Dogecoin, Bonk Prices Slide But Sponge Token Pumps 130% in a Week

It has been a poor start to the week for meme coin investors, with most tokens posting losses.

Dogecoin (DOGE) and Bonk (BONK) are both down over 3% in the past 24 hours, while fellow meme coins Shiba Inu (SHIB) and Pepe (PEPE) are also in the red.

However, not all meme coins are experiencing a selloff – with Sponge (SPONGE) token being one of the few that has managed to buck the trend.

Dogecoin Price Sinks as Selling Pressure Ramps Up

The price of DOGE has slumped almost 4% since yesterday, with the world’s largest meme coin now hovering around the $0.077 level.

DOGE is down 13% since last week, falling to a market cap of just over $11 billion.

Investors have been gradually selling off since mid-December, right after DOGE posted an intra-year high of $0.107.

DOGE has closed in the red in five of the past six days, indicating that the bearish momentum is growing.

From a technical perspective, the meme coin now appears to be heading towards the support zone around $0.071, which was last tested in late November.

Should DOGE return to this zone, it would represent a further 8% drop from today’s price.

Notably, daily DOGE trading volume has actually increased in the past 24 hours, rising 68% to $564 million.

This uptick in trading volume suggests that more traders are entering the market and selling off their DOGE holdings each day – intensifying the coin’s decline.

Bonk Continues Falling as Traders Take Profit Off the Table

Alongside Dogecoin, Solana-based token Bonk (BONK) has also begun the week in the red, sinking almost 8% in the past day.

At the time of writing, BONK is trading for $0.000010, which represents the token’s lowest value since December 13.

BONK has now posted three bearish weekly closes in a row, marking its poorest run of form since September.

Like Dogecoin, BONK’s selloff doesn’t appear to be driven by any fundamental or news-based factors.

Instead, traders seem to be taking profits after the token’s recent rise, which saw it surge over 14,000% between October and December.

With sentiment in the broader market turning slightly bearish, overheated meme coins like BONK are the first assets that investors are selling.

Hype Around Sponge V2 Builds as Original SPONGE Token Soars 152%

However, not all meme coins are experiencing a bearish wave – Ethereum-based Sponge V2 (SPONGEV2) is continuing to grow and attract investment.

Sponge V2 is a soon-to-be-released upgrade to the original Sponge (SPONGE) meme coin, which launched in May 2023 and produced enormous gains for early investors.

At its peak, SPONGE hit a market cap of $100 million and attracted millions of dollars in daily trading volume.

Now, the developers seek to add more utility by launching SPONGEV2 through a unique “Stake-to-Bridge” setup.

This setup lets SPONGE holders lock up their tokens permanently and receive SPONGEV2 as yield.

At the time of writing, the offered yield is 381% per year – far higher than most staking protocols.

Those who don’t already own SPONGE can purchase tokens directly through the buy widget on the official sponge.vip website, then stake them automatically to begin earning SPONGEV2.

As outlined in the project’s whitepaper, one of the key features of SPONGEV2 is its gaming integration.

Sponge’s developers are in the process of creating a play-to-earn racing game, with SPONGEV2 acting as its native token.

Gamers can earn more SPONGEV2 by participating in races and ranking on the monthly leaderboard, creating a clear use case for the token.

The buzz around SPONGEV2’s launch has led to a sizable price pump for the original SPONGE token.

SPONGE is now trading for $0.00099, a whopping 152% increase in the past week alone.

Given the success of the original SPONGE token, many early backers believe SPONGEV2 could be next to surge once listed on exchanges – priming it for an exciting year ahead.

Visit Sponge V2 Website

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