the token displayed all the makings of being the next big meme coin. It is based on the Hawk Tuah meme that went viral in June and has become a part of pop culture since.
The meme coin became so popular that it even featured in CoinMarketCap’s trending tokens list, sparked by its explosive yesterday.
Popular crypto tracking platform DEXTools has also given a project reliability score of 90 to HAWK, which gave a boost to its legitimacy. Additionally, popular crypto influencers and YouTubers covered its rise to prominence.
However, Hawk Tuah’s decline underscores the major issue associated with topical meme coins. Considering that these tokens do not offer any utility, they tend to display pump-and-dump price action. Indeed, investors have no incentive to hold HAWK for the long term.
The bulls would hope that the meme coin makes a bullish recovery. Indeed, the token has surged by nearly 40% over the past 6 hours. However, it would not be a surprise if the current rally is followed by another sharp decline as investors secure their profits.
As opposed to Hawk Tuah, high-utility meme coins such as Floki and Base Dawgz show much more resiliency, even during a bearish market outlook.
For instance, Base Dawgz has raised $2.8 million in its ICO, despite the broader crypto market seeing significant selling pressure over the past few weeks.
As such, Base meme coins are in high demand, especially after Brett’s stellar performance. Brett – the top meme token on Base – currently has a market capitalization of $1.1 billion, despite trading nearly 40% below its all-time high.
Experts believe that DAWGZ can follow in its footsteps, thanks to its high-utility nature. Indeed, Base Dawgz has wide-ranging rewards for its token holders, serving as a major incentive for long-term holding.
For instance, it has launched an innovative share-to-earn program, allowing investors to earn airdrop points for sharing DAWGZ-related content. Similarly, investors can create their own referral link and earn a percentage of the investments made through it.
Finally, Base Dawgz holders can stake their tokens and earn attractive passive income, currently at an APY of over 1000%. In fact, DAWGZ – being a true multi-chain meme coin – offers high staking rewards on 4 chains, including Base, Ethereum, BNB Smart Chain and Avalanche. The Solana staking is also in the works.
Owing to its unique value proposition, Base Dawgz has gained the backing of several popular crypto traders, many of whom are calling it one of the best meme coins to buy now.
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