BONK (BONK) had one of the most remarkable runs in late 2023, with the meme coin surging over 2,000% to reach an all-time high of $0.000024 in December. However, BONK has since fallen into a downtrend and is now trading around $0.00001, losing over half its value from its peak.
Despite this decline, BONK still commands a sizable market capitalization of close to $700 million, making another 20x rise from here seem unlikely.
As a result, investors are searching for smaller cap altcoins and meme coins that can emulate BONK’s meteoric success and reach its market capitalization. Here are five such candidates.
Meme Kombat (MK)
As BONK braces for further price corrections, Meme Kombat (MK) has attracted a growing influx of investors into its presale. Meme Kombat is building a GambleFi platform centered around an AI-powered battle arena where iconic meme coins engage in fights. This offers a novel perspective on the GambleFi industry, traditionally focused on casinos and sports betting.
MK token holders can wager on the outcomes of AI-meme battles, with correct predictions earning attractive rewards. Meme Kombat Season 1 launches soon after its presale concludes, helping drive MK’s upward trajectory. Passive staking is live during the presale with compelling 118% APY.
As the name suggests, Meme Kombat enables battles between the most popular meme coin mascots. Its starting lineup has 11 fighters, each with unique strengths, weaknesses and abilities. Unlike play-to-earn games reliant on NFTs, Meme Kombat centers on staking and waging with its native token. Having raised over $8 million in presales already, MK could deliver major returns once officially launching on Uniswap and major exchanges soon.
Sponge V2 (SPONGEV2)
Sponge V1 delivered exceptional returns in mid-2023, shockingly surging from a $1 million market cap to over $100 million at its peak. Now, the team looks to replicate this success with the launch of Sponge V2 and its new tokenomics. Rather than just paying tribute to SpongeBob SquarePants like the original, Sponge V2 will feature a play-to-earn racing game to enhance utility.
The main goal of SPONGE V2 is to eventually supersede V1 rather than coexist with it. Investors can exclusively obtain V2 tokens by locking their V1 tokens into the V2 smart contract.
This exclusive token-locking system has attracted droves of interested investors looking to get their hands on SPONGE tokens, since it guarantees them an equivalent amount of SPONGEV2 tokens in their wallets after launch – directly corresponding to the number of V1 tokens they staked beforehand.
Hype is rapidly building around the V2 launch, with over $3.4 million already staked in the token’s smart contract. There are just two ways to obtain Sponge V2 tokens – directly buying and staking SPONGE on the project’s website, or staking previously held Sponge V1. More V1 tokens locked results in higher V2 rewards.
Bitcoin Minetrix (BTCMTX)
As traditional Bitcoin mining companies expand rapidly ahead of the upcoming halving event that will cut profits, a pioneering decentralized platform called Bitcoin Minetrix is garnering huge investor interest.
What sets Bitcoin Minetrix apart is its transparency and automation. Through an innovative “stake-to-mine” smart contract, all cloud mining credits and allocations happen directly on the blockchain. Users can customize details like mining duration via their personal dashboard.
In preparation for the halving, Bitcoin Minetrix is gaining traction alongside old-school miners with its stake-to-mine mechanism. By staking the BTCMTX token, anyone can passively earn BTC without expensive hardware or technical know-how. With over $10 million attracted in presale so far, Bitcoin Minetrix is causing a stir.
At its core, Bitcoin Minetrix aims to revolutionize bitcoin mining by enabling everyday crypto investors to earn bitcoin without purchasing expensive ASICs or GPUs.
Staking BTCMTX generates “mining credits” that provide either cloud mining access or a portion of revenues. In essence, stakers gain two income streams: staking rewards up to 97% APY on native tokens, and BTC profits from simplified cloud mining.
This pioneering model opens up bitcoin mining profits to regular crypto holders, not just the technical experts with capital-intensive mining rigs. It makes participating in and benefiting from bitcoin mining markedly more inclusive.
Polytrade (TRADE)
POLYTRADE is a decentralized protocol transforming receivables financing by connecting buyers, sellers, insurers and investors for seamless trading. It’s also launching a metaverse product focused on metaverse trades/economies.
As a 100% on-chain digital native trade finance product, Polytrade harnesses crypto’s massive liquidity by tokenizing real-world invoices and bringing them on-chain into DeFi. With the DeFi market cap in the trillions and growing daily total value locked, Polytrade has enormous room for growth beyond its current $30 million market cap.
Banana Gun (BANANA)
Banana Gun ($BANANA) is a crypto token associated with the Banana Gun crypto project – a Telegram bot allowing users to safely buy tokens on Ethereum, acquire tokens before others from upcoming launches, and providing trading/sniping services.
The $BANANA token is the native cryptocurrency of the popular Banana Gun trading bot project. With a current market cap around $32 million, Banana Gun has gained significant popularity as one of the more widely-used Telegram trading bots.
Conclusion
While BONK struggles to maintain its meteoric highs, the projects highlighted above attract growing crowds with strong tokenomics, utilities and incentives. As the market recovers following Bitcoin ETF approvals correction, these coins seem geared for major breakouts in 2024, making them strong candidates to emulate BONK’s success.
Their current valuations offer room for multifold gains if they reach BONK’s market capitalization.
