Meme coins are in limbo today, with Pepe climbing 7.45% but Bonk falling 12.45%. Will Pepe reclaim the number three spot of the largest meme coins?
Meanwhile, the newly launched Sponge V2 is gathering momentum amid its compelling “Buy and Stake” campaign. It has already raised over $1 million, indicating immense community interest.
Pepe Looks to Flip Bonk Amid 20-Day EMA Support Loss
Pepe and Bonk are on opposing trajectories at the moment, with Pepe’s momentum resurging while Bonk loses a crucial support.
In recent weeks, Pepe has begun to establish an uptrend after months of sell pressure. It has forged a bullish trend line support and recently crossed above the 20-day EMA.
Meanwhile, analyst evasivesteering noted, “PEPE has just broken the falling wedge.” The trader analyzed Pepe on the 4-hour chart, indicating potential for short-term bullishness.
However, traders are also anticipating new longer-term highs for Pepe.
Renowned analyst Kaleo speculates Pepe is primed for “new ATHs vs $ETH as it starts to move.”
This could indicate tremendous upside potential, especially since ETH has also started to climb recently.
Moving to Bonk, its price has started to sell off after a meteoric rise, spiking fears of further potential downside.
Bonk recently cascaded below the 20-day EMA, which acted as strong support on its ascent.
Furthermore, some analysts believe a more substantial selloff may ensue before a potential recovery.
One of those is IncomeSharks, explaining last week that BONK “keeps breaking through supports. When a meme loses momentum, it falls hard. The ride up is great, but if you don’t realize profits and get greedy, the ride down can be painful.”
The analyst also highlights potential zones of resistance, with the bottom at $0.00001 – a 24% decrease from its current price of $0.0000133.
Meanwhile, a popular tweet in the Pepe community from SPIRIT suggests that Bonk holders were “exit liquidity” of “VCs and insiders.”
The tweet pointed out that holders were down 56% if they bought Bonk when it was listed on Coinbase.
Ultimately, the journey of Pepe and Bonk illustrates that timing and the ability to pivot is critical for meme coin success.
As such, one of the best projects to consider now is Sponge V2, a second-generation meme coin undergoing a “buy and stake” campaign exclusively on its website.
Potential 100X Meme Coin Sponge V2 Hits $1M in Innovative Launch Campaign
Between presales, stealth launches, and other mediums, crypto founders often seek creative ways to launch tokens and reward investors. But Sponge V2 may be among the most unique with its recent “buy and stake” campaign, enabling users to get in from the ground up and generate an additional staking yield on their investment.
The only place to buy Sponge V2 is from its website, which has raised over $1 million in one week. Following the campaign, $SPONGEV2 will go live on exchanges, enabling traders to unstake their tokens if they wish.
Sponge V2’s notable bullish momentum comes following the tremendous success of its predecessor, Sponge.
Sponge launched alongside Pepe earlier in 2023, generating 100x returns and reaching a $100 million market cap.
However, Sponge V2 is the new and improved version released by the same team, offering a Play-to-Earn racing game where users can generate free crypto. But players must hold the $SPONGEV2 token to earn rewards, equating to notable demand potential.
Coupled with the viral nature of Sponge, analysts believe this utility could skyrocket its price. According to Crypto World Daily, Sponge V2 holds 100x potential.
Meanwhile, Michael Wrubel explained how he made $100K with the original Sponge and seems even more hopeful about Sponge V2.
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