Meme coins have done well in the past few months, with most of them outperforming the likes of Bitcoin, Ethereum, and Solana. Tokens like Floki Inu, Dogwifhat, and Pepe have all jumped by more than 300% this year while most big coins have jumped by less than 100%. 

Dogecoin and Shiba Inu lose momentum

There are signs that most traders are focusing on newer meme coins as the biggest ones lose momentum. 

A good example is looking at the performance of pioneer tokens like Dogecoin and Shiba Inu. The two tokens have jumped by over 20% and 30%, respectively while most newer tokens like Dogwifhat and Pepe have more than doubled.

The other way to look at this is their daily trading volume. Data by CoinMarketCap shows that the volume of Dogecoin in the past 24 hours stood at over $288 million while Shiba Inu stood at more than $115 million. These are small numbers considering that these tokens have a market cap of over $17 billion and $9.9 billion.

In contrast, Pepe’s volume in the past 24 hours stood at over $356 million while Dogwifhat had $326 million. The two’s market cap stands at over $4.5 billion and $1.9 billion, respectively. 

Other smaller tokens like Floki, Bonk, and Mog Coin are also seeing higher volume than Dogecoin and Shiba Inu. 

Solciety is doing well

This performance is happening at a time when Solciety’s token sale is doing well. Recent data shows that the Solciety network has raised over $556k in less than a month, meaning that investors are bullish about the network.

Solciety is an upcoming token that hopes to become a leading player in the meme coin industry. Specifically, the developers hope that it will become the leading political meme coin because of its neutrality. 

That is unlike other politically biased tokens like TRUMP and JEO Boden that are biased. Instead, its standout feature, the meme coin generator allows users to create their own memes, share them on social, and then be rewarded. 

The developers are hoping that funds raised in the presale will help them build the biggest meme coin platform in the industry. As part of its tokenomics, Solciety will have 10 billion tokens, 30% of which will be through its token sale and 20% will be used in marketing. The rest of the funds will go to Treasury, Liquidity, and Development.

Solciety joins other networks that have raised millions of dollars in token sales this year. Bitcoin Dogs raised over $13 million in a token sale while BitBot raised over $6 million. You can buy the Solciety token here.

The month of July is primarily focused on the potential launch of spot Ethereum ETFs. However, Bitcoin and a few other crucial assets have something equally huge ahead of them.

BeInCrypto has compiled what major developments you can expect in the next month that could impact the crypto market.

Bitcoin’s Price Could See a Multi-Month Low

Bitcoin’s price, at $61,150 at the time of writing, is holding itself above the $60,000 mark. While many feared that the market’s uncertainty could have pulled it below this level, they missed the bigger picture.

BTC on the weekly chart can be seen forming a double-top pattern. This macro bearish pattern signals that the asset may be set for a downward trend. Bitcoin’s price can be seen breaking below the neckline at $61,483.

This breakdown might find some support at $58,874, but the pattern suggests a much larger decline. The target price is set 17% below the neckline at $50,982, which would result in a four-month low for BTC.

The possibility of this happening is rather strong, considering the “sell in May and go away” notion continues to impact spot BTC ETF inflows. Combining this with the volatility of the crypto market, a drawdown is very possible.

Read More: Bitcoin Halving History: Everything You Need To Know

However, Bitcoin’s price could also bounce back from $60,000 or $58,847 to invalidate the bearish thesis. This would be confirmed once $62,000 is reclaimed as support.

Arbitrum Could See a New All-Time Low

Arbitrum’s price decline is expected, but the threat of a new all-time low is alarming. ARB, the second-largest Layer-2 token behind Polygon (MATIC), has seen its demand dwindle significantly in recent weeks, leading to a massive price drop. Since early March, it has fallen by over 60% to $0.799, forming a head and shoulders pattern.

A head-and-shoulders pattern is a bearish reversal chart pattern with three peaks — a higher middle peak (the head) flanked by two lower peaks (the shoulders). Once the neckline is broken, it indicates a potential trend reversal from bullish to bearish.

Based on this pattern, Arbitrum’s target price is projected at $0. However, this is absurd because ARB is a fundamentally strong asset. The most likely outcome is a new all-time low for ARB, as it is currently sits above the current minimum of $0.739.

Shifting market sentiment could accelerate this decline, and before the end of July, ARB could see a new ATL.

Read More: Arbitrum (ARB) Price Prediction 2024/2025/2035

On the other hand, if Arbitrum’s price manages to bounce back from $0.739, it could take a shot at breaching $0.929. A succesful attempt could send ARB above $1.00, invalidating the bearish thesis.

NFTs Are Dying

Non-fungible tokens (NFTs) gained prominence in 2022, but their performance since then has been disappointing. Some resurgence in activity and demand occurred in Q1 this year.

However, this revival appears short-lived. Over the past three months, overall trading volume has plummeted from $38.8 million to $7.9 million, marking an 81% decline.

Read More: 7 Best NFT Marketplaces You Should Know in 2024

The cause behind this drop is twofold. First, the lack of innovation offered in this space has left its demand minimal. Second, there has been a rise in alternative investment options and assets such as real-world assets (RWA).

The rise in Artificial Intelligence (AI) tokens has also drawn investors’ attention. Given AI’s potential for growth, crypto investors are leaning more toward choosing them.

As a result, the NFT trading volume could decline further as bearish market conditions and the aforementioned factors gain strength.

The crypto community is celebrating the US Supreme Court’s decision to overturn the Chevron doctrine, a 40-year-old principle that defers to federal agencies’ interpretation of the law.

Crypto stakeholders noted that the Supreme Court’s 6-3 decision ended a precedent that had unjustly empowered unelected agencies like the Securities and Exchange Commission (SEC). Over the years, the SEC has often been criticized for its stringent interpretation of the law against the emerging industry.

Mike Cagney, co-founder and CEO of Figure Markets, highlighted the ruling’s significance for the crypto sector. He stated that the decision shifts enforcement from regulators to the courts.

“Previously, when there wasn’t clear legislation, courts had to side with the regulator (e.g., the SEC). With this decision, courts decide autonomously. Big for our space,” Cagney added.

Austin Campbell, an adjunct professor at Columbia Business School, said the ruling forces the SEC to follow clear written rules. He remarked that “this decision will have some unintended consequences and likely puts the onus back on Congress, but in the long run, it’s a huge net positive for judicial and legal certainty in our industry.”

Read more: Crypto Regulation: What Are the Benefits and Drawbacks?

Similarly, economist Timothy Peterson chimed that the decision will prevent the SEC from acting as an “automatic subject matter expert” on crypto.

“[The Supreme Court] overturning Chevron deference limits the SEC’s unilateral interpretive power against Bitcoin. All those ‘staff opinions’ that said “such and such is a security”? Gone. Courts must now scrutinize the SEC’s anti-Bitcoin stance, potentially leading to fairer regulations and a more balanced legal environment​,” Peterson noted.

Meanwhile, FOX Business reporter Eleanor Terrett explained that the ruling doesn’t entirely remove the SEC’s enforcement abilities. However, she noted that it raises questions about whether Congress has authorized the SEC to regulate crypto as a security.

“The SEC’s claim that it has full jurisdiction over crypto matters less today than it did yesterday because there is a question over whether Congress has given the SEC authority to regulate it based on whether or not it’s a security,” Terrett stated.

Republican lawmaker Warren Davidson corroborated Terrett’s view. He noted that the “decision does not prevent a delegation of power for rulemaking by Congress. [However, it] does prevent rulemaking where no delegation was made.”

Read more: How Does Regulation Impact Crypto Marketing? A Complete Guide

Despite broad support, President Joe Biden’s administration and key Democrats, like Elizabeth Warren, have criticized the ruling. Warren, a known crypto skeptic, called it a power grab by the far-right to benefit the wealthy and well-connected.

“Corporate interests want extremist judges to write the rules at the expense of consumers, workers, safety, and the environment,” she said.