Pepe rallying, Sponge meme coin trending higher

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Pepe is taking center stage in the meme coin market as it pumps over 14% in the last seven days, currently priced at $0.000001379.

Meanwhile, Sponge is also showing strength, having increased by 3.74% this week and 41% this month.

Pepe nears breakout

After pumping over 25% this month, Pepe is flirting with a critical breakout level that could catapult it toward its all-time high.

Following a trend line resistance breakout, Pepe is approaching its range high between $0.00000172 and $0.00000184. 

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Meanwhile, its price action around the range support has formed an inverse head and shoulders pattern, a tell-tale reversal signal that could spell bullish momentum.

With Pepe potentially gearing for a breakout, market analyst MaxBecauseBTC suspects that it “has the highest probability of being this cycle’s “why didn’t I buy it” bag.”

Max referenced Dogecoin and Shiba Inu’s price charts from the last bull run, noting that both formed similar patterns to Pepe’s current trajectory and then advanced to $50 billion market caps.

From Pepe’s current market cap of $580 million, this provides room for a 86X surge.

Meanwhile, Pepe’s near-term price action also looks promising.

As per Ava_Cryptoo’s TradingView analysis, Pepe recently broke a falling wedge, often signifying a reversal to the upside.

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Ava says Pepe will advance toward the range high, targeting $0.00000162.

Meanwhile, Ali Martinez, who goes by Ali_Charts on X, also backs Pepe to climb beyond $0.000006.

Ali references the head and shoulders pattern, suggesting it will initially reach $0.0000066, followed by a breakout and move toward $0.00000274.

Yet, Pepe has fared as a highly volatile asset since its inception, experiencing explosive moves in both directions. This presents risk for traders and illustrates why diversification is key in the meme coin sector.

With that in mind, one promising Pepe alternative is Sponge. The project recently launched a V2 token on Polygon, boasting numerous benefits over its highly-successful original version which did a 100x.

Sponge V2 surges 41% after launching on Polygon 

Alongside Pepe’s unforgettable rise in summer 2023, Sponge, an unsuspecting SpongeBob SquarePants-inspired meme coin, also rallied.

The token reached a $100 million market cap, netting early investors a 100x.

Interestingly, it did this with pure memetic power, no fancy tokenomics, staking, or utility. 

But with the next bull market looming, the team has returned with Sponge V2, native to the Polygon network, which offers lower fees and faster execution times.

Sponge V2 boasts new staking mechanics and a play-to-earn racing game, bolstering the token’s utility and ensuring a sizable supply will be removed from the market.

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Token holders can currently garner an 822% APY, but this will decrease as more tokens are staked.

The V2 token launched on Feb. 9 and has increased by 41% so far.

However, with a market cap of just $53 million, there is little in the way of this token experiencing a Pepe-like run in the coming months.

As per its website, Sponge V2 will be listed on “bigger and better exchanges.”

In a recent YouTube video, Jacob Bury highlighted that this could include Binance.

While Bury noted this is merely speculation, it does reflect the bullish sentiment towards Sponge amid the current market conditions.

Read more: Dogecoin bulls target $1, Sponge v2 uptrend remains

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