Bonk Worth Slides 10% as Merchants Again New Polygon Meme Coin Sponge V2 to Explode

The value of Solana-based meme coin Bonk (BONK) slid 10% over the previous 24 hours, ending the bullishness that started final week.

BONK is now down 64% from its December all-time excessive as curiosity begins to wane amongst retail buyers.

As BONK struggles, some merchants are shifting funds into the newly-launched Sponge V2 (SPONGEV2) token on Polygon, betting it may very well be the subsequent meme coin to blow up.

BONK Worth Rally Crashes Down as Selloff Intensifies

Starting final Wednesday, BONK skilled a outstanding worth rally that led to the token hitting $0.0000141 for the primary time since January 17.

Nonetheless, this rally has now ended, with BONK’s worth dropping to $0.000123 previously day.

The token’s worth is quick approaching the 50-day exponential shifting common (EMA) on the 4-hour chart, which frequently acts as dynamic assist or resistance.

If BONK have been to fall beneath this EMA, it might end in a fair sharper selloff.

Extra worrying for buyers is that the spot buying and selling quantity for BONK is down a whopping 44% since yesterday.

This huge drop might imply buyers are dropping confidence within the token and trying to exit their positions.

Conditions like this aren’t unusual for BONK, given its standing as a meme coin with no actual utility.

Thus, although the token’s worth is falling aggressively, it might simply as shortly reverse and resume the rally that started final week.

Broader Decline Hits Meme Coin & Altcoin Sectors

Whereas the worth motion for BONK is undoubtedly regarding for holders, the token isn’t alone in its decline.

Practically all main meme cash have dropped over the previous 24 hours, together with Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE).

This selloff suggests there may very well be a broader concern plaguing the meme coin sector.

Nonetheless, prime altcoins like Ethereum (ETH) and Solana (SOL) have additionally slid since yesterday.

When main cryptos decline in tandem like this, it typically alerts deteriorating sentiment and buyers pulling funds from the cryptocurrency market altogether.

There doesn’t seem like a transparent basic catalyst for this habits, with a level of profit-taking more likely to be enjoying a task.

Regardless, time will inform whether or not BONK and the crypto market’s pullback is just a blip or an indication of a extra prolonged downtrend.

Sponge V2 Defies Bearishness & Posts 84% Positive aspects After Polygon Migration

Nonetheless, whereas BONK and different meme cash wrestle, Polygon-based token Sponge V2 seems to be weathering the storm.

Launched because the successor to the favored Sponge (SPONGE) meme token, Sponge V2 goals to construct on the unique’s success by increasing performance and migrating to a brand new chain.

Sponge V2 will introduce new options like play-to-earn (P2E) gaming and staking to ultimately overtake the V1 model’s dimension.

Holders of Sponge V1 can stake their tokens and earn SPONGEV2 as a reward – with yields on Polygon at present sitting at 1,519% per yr.

Regardless of having an nameless workforce, Sponge V2 continues to learn from an unlimited on-line neighborhood, together with 32,000 folks on Twitter.

There’s even hypothesis that crypto movie star Justin Solar has invested within the challenge, provided that he beforehand invested within the unique SPONGE token.

From a worth perspective, SPONGEV2 has carried out exceptionally effectively since migrating to Polygon, up 84% previously week.

In keeping with DEXTools.io, there at the moment are over 50,000 token holders, with SPONGEV2 boasting a complete market cap of $41 million.

Some outstanding merchants anticipate much more progress for SPONGEV2, with YouTuber Jacob Bury declaring it’s the “greatest meme coin to purchase now.”

With plans for additional trade listings quickly, SPONGEV2 may very well be an under-the-radar meme coin price anticipating speculative buyers.

Go to Sponge V2 Web site

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