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BONK is trending after it rose 316% in one month, peaking at $0.000035 on Dec. 15. The surge follows its listing on Binance and Coinbase. But after the initial excitement wore off, BONK retraced by almost 50% in the 12 days.
Bonk drops as traders take profits
Listings on Binance and Coinbase often spark some excitement, leading to temporary price spikes.
However, this excitement is frequently followed by a market correction as early investors cash out, a trend evident in BONK’s recent price movement.
After peaking on Dec. 15, BONK more than halved in the next few days.
Recent data from CoinGecko shows that BONK is down by about 14% in the last 24 hours. It’s trading near $0.00001556 at press time, with a market capitalization of over $947 million.
Insights from Lookonchain suggest that this decline may be linked to large-scale token movements. Notably, a trader sold approximately 52.3 billion BONK (valued at around $927,000) soon after its listing on Binance.
It is also suspected that DWFLabs moved about 50 billion BONK, worth around $1.6 million, to Binance, increasing selling pressure and contributing to the price drop.
Furthermore, chart analysis of BONK reveals a break from an ascending channel pattern on its daily chart, a sign typically indicating strong buying momentum over time.
However, the token recently broke its usual pattern in the last few days. This kind of break typically indicates a temporary return of negative market sentiment.
BONK’s current situation is similar to the trend seen in other meme coins like Shiba Inu, where big sell-offs often happen after a major listing.
Even though BONK is trying to recover from its support level at $0.000013, focus is on new meme coins like Sponge V2 and Meme Kombat following their recent launch announcement.
Exploring alternative meme coins
As BONK struggles to gain momentum, investors are looking for alternative meme coins.
Sponge V2 (SPONGE)
Sponge V2 is an upgraded crypto building on the original Sponge token’s success, which surged 100x in 2023.
It offers more utility and improved features, including a “stake-to-bridge” model and a play-to-earn (P2E) gaming platform.
The stake-to-bridge mechanism is at the core of Sponge V2.
It allows Sponge V1 holders to stake and receive an equivalent amount in V2 tokens, ensuring a smooth transition to the new version and highlighting long-term value.
Sponge V2 also offers an appealing minimum APY of 40% over four years for staking, showing its focus on community rewards and sustainable growth.
The recent dip in SPONGEV1’s price has caused some panic among investors. However, the recent upgrade to V2 can offer a new opportunity as the platform aims to increase its utility and offer even more rewards.
A key addition is the Sponge Racer P2E game, which increases Sponge V2’s utility and market appeal, allowing users to earn more tokens through gameplay.
Sponge V2 has a total supply of 150 billion tokens, with 43.09% allocated for staking rewards and 8% for the P2E ecosystem.
This distribution aims to increase user participation and token utility. The project has a community base of over 30,000 members and is anticipated to grow.
Sponge V2 aims for listings on exchanges like Binance and OKX, which could replicate the success of its predecessor by increasing visibility and trading volume.
2. Meme Kombat (MK)
Meme Kombat is a new meme coin offering a mix of AI-driven battles and staking options.
It offers a betting system where users wager on AI-generated meme battles.
It celebrates meme culture, featuring popular memes like Pepe and Doge in high-quality art for its Battle Arena.
The platform has a P2E game where users can earn tokens by betting on meme battles, adding an interactive dimension to the meme coin experience.
These battles are conducted on-chain for transparency, with AI ensuring random and fair outcomes. This not only makes investing fun but also increases user engagement.
Meme Kombat has a total supply of 120 million tokens, with 50% offered in the presale. In the ongoing presale round, MK is available for $0.257 but will rise to $0.268 in the next phase.
A key feature is the high APY of 228% for staking, although this rate might decrease as more users participate.
As its community grows, the project has successfully raised over $4.6 million.
3. Snek (SNEK)
Snek (SNEK) is a meme token on Cardano aiming to be the “go-to” coin for casual memes within this ecosystem.
It has recently seen a massive surge in interest after listings on major exchanges such as MEXC and LBank.
The project focuses on fair distribution at launch, avoiding any reserved supply for team members.
It is launched with a fair allocation strategy, ensuring no special allocation for founders and distributing 50% to presale holders, 40% for initial liquidity, 2% for airdrops, 5% for utility, and 3% reserved for various purposes like exchange listings and partnerships.
The platform also has plans to increase its utility by launching the “Snek Game” and “Snek Exchange” in the days ahead.
Its X account has over 30K followers.
SNEK is trading at $0.0017 with a market capitalization exceeding $130 million. It is currently among the top 15 meme coins by market cap.
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