Solana’s top meme coin, Bonk (BONK), has seen its price surge over 36% since yesterday morning, now trading around the $0.000013 level.
Riding high on renewed hype and trading activity, BONK looks to be returning to last week’s highs – and potentially beyond.
While BONK’s price action has captured attention, a new meme coin called Sponge V2 (SPONGEV2) is showing intriguing potential that could enable it to pump higher once it becomes tradable on exchanges.
Bonk Price Surges as Meme Coin Investor Demand Ramps Up
The BONK meme coin was launched in December 2022 and quickly captured the attention of the Solana community.
The coin surged throughout January 2023, yet its peak was fleeting – leading BONK to trade sideways throughout most of the year.
This all changed in November and December when the price of BONK rocketed over 10,000% as hype began to build around the Solana blockchain and the crypto market in general.
According to CoinMarketCap, BONK hit an all-time high of $0.0000341 on December 15, which gave the token a market cap of $1.49 billion.
BONK’s value is now 61% below that high, mainly due to profit-taking from investors in the final weeks of 2023.
However, the good news for long-term BONK holders is that price momentum is returning.
Since Monday morning, BONK’s value has soared over 36%, erasing a significant portion of the losses sustained last week.
The token’s price has also broken back above the 50-day exponential moving average (EMA) – often used as a proxy for the medium-term trend.
Trader Sets Further 21% Price Target for BONK as Hype Builds
Although there’s no way of telling whether BONK’s momentum can be sustained, the price action seen in the last 24 hours has undoubtedly caught traders’ attention.
Twitter trader Spider posted a 4-hour BONK price chart, indicating that the recent breakout is “as expected.”
Spider then set a price target of around $0.0000157 for BONK, a further 21% rise from the current price.
Interestingly, it’s not just BONK rising but the broader meme coin space in general.
Pepe and Floki have also posted gains, with the total meme coin market cap rising 4.65% to $20.1 billion in the past 24 hours.
Much of this growth can be attributed to the ongoing buzz around spot BTC ETF approval in the US, which has had a knock-on effect on the meme coin space.
Regardless, investors are clearly enjoying the bullish momentum and are keenly watching for any signs of continuation.
Sponge V2 Emerges as Potential BONK Rival with P2E Gaming Integration & Stake-to-Bridge Model
While BONK’s recent price pump has been impressive, a new meme coin called Sponge V2 (SPONGEV2) shows intriguing potential that could enable it to eventually soar even higher.
SPONGEV2 is the successor to the original Sponge (SPONGE) meme coin which achieved a 100x price surge in May 2023.
Leveraging the momentum of its predecessor, SPONGEV2 introduces upgraded features like a “Stake-to-Bridge” mechanism and play-to-earn gaming utility.
The former links SPONGEV2 to the original token’s ecosystem, allowing stakers to earn SPONGEV2 tokens with high reward rates of 363% annually.
The latter refers to an upcoming blockchain game where players can earn additional SPONGEV2 tokens as rewards.
These capabilities make SPONGEV2 much more advanced than the hundreds of no-utility tokens that flood the meme coin market each week.
The project also benefits from Sponge’s established community, including over 27,000 followers on Twitter.
While SPONGEV2 is still unlisted at present, anticipation is high for its launch in the coming weeks.
Given the gaming innovation and backdrop of an existing ecosystem, some analysts predict that SPONGEV2 could 50x once made available on the open market.
All in all, if market conditions remain favorable and the developers manage to tick off the goals on their roadmap, SPONGEV2 shows serious potential to rival BONK this year.