The crypto market has turned chaotic this week. In response to the Bitcoin ETF approval, prominent cryptocurrencies are expected to take wild turns in the coming days.
The meme coin market is emphatically in the spotlight, with SPONGE gaining 19.93% over the day. Large-cap meme coins like Dogecoin and Shiba Inu are in the race too, climbing 4.58% and 4.65% respectively.
Bonk, one of the most trending meme coins of the week, however, is on a decline. But to its defense, Bonk took a steep 20% climb before the imminent price correction took over. The Meme Kombat presale has surged past $6.58M, as investors flock to ride the next meme coin pump.
SPONGE Climbs 81% As SPONGEV2 Stake-to-Bridge Fuels FOMO
As the $SPONGEV2 launch closes in, investors are in a rush to stake $SPONGE tokens in the new staking program that comes with attractive APYs. The craze has sent $SPONGE 81.61% above the charts in the last seven days.
The short stake-to-bridge window offers the last chance to buy $SPONGEV2 before exchange listings for discounts.
The original meme coin, launched in May 2023, climbed to a $100 million market cap within days of going live. It went on to become one of the most successful meme coins of the year, showering presale investors with up to 100X returns.
Token Bridging Now Live with 352% Staking APY
The growing traffic to the staking protocol hints at a similar pump on the first series of exchange listings for SPONGEV2.
Ahead of the token launch, SPONGE investors have the chance to bridge from V1 to V2 and stake their tokens. The staking APY stood at a compelling 352% at the time of writing.
Another interesting point to note is that SPONGEV2 is selling for just around $0.000885 in the current stage. The V1 Launch Price of $0.000025 marks a 3541.27% increase from the current price.
By moving to SPONGEV2, the team’s goal is to kindle the next phase of the project.
A key milestone ahead for SPONGEV2 is the launch of a game app themed around SpongeBob. More details of the play-to-earn game and its mechanics have yet to be announced. Before that, the launch of the Stake-to-Bridge protocol will allow holders of the original SPONGE token to stake them in exchange for the new token.
Crypto publications and influential YouTubers like ClayBro have been featuring SPONGEV2 in recent posts, which add to the social sentiments around the project.
SPONGE tokens worth $3,964,579 have been staked so far. As the staking mechanism gains further momentum toward the end of the stake-to-bridge window, the price of $SPONGE is expected to take off.
That, in turn, will pave the way for a strong debut listing for $SPONGEV2.
BONK Slips Down – More Steam Left?
BONK is slipping down the charts on Thursday after recording a meteoric surge on Wednesday. But the meme coin icon seems to have more steam left.
Over the last few days, BONK has had the spotlight in the meme coin market, outshining high-cap players like Dogecoin and Shiba Inu. The Solana-based token is an attractive investment for speculative investors with high risk-tolerance.
BONK 1D price action, CoinMarketCap
While social engagement is in favor of the token, the trading volume has waned over the last 24 hours by 11.24%. That said, BONK ranks #22 in terms of trading volume at a massive $552,137,856. When it comes to market cap, the token has the 70th place on the global chart.
Another Fleeting Sensation?
BONK’s rise to a $950,039,201 market cap knocks meme coin icons like Pepe out of the picture. Although Pepe has managed to climb 16.09% on the daily price chart, its trading volume is incomparable to BONK at just $245,838,705.
If social media buzz translates to price action, BONK could be heading for another rapid surge soon. The meme coin has made remarkable strides over a short period of time. It currently ranks 3rd on the meme coin chart, only next to Dogecoin and Shiba Inu.
That said, BONK has little going on for it in terms of sustainability due to its lack of focus on building a robust ecosystem. The token set a new all-time high on Dec 15, 2023. But since then, it has lost 56.45% of its value.
While BONK is a good short-term hold for investors with high risk appetite, it is not likely to survive the current market trends.
Investors Flock to Meme Kombat For the Next Pump
The latest meme coin sensation is Meme Kombat ($MK).
In contrast to useless and purposeless meme coins, the project introduces a virtual battle arena for meme coin icons built on AI capabilities.
$6.5 MILLION RAISED
— Meme Kombat (@Meme_Kombat) January 9, 2024
LFGpic.twitter.com/0zqleQLPtw
The unique combination of meme coins in GambleFi has sent the presale of $MK tokens past the $6.5M mark. A stake-to-earn mechanism (144% APY now) accompanies the presale to encourage token holding and mitigate the likelihood of early pump-and-dump scenarios.
Both the speculative and utility appeal of Meme Kombat look strong enough to ignite the next meme coin pump.
BUY $MK TOKENS FOR THE PRESALE PRICE
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The post BONK Loses Steam as SPONGE Leads the Meme Coin Pump, Meme Kombat Frenzy Hits $6.5M appeared first on CaptainAltcoin.
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