The meme coin market has taken center stage today as Floki and Shiba Inu pump 73% and 44%, respectively.
Meanwhile, other meme coins are also exploding, with the newly launched Sponge V2 soaring over 60% this month.
FLOKI and SHIB Boom as Meme Coin Market Takes Off
In a long-awaited turn of events, the meme coin market’s value has shot up this week, with projects like Floki and Shiba Inu seeing monumental gains.
The total meme coin market cap has jumped 19% today, currently holding a resounding $40 billion valuation, according to CoinMarketCap data.
However, there remains tremendous upside potential, with Dogecoin alone reaching a near-$90 billion valuation in the last cycle.
With that in mind, Floki and Shiba Inu’s recent upticks stoke massive excitement among traders.
But besides a bullish market sentiment, one of the reasons Floki pumped was that the project’s DAO recently agreed to burn 190,918,585,431 tokens, equating to $24 million at the time of the announcement.
Analyst Moustache commented on the announcement, speculating that “alts are just getting started” and that “Floki is leading the way.”
The analyst also noted that a “2+ years accumulation range was broken with a monster candle.”
Currently, Floki is trading at $0.0001081, up 73% today, 201% this week and 279% this month. It holds a $1 billion market cap and a $1.4 billion 24-hour trading volume.
In a recent tweet, Prof. Tommy dubbed Floki a “monster” as it approached the $0.0001 mark.
Tommy also backed Floki a couple of days earlier when the project’s team announced that over $137 million worth of FLOKI had been deposited in its staking program.
Moving to Shiba Inu, its price is up 44% today, 108% this week, and 122% this month. Currently, it holds an $11 billion market cap and a $6 billion 24-hour trading volume.
Prominent trader Captain Faibik suspects there remains plenty of room for growth, forecasting a trend continuation towards $0.000039.
The analyst initially made the forecast when SHIB traded at $0.000096. Following this, the price broke to the upside from a descending channel and has already pumped over 100%.
Renowned Shiba Inu community member SHIB Bezos noted that SHIB has broken out of a falli ng wedge, speculating it could begin ascending towards its ATH.
Currently, Shiba Inu remains 76% from its ATH, presenting significant upside potential.
But other meme coins are also thriving, with Sponge soaring 62% and backed to 10x after launching its V2 token recently.
Trending Sponge V2 Soars 62% and Offers 700% Staking APY
Initially launched in May 2023, Sponge emerged as a beacon of hope in the bear market, pumping to a $100 million market cap and netting early investors a 100x ROI.
In a display of unwavering support, its community grew to 13K holders and 30K social media followers. Over ten prominent exchanges also listed the token.
However, with the market dynamics shifting from bear to bull, the Sponge team has returned with its biggest initiative yet, Sponge V2.
Packed with a new P2E game and staking mechanics, Sponge V2 strives to outperform the V1 token.
With two new demand streams, market analysts anticipate notable returns. In a recent video, Jacob Bury called it the “Next 10x potential crypto.”
Stakers can currently garner a 700% APY, but they must act fast because the rewards will decrease as more tokens are deposited.
In a bid to bolster its user experience, Sponge V2 migrated from Ethereum to Polygon, offering lower fees and faster execution times.
These factors have generated notable demand, with Sponge pumping 62% since launching on 9 February. However, as the meme coin market advances, Sponge V2 could soak up even more liquidity.
