Pepe has experienced a market-leading pump over the past day, peaking at over 40% 24-hour gains a couple of hours ago.
Yet while Pepe euphoria is rife, the Sponge meme token is quietly making a resurgence, with its price chart indicating a pump could be imminent.
Pepe Price Pumps Following Token Burn Announcement
Pepe’s price has surged to $0.00000096 after a wave of excitement hits the meme coin.
The recent pump followed an announcement by the team that 6.9 trillion PEPE have been burned. It also stated that a new team of advisors has been brought in to guide the project moving forward. The announcement went viral, receiving over 350K impressions on X.
Pepe’s price surged significantly after the tweet as investors regained confidence following a severe setback in August. The mishap occurred as ex-Pepe team members stole $15 million from the team’s multi-signature wallet.
X commentator Plamza weighed in on the recent burn, noting that Pepe “waited for the perfect moment to burn their $PEPE tokens.”
The tweet is in response to the bullish market conditions over recent days, where numerous tokens have surged significantly.
Just before the announcement, Plazma also highlighted that the token received over 448 new holders in one day.
Such an increase in holders is a clear sign of growing community sentiment, likely resulting from the improving broader market sentiment.
Yet the broader market pump is not the only thing helping Pepe’s price. TradingView analyst Ifiok-2sydes recently pointed out that Pepe is breaking out of a falling wedge and forming a double bottom.
Both these patterns are indications of a price reversal, and working in confluence adds to the power of each.
Meanwhile, CryptoAnalystSignal also noted that Pepe has recently broken the falling wedge pattern while highlighting that the MACD indicator points to a trend reversal. The analyst’s price prediction has set a price target of $0.00000137.
Yet, with Pepe already nearing the $0.000001 mark, this leaves little room for upside from its current price. What’s more, such a strong pump over the last day could result in a pullback before an uptrend continuation.
However, this could give other meme coins a chance to explode, one being Sponge, given its recent fundamental advances and strong price chart.
Could Sponge Token Explode Next After 15% Pump and Bullish Announcements?
Sponge ($SPONGE) exploded alongside Pepe earlier this year, quickly becoming one of the most promising meme coins. However, like with many other new meme coins, Sponge’s hype faded after its parabolic run.
It has recently followed Pepe’s downward trajectory but has seen a substantial price break out over the past 24 hours.
$SPONGE is currently priced at $0.0001161 with a $2.8 million market cap. Its price is up 15% in the last day and 22% over the previous week.
However, it remains down 95% from its ATH, creating room for significant upside potential.
The Sponge team has made several bullish advancements in recent weeks. For instance, it announced its staking program, which will begin in eight days and see many $SPONGE tokens locked away.
Moreover, there are also rumors of partnership and token burn announcements in the pipeline. If these occur, Sponge’s price will likely skyrocket, as we have seen with Pepe following its burn announcement today.
The Sponge price chart shows a falling wedge breakout and a reclaim above the 50-day EMA, both signs of a reversal. According to the Fibonacci Retracement tool, the next price target is $0.00024 – a 107% increase from its current price.
Yet, with more excitement announcements imminent, traders must be fast to catch the next pump.