Bonk has suffered a price decline, down 12.18% this week and 8.17% this month.
But while Bonk slumps, new meme coin Sponge looks bullish, pumping 13.4% this week and over 500% since November. Is this the next meme coin to explode?
Bonk Falls as Solana Ecosystem Sees Decline
The Solana ecosystem has been dismayed this week, with its leading meme coin, Bonk, enduring significant difficulties.
Bonk peaked on 15 December at $0.00003419 but was subject to an intense selloff in the aftermath.
Since its high, Bonk has followed a continual downward trajectory, now priced at $0.00001032. Its current price places Bonk 70.07% lower than its high.
Bonk is down 0.46% today, 12.18% this week, and 8.17% this month.
The bearish sentiment also appears in Bonk’s derivatives data, with analytics tool Coinglass reporting its funding rate has gone negative. Simply put, this means more people are shorting Bonk than longing it.
Since Bonk’s recent downturn, analysts have remained quiet on its next move. This is because Bonk recently broke below its 24 January low, indicating a downtrend continuation.
As such, there is seemingly no end in sight for Bonk’s selloff.
However, the bearish momentum is evident across the Solana ecosystem. This results from the aftermath of Jupiter’s airdrop that occurred on 31 January.
Massive excitement hit Solana surrounding the event, but intense sell pressure promptly followed.
Currently, SOL is down 0.64% today, but its ecosystem tokens are even worse for wear. For instance, JUP is down 64% since its launch, ORCA is down 26.36% this week, WIF is down 30.08%, and MYRO is down 42%.
Meanwhile, Ethereum-based cryptos are enjoying bullish momentum, illustrating a shift in interest and momentum.
Currently, ETH is up 2.99% this week, while its leading meme coin, Shiba Inu, has held firm, down just 0.6%.
Meanwhile, a new Ethereum meme coin, PepeFork, has seen a significant 621% uptick. Ethereum’s runner-up meme coin, Pepe, is also up 5.14% today.
This move was preempted by analyst Derivatives Moneke, who speculated a “rotation” of liquidity from Solana to Ethereum in December.
Traders seeking to stay ahead of the market will be pleased to discover Sponge, the next Ethereum-based meme coin that could rally.
The token has seen notable bullish momentum ahead of its V2 launch which will occur today. This will comprise a new Play-to-Earn (P2E) game and staking mechanics.
Is Sponge Token Next to Explode After Pumping 13%?
Investors are sometimes skeptical of new meme coins because of their limited track record, but Sponge is unique because it is launching a V2 version after notable V1 success.
The project began in May 2023, benefitting from Pepe’s hype. It promptly reached a $100 million market cap, netting some early investors a 100x ROI. Its success was propelled by a prominent community of 30K followers and 13K token holders.
While the price retraced alongside the rest of the meme coin market, the recent Sponge V2 announcement catapulted Sponge into the spotlight, causing more than a 500% price increase since November and 13% this week.
However, with a market cap of just $16.38 million, Sponge still boasts massive room for growth to catch other prominent meme coins.
Sponge V2 entails a P2E racing game powered by the $SPONGEV2 token. This provides a notable advantage, enabling its price to benefit from utility-drive and hype-driven demand.
The V2 token has been in a prelaunch campaign since its inception but will launch on exchanges later today. Those looking to buy before then can do so on the Sponge.vip website.
