Meme coin degens are starting to back newly emerging alternatives for 10x gains after market leaders like $BONK and $PEPE take a nosedive.
Although the heavyweights in the meme coin sector are still likely to rebound over the long term, degens are searching for new contenders in the space that can deliver outsized returns for smaller sums of investment.
In particular, the highly anticipated Spongebob Token ($SPONGE) V2 upgrade is where traders are placing their bets after it crossed the $4 million milestone in staked assets this week.
With the staking bridge for V2 still open, you have the perfect opportunity to get positioned ahead of the herd to capitalize on the upgrade.
Meme Coin Sensation $BONK Struggles After Falling By A Steep 13% This Week
$BONK was one of 2023’s most highly popular meme coin projects after it surged by over 800% in December 2023 to reach a market cap high of $1.5 billion.
The cryptocurrency reached a peak price close to $0.000035 but has been on a consistent downtrend ever since.
Fortunately, $BONK found support at $0.00001 at the start of 2024 and has managed to hold this level through the year. A .786 Fib Retracement provides the support and has prevented the market from slipping further, with the 100-day MA level reinforcing the level.
$BONK is now trading in a descending triangle pattern and is quickly approaching the apex, where a huge move is expected to either side;
Looking ahead, if the bears push beneath $0.00001, support to the downside is found at $0.000008, $0.00000767, $0.000005 (200-day MA), and $0.000004.
On the other side, resistance lies at $0.000015, $0.0000178, and $0.00002.
$PEPE Also Struggles With 14% Nosedive
$PEPE, another meme coin sensation from 2023, is also struggling after nosediving by a steep 14% this week.
Unfortunately, the recent price drop caused $PEPE to fall below the crucial support at $0.000001, dipping as low as $0.00000092 today.
The cryptocurrency met resistance at $0.00000162 in December and has been trading in a downward price channel ever since;
Looking ahead, if the sellers continue to push $PEPE lower, support can be expected at the lower angle of the price channel. There is also support at $0.0000008, $0.00000065, and $0.0000006.
On the other side, resistance lies at $0.000001, $0.00000105, $0.0000011, and $0.0000012.
Traders Start to Back $SPONGE V2 Token For Higher Gains With $4.1 Million Staked in Bridge For V2 Upgrade
As the meme coin giants fall, traders are starting to back newly emerging alternatives capable of delivering higher gains.
In particular, $SPONGE is gaining momentum as $4.1 million worth of staked assets is poured into its staking bridge as traders prepare for the V2 upgrade.
$SPONGE was one of the hottest meme coins in May 2023, surging by 100x as it hit a $100 million market cap at its peak. The popularity of the meme coin caused a variety of top-ranked exchanges like MEXC, Gat.io, and Bitget to rush and list the token to take advantage of the enormous trading volume.
The project has announced that it’s back and bigger and better than ever with its V2 upgrade.
Spongebob Token is hosting a unique upgrade through a novel staking bridge that requires users to stake their $SPONGE V1 tokens to receive an equivalent amount of $SPONGE V2 tokens during the upgrade.
Those that don’t hold any $SPONGE V1 can purchase the meme coin through the project’s website and have it automatically staked.
Any $SPONGE V1 sent to the stake-to-bridge mechanism will be permanently locked to support the transition to $SPONGE V2.
The team will introduce various new utilities to $SPONGE V2, such as a new play-to-earn ecosystem, to bring some excitement to the project.
The overall intention is to reproduce the 100x bull run that $SPONGE witnessed in 2023.
Furthermore, those that keep their $SPONGE staked following the upgrade will receive an impressive return on their assets, which currently stands at 210% APY.
Once the staking period is finished, users can claim their $SPONGE V2 from the project’s website, with the dates and times to be announced on its social media channels.
Overall, $SPONGE has proved itself successful in 2023, and the team is back to work their magic again in 2024 to provide another bull run that’s not to be missed for those hunting for meme gains.
