Market pullback impacts meme coins
The broader market pullback following the spot Bitcoin ETF approvals has affected meme coins like Dogecoin (DOGE) and Shiba Inu (SHIB). Investors have been selling their positions due to concerns of further downside.
Dogecoin has seen a decline of 6.42% in the past day, 5.68% this week, and 16.94% this month. It briefly saw an uptick after the announcement of X Payments and a possible integration of DOGE but has since retraced almost 15%. Currently, Dogecoin is trading at $0.07737 with a $11 billion market cap and a $682 million trading volume.
Shiba Inu has also experienced a similar trajectory, falling 6.22% in the last 24 hours, 10.97% this week, and 19.89% this month. It is currently trading at $0.000008635 with a $5 billion market cap and a $155 million 24-hour trading volume.
Sponge surging
While Dogecoin and Shiba Inu are struggling, Sponge is trending higher with an increase of 8% this week and 190% this month. This surge follows the announcement of Sponge V2, which brings new utility to the token.
Sponge launched in May 2023 and quickly reached a $100 million market cap. It secured listings on ten exchanges and gained a significant following on social media. The announcement of Sponge V2 has revived demand for the token.
Sponge V2 introduces a play-to-earn (P2E) game and an updated staking feature, adding more utility to the token. Users can buy credits using SPONGEV2 to access the paid version of the game. Existing Sponge holders can stake their tokens in the Sponge V2 staking contract to swap for an equivalent amount of V2 tokens. New buyers can purchase Sponge V2 tokens and stake them until the pre-launch campaign ends, earning a variable APY of 284% on their staked tokens.
Hot Take: Meme coins face market downturn, while Sponge shows promise
The meme coin market has experienced a significant decline as the broader crypto sector struggles. Dogecoin and Shiba Inu have both seen downward movements in recent days, while Sponge continues to show strength with notable gains. Speculators are optimistic about the future of Sponge, especially with the introduction of Sponge V2 and its new utility features. While it remains to be seen whether Dogecoin and Shiba Inu will bounce back or reach new lows, there is still potential for recovery. Investors should carefully consider their options and conduct thorough research before making any investment decisions.
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