Bonk Price Falls 18% But Traders Are Saying Sponge V2 Could Be the Next Meme Coin to Explode
Solana-based meme coin Bonk (BONK) has taken a hit, with its price dropping 18% in the past week.
The once-explosive token is losing momentum, leading traders to look elsewhere for the market’s next success story.
Could the recently launched Sponge V2 (SPONGEV2) on Polygon be the next meme coin to make explosive gains?
BONK Hype Begins to Fade as Price Drops to $0.0000117
BONK’s moment in the spotlight appears to have been short-lived, and the recent 18% drop in the past week is a clear indicator of cooling enthusiasm.
Currently trading around $0.0000117, BONK is posting lower highs on the daily chart – a tell-tale sign of a downtrend.
Adding to the bearish sentiment, trading volumes have decreased by 23% since yesterday.
The coin has even been surpassed by Pepe (PEPE) in spot volume rankings, further suggesting waning investor interest.
While BONK’s initial success was fueled by hype and community enthusiasm, the market seems to be moving on.
However, as meme coin traders will know, BONK has shown aggressive volatility in the past and is prone to sudden price spikes.
As such, while BONK is undoubtedly going through a challenging period, the token can’t be counted out entirely.
Meme Coin Mania Cools Down as Crypto Market Pulls Back
The bearish sentiment isn’t limited to BONK.
Other Solana-based meme coins, particularly dogwifhat (WIF), are also experiencing similar double-digit percentage declines.
This downward trend is broadly in line with the entire meme coin market, where overall trading volumes have plummeted by 22% since yesterday.
The euphoria around established meme coins appears to be fading slightly, with Dogecoin (DOGE) and Shiba Inu (SHIB) also in the red for the week.
This broader slowdown aligns with the wider crypto market, which has experienced a lull.
Last week’s rally seems to be losing momentum, potentially indicating that investors are taking profits.
After a turbulent start to 2024, with a sharp fall in January followed by a rapid rise in early February, the crypto market appears to be entering a consolidation phase.
As such, traders may be approaching the market with caution, waiting for the next catalyst to drive significant price action.
Could Sponge V2 Defy the Downturn & Post Explosive Gains?
However, could there be a new contender in the meme coin space while prices pull back?
Sponge V2 aims to defy the slumping meme coin market, having recently migrated to the Polygon network.
Since migrating, SPONGEV2 has enjoyed a meteoric rise.
The token is currently hovering around $0.00124, representing a 123% surge since listing on Uniswap in early February.
Sponge V2 boasts an impressive community, with over 50,000 holders and a $50 million market cap.
Ambitious plans for a play-to-earn (P2E) racing game have been one of the key drivers of SPONGEV2’s early growth, along with the lucrative 910% per year staking yields on offer.
So, while the overall market may be facing a pullback, the hype around Sponge V2 is undeniable.
Its engaging theme, high staking rewards, and growing community could push it to new heights, especially if the broader crypto market finds its footing again.
In fact, YouTuber ClayBro, who has over 116,000 followers, even speculated that it has “100x potential.”
This bullish forecast is backed up by a similar projection from analyst Matthew Perry, who urged his followers to “keep an eye on this token.”
Only time will tell whether SPONGEV2 lives up to these lofty expectations, but for now, the buzz around the project is undeniable.
Disclaimer: The above article is sponsored content; it’s written by a third party. CryptoPotato doesn’t endorse or assume responsibility for the content, advertising, products, quality, accuracy, or other materials on this page. Nothing in it should be construed as financial advice. Readers are strongly advised to verify the information independently and carefully before engaging with any company or project mentioned and do their own research. Investing in cryptocurrencies carries a risk of capital loss, and readers are also advised to consult a professional before making any decisions that may or may not be based on the above-sponsored content.
Readers are also advised to read CryptoPotato’s full disclaimer.
The post Bonk Price Falls 18% But Traders Are Saying Sponge V2 Could Be the Next Meme Coin to Explode appeared first on CryptoPotato.
Filed under: Bitcoin - @ February 22, 2024 2:21 pm