As Shiba Inu & Dogecoin Prices Lag, Could This New Meme Coin Hit $1 First?

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The meme coin market is lagging behind the broader crypto space, with Shiba Inu (SHIB) and Dogecoin (DOGE) showing minimal price movement.

Both meme tokens have traded sideways despite Bitcoin (BTC) surging above $50,000.

While the future of these two dog-themed cryptos seems uncertain, a new project called Sponge V2 (SPONGEV2) has been gaining attention – and could be the first meme coin to hit the coveted $1 mark.

Shiba Inu & Dogecoin Lag Behind as Crypto Market Picks Up Steam

SHIB is hovering around the $0.0000096 level, representing a 3% rise from yesterday’s low.

However, despite this rise, many in the crypto community are disappointed that SHIB hasn’t exploded in value like many altcoins have.

For example, Solana (SOL) is up over 6% in the same time frame, while Avalanche (AVAX) has risen even higher.

It’s not just Shiba Inu that has been lagging behind the broader market – Dogecoin is also struggling.

DOGE is up just 3% since yesterday, a modest gain compared to smaller cap meme coins.

This muted reaction from SHIB and DOGE could be due to a lack of catalysts lately, as well as meme coin enthusiasts migrating to more “trendy” tokens like dogwifhat (WIF).

BONK has proved capable of producing exponential returns in recent months and has outpaced the gains made by the world’s largest meme coins.

So, although Shiba Inu and Dogecoin are still in the green for the week, their performance has been relatively underwhelming.

New Cartoon Coin Sponge V2 Rockets 101% After Polygon Migration

While established meme coins are failing to impress, a new contender has emerged that could shake up the status quo.

Sponge V2 is a cryptocurrency based on the popular SpongeBob SquarePants cartoon character and just migrated to the Polygon blockchain last week.

In the short time since its migration, SPONGEV2 has rocketed in value, gaining over 101%, with trading volumes also rising daily.

Sponge V2 is still in the very early stages of its life cycle, with a market cap of just $44.8 million.

However, the community momentum behind it is undeniable – more than 31,000 people now follow Sponge V2’s Twitter account.

With blockchains like Polygon gaining widespread adoption and meme coins on non-Ethereum chains rising in popularity, Sponge V2 seems poised for further growth

The exponential gains of Sponge V2 in the past week stand in stark contrast to the sluggish performance of Shiba Inu and Dogecoin.

As these market leaders stagnate, Sponge V2 looks ready to take the initiative – with YouTuber Jacob Bury stating it could be the “next 100x crypto” to launch.

Sponge V2’s Gaming & Staking Perks Could Power Token’s Price to $1

But can Sponge V2 really reach the coveted $1 valuation before Shiba Inu or Dogecoin?

Given its current price of $0.00111, hitting $1 would require exponential growth.

However, with its ambitious roadmap and growing traction on social media, it may be possible.

Key factors that could drive demand for Sponge V2 include the upcoming play-to-earn (P2E) racing game and attractive staking rewards.

Staking rewards are as high as 1,303% APY, meaning investors are incentivized to buy and hold SPONGEV2 long-term.

Moreover, if the P2E game successfully catches the attention of crypto gamers when it launches, SPONGEV2 could be a token in high demand.

Ultimately, while meme coins are inherently volatile, Sponge V2 shows more long-term potential than most due to its built-in utility.

With the right mix of hype and use cases, Sponge V2 reaching $1 first before SHIB and DOGE is still within the realms of possibility.

Interested investors can buy SPONGEV2 tokens using ETH or USDT at sponge.vip