Because the Bonk Value Dips, Will Sponge Rally After V2 Launch

Bonk has suffered a worth decline, down 5% up to now this week and virtually 8% because the begin of this month.

However whereas Bonk slumps, the brand new meme coin Sponge seems to be bullish and was up over 500% since November earlier than yesterday’s migration occasion. Is that this the following meme coin to blow up?

Bonk Falls as Solana Ecosystem Sees Decline

The Solana ecosystem has been dismayed this week, with its main meme coin, Bonk, enduring vital difficulties.

Bonk peaked on 15 December at $0.00003419 however was topic to an intense selloff within the aftermath.

Since its excessive, Bonk has adopted a continuous downward trajectory, now priced at $0.000010. Its present worth locations Bonk 70% decrease than its all-time excessive.

The bearish sentiment additionally seems in Bonk’s derivatives knowledge, with analytics device Coinglass reporting its Lengthy/Quick ratio has dropped under 1. Merely put, this implies extra persons are shorting Bonk than longing it.

Since Bonk’s latest downturn, analysts have remained quiet on its subsequent transfer. It’s because Bonk just lately broke under its 24 January low, indicating a downtrend continuation.

As such, there’s seemingly no finish in sight for Bonk’s selloff.

Nevertheless, the bearish momentum is clear throughout the Solana ecosystem. This outcomes from the aftermath of Jupiter’s airdrop that occurred on 31 January.

Huge pleasure surrounding the occasion hit Solana, however intense promote stress promptly adopted.

At the moment, SOL is down 2% since yesterday, however its ecosystem tokens are even worse for put on.

As an illustration, JUP is down 66% since its launch, ORCA is down 32% this week, WIF is down 35%, and MYRO is down 41%.

In the meantime, Ethereum-based cryptos are having fun with bullish momentum, illustrating a shift in curiosity and momentum.

At the moment, ETH is up virtually 1% this week, whereas its main meme coin, Shiba Inu, has held agency at $0.0000089.

In the meantime, a brand new Ethereum meme coin, PepeFork, has seen a big 588% uptick.

This transfer was preempted by analyst Derivatives Moneke, who speculated a “rotation” of liquidity from Solana to Ethereum in December.

Merchants in search of to remain forward of the market shall be happy to find Sponge, the following Ethereum-based meme coin that might rally.

The token has seen notable bullish momentum forward of its V2 launch, which occurred yesterday. It will comprise a brand new Play-to-Earn (P2E) sport and staking mechanics.

Is Sponge Token Subsequent to Explode After V2 Migration Occasion?

Traders are typically skeptical of latest meme cash due to their restricted observe file, however Sponge is exclusive as a result of it has simply launched a V2 model after notable V1 success.

The undertaking initially started in Could 2023, benefitting from Pepe’s hype. It promptly reached a $100 million market cap, netting some early traders vital returns. Its success was propelled by a outstanding group of 30K followers and 13K token holders.

Whereas the value retraced alongside the remainder of the meme coin market, the latest Sponge V2 announcement catapulted Sponge into the highlight, inflicting greater than a 500% worth enhance since November.

Nevertheless, Sponge nonetheless boasts huge room for progress to catch different outstanding meme cash – and goals to take action by providing a brand new worth proposition for holders.

Sponge V2 entails a P2E racing sport powered by the SPONGEV2 token. This supplies a notable benefit, enabling its worth to profit from utility-driven and hype-driven demand.

The V2 token has been in a prelaunch marketing campaign since its inception and was formally migrated on February 5 at 11pm UTC.

These trying to purchase and stake SPONGEV2 can accomplish that utilizing the widget on the Sponge.vip web site.

Go to Sponge.vip Web site

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