Traders are turning incredibly bullish on $BONK as the meme coin heavyweight sees a 40% price surge to break out of its consolidation pattern.
The break of the consolidation pattern is bringing optimism back into the meme coin bull run narrative as traders look for alternative tokens that can deliver outsized returns.
$BONK Setting Stage For Huge Reversal After Breaking Consolidation Pattern And Surging 40%?
$BONK is setting the stage for a massive reversal after breaking above the consolidation pattern it had been trapped inside since mid-December.
The meme coin surged to sensation status in December after it surged by over 700% to reach a market cap high of $1.5 billion.
Since peaking, $BONK has traded downward inside the confines of a descending triangle pattern, with the base of the triangle providing support at $0.00001;
The 40% price surge seen over the past four days allowed $BONK to break the consolidation, creating the foundation for a surge higher.
Looking ahead, the first resistance lies at $0.000015. This is followed by resistance at $0.0000178 (bearish .382 Fib), $0.00002, $0.0000123 (bearish .618 Fib), and $0.000025.
Which Meme Coins Could Also Experience a Price Pump?
Although $BONK is one of the hottest meme coin giants, traders are now turning their attention to lesser-known alternatives that can provide bigger price pumps than $BONK at its current levels.
In particular, traders have been captivated by the growth of the newly launched Smog Token ($SMOG), which recently surged by over 3,000% following its fair launch on Jupiter this week.
In addition, Spongebob Token ($SPONGE) is also slated to pump next as it attracts over $8.5 million in its staking bridge as traders prepare for its V2 upgrade.
$SMOG Surges By Epic 3,000% After Launching On Ethereum
Smog Token ($SMOG) has been one of this week’s hottest trending meme coins after its fair launch on Jupiter earlier this week.
Smog Token is a viral meme coin that started on Solana and recently continued gaining traction after announcing that it’s going multi-chain on Ethereum through Wormhole using PortalBridge.com.
Now, $SMOG is ready to dominate two chains as it seeks to follow the footsteps of viral meme coins like $BONK and $WIF.
The token is on a mission to provide the greatest airdrop of all time, with a staggering 35% of its total supply reserved for the event.
Users can buy and hold $SMOG to accumulate airdrop points to qualify for the historic airdrop.
Alternatively, users can build airdrop points by participating in the Zealy campaign. Zealy is a platform that brings social engagement to a project through quests such as following $SMOG on Twitter and joining its Discord group.
The team has stated that over 10,000 quests have already been completed in just three days, highlighting the overwhelming hype building behind this project.
The hype is further demonstrated by the fact that $SMOG has been trending as one of the hottest coins on dashboards like DexTools for the past four days;
The cryptocurrency currently trades inside an ascending price channel, with traders treating every dip as a buying opportunity.
Overall, with the meme coin bull run building, Smog Token is undoubtedly the leading alternative capable of delivering 10x returns.
$SPONGE Sees Astonishing $8.5 Million in Stake-to-Bridge Utility as Traders Prepare for V2
Another meme coin touted to pump next is Spongebob Token ($SPONGE), which recently crossed the $8.5 million milestone in assets staked in its staking bridge utility.
Spongebob Token is currently undergoing an upgrade to V2 $SPONGE, with traders pouring $SPONGE into the stake-to-bridge mechanism to earn an equivalent amount of V2 $SPONGE following the upgrade.
The token was one of the hottest meme coins in May 2023 as it surged to a $100 million market cap, providing early adopters with 100x returns.
The V2 $SPONGE upgrade will be the next incarnation of the project described as the “Krabby Patty of meme coins.” It intends to replicate that bull run by introducing new utilities, such as play-to-earn, in the ecosystem.
Given the extraordinary $8.5 million sent to the bridging contract, it’s clear that traders are expecting huge returns once the V2 $SPONGE upgrade goes live.
Those interested in getting positioned in V2 $SPONGE can buy V1 $SPONGE on the project’s website and have it automatically staked.