Bonk & Memecoin Prices Pump, Will Sponge V2 Surge Next?

It’s been an excellent week for meme coin traders, with Bonk (BONK) and Memecoin (MEME) seeing their prices surge.

Trader interest in these wildly popular tokens has spiked again, with both posting double-digit gains.

As the hype around these coins continues, some traders are focusing on the hotly-anticipated launch of Sponge V2 (SPONGEV2) and whether it can benefit from the meme coin market’s momentum.

BONK Price Surges & Charts a Path Back to All-Time Highs

BONK has been one of the best performers in the meme coin market over the past week, with its price up over 34%.

The token’s price began soaring last Monday after rejecting the support region around $0.000010.

Following this rejection, BONK posted three bullish daily closes in a row – taking the token back to where it was in the final week of 2023.

BONK’s trading volume has also surged, with over $191 million worth of the token exchanging hands in the past day.

Technical indicators have also flipped bullish, and BONK’s price is now trading comfortably above the 50-day exponential moving average (EMA) on the daily chart.

With most meme coins posting gains last week, BONK seems poised to continue growing as investors pile into these high-risk, high-reward crypto assets.

The next key resistance level sits at $0.000021 – and if BONK can break this level, there’s a growing belief the token can push back toward December’s all-time high.

Memecoin Rises 23% as Traders Pile Back Into Trending Meme Token

Like Bonk, fellow meme coin Memecoin (MEME) has also posted impressive gains over the past week.

MEME’s price is up around 23% in the last seven days, breaking out of a downtrend that began in the first week of December.

The token had been gradually losing value over the past month after huge profit-taking following MEME’s market debut and the hype that stemmed from it.

However, MEME trading volume picked up massively last week, now sitting around $148 million per day.

Renewed interest from meme coin traders has thrust MEME back into the spotlight, even though no fundamental catalyst exists.

Traders are choosing to scoop up cut-price meme coins like MEME and BONK in the hope of riding the momentum wave back to the peaks of late 2023.

Whether this scenario plays out remains to be seen, but new highs could be on the cards if the buying pressure behind both projects continues.

All Eyes on Sponge V2 as the Next Meme Coin to Potentially Explode in Value

Although BONK and MEME are grabbing the attention, some traders are turning to the upcoming launch of Sponge V2 (SPONGEV2) in the hope of obtaining market-beating returns.

Sponge V2 is the next iteration of the popular meme coin Sponge (SPONGE), which made headlines in 2023 by hitting a $100 million market cap within days of its launch.

SPONGE had more than 13,000 unique wallet holders at the peak of its powers and still maintains a substantial following on social media channels like Twitter.

The upgraded SPONGEV2 token aims to add more utility to the Sponge ecosystem, such as staking rewards and play-to-earn (P2E) features.

Existing SPONGE holders can seamlessly bridge their tokens to SPONGEV2 using the mechanism on the official Sponge website – with reward rates currently set at 324% per year.

Once SPONGEV2 has officially launched, the original SPONGE token will be discontinued, and its value is expected to be fully transferred to the new version.

This transition is designed to incentivize participation in the new SPONGEV2 ecosystem by current holders and new investors.

After the first version’s parabolic 100x price surge, analysts and traders remain bullish on Sponge V2’s market prospects.

YouTube analyst Crypto Gains even released a video on SPONGEV2, discussing whether it could match (or even exceed) the original SPONGE’s gains.

With the growth of Bonk and Memecoin demonstrating that meme coin mania might be back, the stage seems set for Sponge V2 to capture significant interest once it launches.

Visit Sponge V2 Website

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.