Meme coins are starting to rebound this week after some of the top-ranked projects see respectable gains.
Market leaders $DOGE and $SHUB are up by a small 5%, while newcomers $BONK and $WIF see exceptional returns after rising 17% and 31%, respectively.
With the meme coin market starting to see some volume, traders are looking for alternative meme coins that can potentially make higher gains.
In particular, traders are turning their attention to $SPONGE, which has witnessed over $3.7 million entering its stake-to-bridge contract as traders prepare for its V2 upgrade, slated to provide 100x returns.
Meme Coins See Revival After $DOGE and $BONK Rebound.
Top-ranked meme coins saw a revival this week after market leader Dogecoin saw a respectable 5% rebound.
The cryptocurrency has been trading within a range between $0.0875 and $0.0779 since the start of the year, and this week’s rebound marks a bounce from the lower angle of the range;
Looking ahead, the first resistance lies at $0.0836. This is followed by resistance at $0.0875, $0.09, $0.096, and $0.1.
On the other side, support lies at $0.08, $0.0779, $0.085, and $0.07.
With Dogecoin showing resilience, the rest of the sector is also starting to see somewhat of a revival.
For example, this week, newly established meme coin sensation $BONK saw a healthy 17.5% rebound.
The cryptocurrency had surged by an enormous 840% from low to high in December and has been on a downward trajectory since hitting its all-time high.
In January, the meme coin was trading inside a range between support at $0.00001 and resistance at $0.000017.
This week’s 17.5% bounce shows that the support at $0.00001 is strong as it looks to break the confines of the current range;
Looking ahead, resistance lies at $0.000016, $0.0000178, $0.00002, and $0.0000231.
DogWifHat Sees Higher Gains and Approaches All-time High
It’s not just the giants that are seeing bullish price action.
Newly emerging meme coins such as dogwifhat are also seeing strong bullish moves after $WIF surged an incredible 31% this week.
The cryptocurrency found support at the .618 Fib Retracement last week around $0.21 and started to push higher toward the all-time high again.
Unfortunately, $WIF stalled around $0.4 and is now trading at $0.315.
If the support at $0.3 holds, $WIF must break resistance at $0.4. This is followed by resistance at $0.45, $0.5, $0.55 (1.272 Fib Extension), and $0.6.
What Other Meme Coins Are Traders Backing?
With meme coins making a comeback, traders are hunting for lower-ranked alternatives that can provide higher returns for smaller sums of capital.
In particular, Spongebob Token ($SPONGE) continues to gain momentum after $3.7 million of staked assets entered the bridge to its V2 upgrade.
$SPONGE saw remarkable success in 2023 after surging by 100x, and the project is back to reproduce the bull run and provide the first 100x meme coin return in 2024.
SpongeBob Token Sees $3.7 Million Staked for V2 Upgrade.
$SPONGE has already seen an impressive $3.7 million deposited in its stake-to-bridge for its V2 upgrade.
The next incarnation of $SPONGE is slated to be bigger and better than ever as the project attempts to recreate the 100x returns it produced in 2023.
The Krabby Patty of meme coins hosts a V2 upgrade, which can only be entered through its stake-to-bridge, ensuring a fair upgrade for everybody involved.
To get positioned, simply stake $SPONGE V1 in the bridge to earn an equivalent amount of $SPONGE.
Alternatively, $SPONGE can be purchased through the project’s website, which will be automatically staked.
The team will introduce a string of new features in V2 to ensure 100x returns, such as an exciting play-to-earn ecosystem to help bring unrivaled utility to the meme coin.
Furthermore, those keeping their $SPONGE staked following the upgrade will earn passive V2 rewards over a 4-year period, starting with a minimum 40% APY.
Once V2 is launched, all V1 $SPONGE staked in the bridge will be permanently locked to help support the transition toward the upgrade.
Overall, investors are clearly excited about the V2 upgrade and are backing it by depositing V1 $SPONGE into the bridge as they anticipate a 100x return.
With the success seen in 2023, $SPONGE V2 is an opportunity not to be missed in 2024.