It’s been an excellent week for Bonk (BONK) holders, with the token closing in the green for three straight days.
BONK is up 5% in the past 24 hours alone, helping erase most of the losses sustained during Monday’s drop.
Fellow meme coin Sponge V2 (SPONGEV2) is also gaining traction – and has received bullish price predictions from traders as it gears up for its market debut.
BONK Defies Market Weakness & Surges Following Support Bounce
At the time of writing, BONK is trading for $0.0000111, which is 67% lower than December’s all-time high of $0.0000341.
Since that peak, BONK has posted four bearish weekly closes out of five as investors looked to take profits following the token’s incredible rally.
However, bullish momentum may be returning to BONK’s price after a rejection from support at $0.000010.
The $0.000010 level also represents a round psychological number, which could act as a springboard for recovery.
If BONK can sustain its upward trajectory, the next port of call could be the 50-day exponential moving average (EMA) at $0.0000122.
This EMA often acts as dynamic support or resistance, so it might pose a challenge for BONK bulls.
The good news is that spot trading volumes have seen a sizable uptick, hitting $110 million in the past day.
This uptick in trading volume suggests that meme coin investors are taking notice of BONK once more.
Mixed Fortunes in the Meme Coin Space as Investors Turn Cautious
BONK’s price surge comes amid a period of mixed fortunes in the meme coin space.
This week has seen high volatility for meme tokens, with Dogecoin (DOGE) and Shiba Inu (SHIB) shedding some of their value.
However, lower-cap tokens like dogwifhat (WIF) have managed to jump over 2% in the past day, despite the bearishness seen in their higher-cap counterparts.
According to CoinMarketCap data, overall meme coin trading volumes dipped 6% since yesterday, with the total market cap slumping to $19.7 billion.
This negative trend has been seen in the broader crypto market – Bitcoin (BTC) and Ethereum (ETH) are also down for the week.
Investor sentiment has turned cautious following the launch of spot BTC ETFs in the US just two weeks ago, an event many predicted would lead to a crypto bull run.
Unfortunately, this bull run hasn’t materialized, and the ETF launches have instead acted as a “sell the news” event.
However, BONK has remained resilient this week and posted surprise gains, demonstrating the token’s enormous community support.
Sponge V2 Continues to Impress & Attracts Bullish Forecasts from Traders
Despite the volatility in the crypto market this week, Sponge V2 has managed to continue generating momentum, drawing optimistic predictions from prominent traders.
The anticipation surrounding Sponge V2 is not by accident since it represents the second generation of the Sponge (SPONGE) meme coin, which is based on the iconic SpongeBob SquarePants character.
SPONGE launched in May 2023 and quickly captured the crypto community’s attention, soaring to an all-time high market cap of nearly $100 million and amassing over 13,000 holders.
What sets SPONGEV2 apart is its innovative tokenomics and the introduction of play-to-earn (P2E) utility.
The Sponge V2 team is in the process of developing a P2E racing game, promising a real-world use case for the token.
This pivot from speculative trading to actual utility is one of the main reasons SPONGEV2 has performed so well since its “Stake-to-Bridge” mechanism was announced.
Investors looking to participate in Sponge V2’s growth can purchase and stake the original SPONGE token to earn SPONGEV2 as yield.
Currently, the reward rate is set at a whopping 269% per year – with almost 6 billion SPONGEV2 tokens staked already.
Prominent traders are beginning to take notice, as evidenced by the optimism from well-known YouTubers like ClayBro and Matthew Perry.
ClayBro, in particular, highlighted the “potentially huge rewards” associated with Sponge V2, which he believes could significantly drive up the token’s value.
Interested investors can buy and stake SPONGE to receive SPONGEV2 tokens by heading to the sponge.vip website.