The meme coin market has continued to captivate investors this week as newly launched Minu gathers over 2,000% gains.
However, Minu is not the only project causing a stir, with Sponge up over 350% this month. Is this the next token to explode?
Minu Trading Volume Surges as “Dog Mining” Raises Eyebrows
Minu’s recent surge was ignited by excitement over its innovative mining mechanism implemented, aiming to reward holders and stimulate community participation.
It is fair to say the feature has been a success, with Minu’s trading volume up 665% today at $13.07 million. This makes it the 341st largest crypto in that regard, while its $238 million market cap puts it in the 2,306th spot.
Minu lays its claim as “the first mining dog coin on Binance Smart Chain!”
The project’s whitepaper explains, “Minu is giving an 8% daily return to its miners in forms of BNB, while Minu’s native token is constantly increasing the TVL (Total Value Locked) of its miner with a 2% of every transaction (buy or sell) going to contract of the miner.”
However, despite its compelling value proposition, Minu remains a high-risk project due to its novelty.
Nevertheless, analysts are already taking note, with Sjuul from the YouTube channel Altcoin Gems recently backing it.
The Minu team also announced the token recently surpassed 2,000 holders.
Besides its use case, its burn mechanism is another factor driving attention. The team allocated 82-84% of its total supply to be burned, creating a strong sense of scarcity within its ecosystem.
The token also has a 5% tax, with 2% going to miners and 3% to marketing and ecosystem advancements. As well as disincentivizing selling, this also creates a runway for the project to continue developing in the future.
Analyst Degenerate Ninjas recently speculated that Minu could be poised for up to a $10 million market cap – more than a 3x from its current price.
However, having only launched yesterday, buyers must remain aware that Minu also presents significant risk.
But one viable alternative to Minu with a much stronger track record is Sponge, a compelling meme coin that did a 100x in May 2023 and is backed for a second parabolic breakout.
100X Meme Coin Sponge Bridges to P2E Utility Token, Drawing 350% Gain This Month
What once stood as a simple meme coin paying homage to SpongeBob SquarePants is now a sophisticated Play-to-Earn (P2E) protocol, empowering its community with multiple ways to earn crypto.
Sponge launched in 2023 and closely followed Pepe’s trajectory, doing a 100x and reaching a $100 million market cap. However, it sold off with the rest of the meme coin market before a recent meteoric resurgence.
Its uptick follows an announcement by the team that Sponge is bridging to Sponge V2, packed with a P2E game and an updated staking mechanism.
Sponge currently holds a $21 million market cap, up 10.79% today and 346% this month.
The reason for its rise is the anticipated demand growth thanks to the new utility. Users must buy credits for the P2E game with $SPONGEV2, with these demand inflows likely positively impacting the price.
Analysts speculate the blend of new utility and a robust track record give Sponge V2 the legs to explode. In a recent video, YouTuber ClayBro said, “This meme coin saw 100x gains in 2023. Can it do the same in 2024?”
Potential investors can buy Sponge V2 from the project’s website. It is currently in a “Buy and Stake” campaign, which will continue until Sponge V2 launches on exchanges. Tokens will be locked and earn an additional staking yield throughout the ongoing event.
