Shiba Inu recovers after sell-off
The price of Shiba Inu has experienced a 7.68% decline this month, but it is up 34% from its October 2023 lows. Currently, SHIB is trading at $0.000009409, showing a 4.5% increase on Jan. 9. Its 24-hour trading volume has decreased by 3.97% to $178 million.
However, the recent rise in price follows a 16% selloff from its December 2023 peak of $0.0000113. Shiba Inu prices have been volatile, remaining within a long-term range and yet to break out of its bear market accumulation zone.
Sponge relaunches V2 and raises $3.5 million
In the recent bear market, Sponge, a meme coin inspired by Sponge Bob Square Pants, experienced a surge in popularity and reached a market cap of $100 million as PepeCoin (PEPE) rallied. Sponge has seen gains of 66% this week and 77% this month, indicating strong community interest.
Now, with improved market conditions, the team behind Sponge is relaunching Sponge V2 to take advantage of the bull run liquidity. The project features a play-to-earn (P2E) game and has garnered support from analysts like Michael Wrubel and Crypto Gains.
Interested users can purchase SPONGEV2 from the Sponge.vip website and stake their tokens until the campaign ends.
Hot Take: Shiba Inu and Sponge rally as meme coins rebound
As the Bitcoin ETF narrative gains momentum, meme coins like Shiba Inu and Sponge are attracting attention and experiencing upward movement in their prices. Shiba Inu has shown signs of recovery after a sell-off, with analysts speculating that it may post sharp gains in the coming weeks. On the other hand, Sponge V2 is relaunching and has raised $3.5 million, indicating strong community interest in the project. Both coins are benefiting from improved market conditions and bullish sentiment. It will be interesting to see how these meme coins perform in the evolving crypto landscape.
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