After a notably bullish week, Myro is on the verge of a new ATH, currently trading at $0.2431. But having pumped over 100% in seven days, does this Solana-based dog coin have the legs for another run?
Analysts Eye $1+ for Myro, but History Says There Is Risk
With Myro up a staggering 743% this month, it is easy to get swept away in the euphoria, expecting “up-only” gains throughout the upcoming bull rally. However, several factors are at play, all affecting how far it can go.
Analysts are notably bullish on MYRO, with many anticipating a rise similar to Bonk’s or Pepe’s. These cryptos exploded after listings on tier-one exchanges, propelling them to multi-billion dollar valuations.
Bonk reached higher than Pepe, but even Pepe’s peak $1.8 billion market cap would provide Myro with room for an 8x and put its price at $1.92.
However, other analysts are even more bullish, with LongShot Gabe speculating that Myro will reach a multi-billion dollar market cap. He writes, “$MYRO is like 200% away from a $1 billion market cap. You really think the black dog will stop there? Ain’t no way. Send $MYRO to billions. Plural.”
But while Myro’s market sentiment is massively bullish, it is important to consider the more recent trajectories of meme projects like Pepe and Bonk. Both projects achieved meme coin stardom after listings on leading tier-one exchanges. However, Bonk is currently 65% lower than its ATH.
And Pepe is 73% lower than its ATH.
Keeping an objective view is crucial, and while Myro may hold upside potential, it will likely entail considerable volatility.
That said, its $200 million market cap may present massive room for growth should it gain more ground on other meme coins. In the last bull rally, several meme coins reached staggering valuations, with the number three meme coin SafeMoon hitting a $5 billion market cap.
With more liquidity in the space this time, this could lay the way for even greater meme coin gains, with Myro undoubtedly looking to fetch them.
However, after already pumping significantly this month, many savvy traders are eager to find new meme coins set to follow Myro’s lead.
One of the top picks is Sponge V2, a next-generation meme coin that rendered 100x gains with its earlier version.
Another Token to Watch: 100X Meme Coin Sponge Launches V2 With P2E Utility
The Sponge meme coin has seen significant gains this month, pumping 265%. The move comes as its team announces the token will be bridged to Sponge V2, a second iteration providing a new utility.
Sponge V2 shifts from a traditional meme coin to a Play-to-Earn token, creating additional ecosystem value and increasing its demand potential.
Holders can partake in the Play-to-Earn game and earn free crypto, although more details have yet to be released.
Sponge soared to a $100 million market cap in May 2023, shortly following its launch. It netted early investors a 100x ROI and also secured listings on over ten prominent exchanges.
This time, the Sponge team seeks to secure listings on “bigger and better exchanges,” a crucial factor in meme coin success.
The original Sponge also garnered 13K holders and 30K social media followers, a notable accolade and a significant advantage for Sponge V2.
Its successful track record and new utility have drawn excitement from analysts, with Crypto Gains forecasting it to “100x like the first one did.”
But the new edition is not yet available on exchanges. The only place to buy $SPONGEV2 is via its ongoing Buy and Stake campaign, and tokens will be locked and earn an additional yield until the event ends.