Bonk’s (BONK) enormous rise in December delivered life-changing gains for some traders, but now savvy investors are shifting their focus to newer meme coins.
One coin that’s drawing attention is Sponge V2 (SPONGEV2), which is generating buzz with price predictions of 100x (or more) due to its unique branding and play-to-earn (P2E) game potential.
Bonk’s Sharp Rise & Dramatic Fall in Recent Months
BONK was initially launched on the Solana blockchain in December 2022, yet it wasn’t until October 2023 that the token began to set the meme coin market ablaze.
From October to December, BONK’s price rose a jaw-dropping 19,300%, pushing it to third spot in the meme coin rankings behind Dogecoin (DOGE) and Shiba Inu (SHIB).
At its peak, BONK was ranked the 43rd largest cryptocurrency globally.
With a maximum supply of 93 trillion tokens and over 60 trillion of those in circulation, BONK’s momentum seemed unstoppable.
However, like many meme coins, the hype around BONK proved short-lived.
After December 15, BONK’s value began to decline as investors opted to take profits rather than hold out for further gains.
Since then, BONK’s value has plummeted by 64%, with the token now hovering around the $0.0000126 level.
With other Solana meme coins, like dogwifhat (WIF), showing similar declines, the hype-driven nature of these crypto assets is once again on full display.
Sponge V2 Enters the Meme Coin Space with Staking & Gaming Functionality
Given BONK’s sharp rise and subsequent fall, some investors are searching for the next meme coin with explosive potential.
Enter Sponge V2 – a Polygon-based token inspired by the beloved Nickelodeon character.
Sponge V2 aims to build on the hype of its predecessor, Sponge (SPONGE), by adding features like staking rewards and P2E game integration.
This shift could push Sponge V2 beyond being just another meme coin and towards a fully-fledged ecosystem with passive income opportunities.
In terms of staking, SPONGEV2 holders can earn an impressive 964% on their holdings – yet this yield will decrease as more tokens are pledged.
More than 8.5 billion tokens have been locked up already, representing almost $10 million in total value.
Regarding the P2E feature, Sponge V2’s team is developing a SpongeBob-themed racing game that is expected to launch sometime this year.
Through engaging gameplay mechanics, SPONGEV2 holders can earn more tokens while competing against their friends.
The combined potential of high-yield staking and crypto gaming integration has led to a wave of discussion in Sponge V2’s Telegram channel.
Channel members are particularly excited about the prospect of obtaining more tokens and benefiting from price appreciation in the market at the same time.
Could Sponge V2’s Price 100x in 2024 as CEX Listing Hype Builds?
Sponge V2’s migration to Polygon on February 5 has been one of the main reasons for the growing investor hype.
This migration led to SPONGEV2’s price rising a remarkable 120% – and this growth shows no signs of stopping.
There are now more than 50,000 token holders and a rapidly ballooning market cap approaching $50 million.
All of this is made even more impressive considering SPONGEV2 is currently only available to trade via Uniswap and hasn’t been listed on centralized exchanges (CEXs) yet.
However, given the token’s recent performance, many in the SPONGEV2 community believe CEX listings are imminent.
Listings on well-known exchanges would offer clear advantages, like dramatically increasing visibility and liquidity.
In turn, this could attract a broader range of meme coin investors.
This optimistic outlook has been further fueled by prominent crypto YouTubers like ClayBro and Jacob Bury, who have gone on record suggesting Sponge V2’s price could potentially 100x.
While these predictions may seem outlandish, they once again highlight the growing excitement surrounding this innovative meme coin.
