Meme coins are starting to see a comeback today after the top-ranked $BONK and $WIF rebound.
$BONK is up by a small 7% over the past 24 hours after finding support around $0.00001, while $WIF saw a more impressive 35% surge as it looks to head toward all-time high prices again.
While meme coins start to see bullish action, investors are looking for new alternatives capable of producing 100x returns.
In particular, Spongebob Token ($SPONGE) is growing in popularity after $6 million $SPONGE has been staked in its stake-to-bridge mechanism for the V2 upgrade.
The project is touted as the meme coin that will produce the first 100x in 2024, and investors are eager to get positioned.
Meme Coins See Comeback After $BONK Sees 7% Rebound.
Top-ranked $BONk is kickstarting the meme coin comeback today after rebounding 7%.
The cryptocurrency has been trading inside a range between support at $0.0001 and resistance at $0.000178 since late December 2023.
$BONK recently returned to the lower angle of this range and bounced;
$BONK remains neutral while it trades within the confines of the range.
Looking ahead, the first resistance level lies at the 20-day MA level at $0.0000126. This is followed by resistance at $0.000015 (50-day MA) and the upper boundary of the range.
The market will become bullish if the buyers can push above the range. In this case, resistance lies at $0.00002, $0.000023 (bearish .618 Fib), $0.000027, and $0.00003.
Dogwifhat ($WIF) Sees Epic 35% Surge And Points Toward All-Time Highs.
The newest popular meme coin in the sector is seeing a much higher surge today after Dogwifht ($WIF) exploded by 33% today to reach $0.32.
$WIF set an all-time high at $0.448 last week before falling into support at $0.215 (.618 Fib) yesterday.
It has since bounced from this support to break back above $0.32 as the bulls take charge again in an attempt to head back toward the ATH;
Looking ahead, the first resistance lies at $0.4. This is followed by the all-time high at $0.448.
If the buyers break the ATH, added resistance lies at $0.5, $0.55 (1.272 Fib Extension), and $0.6 (1.414 Fib Extension).
What Alternative Meme Coins Are Investors Backing As Well?
While meme coins see a revival, traders are turning their attention to newly emerging alternatives that can provide higher returns.
Popular meme coins like $DOGE, $SHIB, $BONK, $PEPE, and $WIF have seen remarkable success already as their market caps surge to exceptional levels.
As a result, traders understand that those investing today will likely see limited returns.
For example, $WIF currently holds a $300 million market cap. $WIF would need to attract $600 million in market cap for traders investing today to make a 3x return.
Therefore, traders also seek new alternatives with much lower market caps.
One alternative turning heads again is Spongebob Token ($SPONGE).
Spongebob Token ($SPONGE) Sees $6 Million $SPONGE Staked For V2 Upgrade
$SPONGE has seen an impressive $6 million deposited into its stake-to-bridge utility as investors prepare for the V2 upgrade.
Spongebob Token recently announced that it’s back and better than ever with its next incarnation through $SPONGE v2.
The project was one of the most successful meme coins in May 2023 after surging from a $1 million market to as high as $100 million. Its success caused a flurry of exchange listings, as Gate.io, MEXC, and BitGet rushed to list $SPONGE due to its popularity.
Spongebob Token recently announced that it’s back to replicate the 100x return in 2024 through a V2 upgrade.
The only way to get positioned in $SPONGE v2 is by staking v1 $SPONGE in the stake-to-bridge utility.
If you don’t already own $SPONGE, you can easily purchase it from the project’s website and have it automatically staked.
Those staking $SPONGE V1 will receive an equivalent amount of V2 when it launches. They can also earn a 278% APY if they keep $SPONGE staked after the launch.
$SPONGE V1 staked in the stake-to-bridge contract will be permanently locked to support the transition to V2.
Spongebob Token intends to introduce a new play-to-earn utility to help it achieve a 100x return in 2024, bringing a fun and addictive aspect to the protocol.
Overall, with $6 million already staked in the bridge, it’s clear that traders are backing $SPONGE as one of the meme coins that can produce outsized returns in 2024.
