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Bonk (BONK) has defied the slump seen throughout the meme coin market recently, rising 10% to hit the $0.000015 level.
Alongside Bonk, fellow meme coins Meme Kombat (MK) and Sponge V2 (SPONGEV2) are also gaining market traction ahead of their official listings in the coming weeks.
Bonk Bucks Bearish Trend as Meme Coin Rivals Struggle
Bonk has been one of the few bright spots for meme coin investors this week, with almost all of its peers posting sizable losses.
Dogecoin (DOGE) and Shiba Inu (SHIB) are both down significantly, while Floki Inu (FLOKI) has been the worst hit with an 18% loss.
However, BONK has weathered this bearish storm and trended upwards, while other meme coins have declined.
Some market commentators attribute BONK’s resilience to the fact it is hosted on Solana rather than Ethereum.
Considering fellow Solana-based meme coin dogwifhat (WIF) is one of the only other tokens currently in the green for the week, this suggests a shifting preference from investors.
According to CoinMarketCap, BONK trading volume has soared 65% alongside the token’s price rise, hitting $603 million.
This is more than double Shiba Inu’s trading volume in the past 24 hours – showcasing the degree of interest from retail investors.
Viral Meme Kombat Presale Gains Ground & Hits $6.5M Funding Milestone
It’s not only BONK that is performing well – presale meme coin Meme Kombat (MK) has also posted sizable gains this week.
Meme Kombat’s presale recently breached the $6.5 million funding milestone, with investors from around the world clamoring to get involved.
The main reason for this colossal investor interest is the discounted rates offered on MK, Meme Kombat’s native ERC-20 token, during the ongoing presale.
Early investors can buy MK tokens for just $0.279 at the time of writing, which is expected to be a discount on the eventual Uniswap listing price.
However, Meme Kombat’s presale is now in its final stage, meaning would-be investors only have a narrow window to get involved before the token hits the open market.
Members of Meme Kombat’s Telegram community believe the upcoming Uniswap listing could be a catalyst for a significant price spike, given the increase in liquidity and accessibility it would bring.
Additionally, since Meme Kombat’s team has allocated 10% of the total MK supply for DEX liquidity, the token’s price stability is expected to be relatively high.
Looking ahead, Meme Kombat founder Matt Whiteman has laid out plans to continue expanding the project’s ecosystem with new use cases and game modes.
These factors play into the hype around Meme Kombat’s upcoming launch, making it one of the only meme coins to gain ground this week.
Sponge V2 Defies the Odds as Investors Clamor for New Meme Coin
Lastly, Sponge V2 (SPONGEV2) is also defying the bearish sentiment seen throughout the meme coin space this week.
Sponge V2 is the upcoming “Version 2” of the original Sponge (SPONGE) meme coin, launched in May 2023.
The original coin was an instant success, rising to a market cap of $100 million within days and providing enormous returns for early backers.
Sponge’s developers are now looking to kickstart the evolution of the project via SPONGEV2 and the novel “Stake-to-Bridge” protocol.
As outlined in Sponge V2’s whitepaper, this protocol allows holders of the original SPONGE token to stake them and earn SPONGEV2 as a reward.
The reward rate is currently set at 358% per year – leading to more than $3.9 million worth of SPONGE being staked already.
Another reason investor buzz is growing around SPONGEV2 is the token’s play-to-earn gaming integration.
The development team is in the process of designing a blockchain-based racing game where players can earn additional SPONGEV2 tokens through engaging gameplay mechanics.
These features have led prominent YouTubers like ClayBro to mention SPONGEV2 in recent videos.
With the buzz around the project showing no signs of going away, Sponge V2 could be another meme coin to watch ahead of its exchange launch.
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