Despite many meme coins rising, two of this month’s most trending projects, Bonk and Gorilla, have seen selloffs today.
However, traders remain highly bullish on the new Sponge V2 launch, which market participants can acquire through its Stake-to-Earn mechanism.
Bonk and Gorilla’s Momentum Fall After Strong Uptrend
After Bonk was listed on Binance and Coinbase earlier this week, the project saw an immense uptrend.
Seven days ago, the price was $0.00001019, but shortly after the announcements, it rallied to highs of $0.00003419, more than a 3x growth, catapulting its market cap above $2 billion.
However, a subsequent sell-off pushed the price to lows of $0.0001768, over a 10% dip from its price 24 hours ago.
This has formed a bearish price chart pattern with lower lows and lower highs since its ATH.
Analyst IncomeSharks noted 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,” said the trader.
However, prominent analyst Marius.capital believes Bonk will make a second run.
In a recent tweet, Marius said, “I think $Bonk will have a second run towards 0.00004 in a few days if #Btc holds after Xmas.”
He then explained that Shiba Inu underwent a similar trajectory in 2021, selling off after Binance and Coinbase listings “before full sending.”
Moving to Gorilla, the project rose to prominence in November, appearing at the top of CoinMarketCap’s trending list multiple times.
After an initial pump, the price pulled back but has started to rally again. However, has begun to sink after peaking at $0.018 earlier today.
Currently, it is trading at $0.013, down 27% from its daily high.
Despite this, the project has again appeared on CoinMarketCap’s trending list, currently in third place after Bonk and Injective.
The reason it is trending is that prominent exchange Gate.io announced that it would list the token yesterday.
This is the fourth CEX to list Gorilla, with the others being MEXC, BitMart, and ExMarkets.
However, while Bonk and Gorilla have experienced bearish momentum, new meme coin Sponge V2 is gathering massive hype after its launch was announced on Monday.
Analysts Back Stake-to-Bridge Sponge V2 to 100X
Sponge V2 is the new iteration of the iconic Sponge token, which rose to prominence in May amid the rise of Pepe and the broader meme coin frenzy.
The original Sponge token netted early investors a 100x, reaching a staggering $100 million market cap at its peak with over 13K holders and listings on more than ten exchanges.
Furthermore, the project generated massive social hype, amassing over 30K followers in its opening days. However, the team looks to carry that momentum forth with the compelling release of Sponge V2.
This rendition comes with new utility and revamped tokenomics. While the original Sponge merely paid homage to SpongeBob SquarePants, Sponge V2 features an immersive P2E racing game, enabling users to earn crypto while boosting $SPONGEV2’s utility.
This newfound utility, crossed with its successful track record, hints at notable upside potential. As such, YouTuber Crypto World Daily believes it could 100x, and Dutch YouTuber Corné Marchand is also bullish, predicting it could 100x.
But the exciting thing about Sponge V2 is that you cannot buy it from exchanges yet. Those who want to acquire it must visit the Sponge.vip website and buy and stake Sponge or existing Sponge V1 holders can stake their tokens in the V2 dashboard.
Users can redeem their Sponge V2 once the staking phase is complete.
