Investors See Losses as Meme Coins Dip
If you’re invested in meme coins, it hasn’t been a great start to the week. Dogecoin (DOGE), Bonk (BONK), Shiba Inu (SHIB), and Pepe (PEPE) have all seen losses, with DOGE and BONK down over 3% in the past 24 hours.
However, there is one meme coin that is bucking the trend. Sponge (SPONGE) has managed to avoid the selloff and is actually experiencing gains.
Dogecoin Price Drops Amid Selling Pressure
DOGE has fallen almost 4% in the past day, now trading at around $0.077. It’s down 13% from last week’s high of $0.107.
The bearish momentum is growing for DOGE, as it has closed in the red for five out of the last six days. It is now heading towards a support zone at around $0.071.
Despite the price drop, DOGE’s trading volume has increased by 68% in the past 24 hours, suggesting that more traders are entering the market and selling off their DOGE holdings each day.
Bonk Follows Dogecoin’s Lead with Declining Prices
BONK, a Solana-based token, has also seen losses, sinking almost 8% in the past day. It is currently trading at its lowest value since December 13, at $0.000010.
The selloff for BONK seems to be driven by traders taking profits after its significant rise between October and December. With sentiment turning bearish in the market, meme coins like BONK are the first to be sold off.
Sponge V2 Gains Momentum as SPONGE Token Surges
While many meme coins are experiencing losses, Sponge V2 (SPONGEV2) is attracting investment and growing. It is an upgrade to the original Sponge (SPONGE) meme coin, which saw enormous gains for early investors.
The developers of Sponge seek to add more utility with the launch of SPONGEV2 through a unique “Stake-to-Bridge” setup. This setup allows SPONGE holders to lock up their tokens permanently and receive SPONGEV2 as yield.
The buzz around SPONGEV2’s launch has led to a significant price pump for the original SPONGE token, with a 152% increase in the past week alone.
Hot Take: Sponge V2 Shows Promise Amidst Meme Coin Downturn
While many meme coins are facing losses, Sponge V2 is standing out as a promising option. With its unique “Stake-to-Bridge” setup and plans for gaming integration, SPONGEV2 has attracted attention and investment. The success of the original SPONGE token further adds to the excitement surrounding SPONGEV2’s potential. As meme coins face selling pressure, it will be interesting to see how SPONGEV2 continues to perform and whether it can live up to its predecessor’s success.
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