Bonk Tanks Over 10% Amid Crypto Crash, But Sponge Token Emerges as Bullish Alternative

The cryptocurrency market has seen crimson in latest days, with main cash like Bitcoin (BTC) and Ethereum (ETH) dropping sharply from their December peak.

Meme coin Bonk (BONK), which had seen huge good points up to now few weeks, has shed over 10% since yesterday amid the broader crypto decline.

Nonetheless, whereas most altcoins submit losses, one meme token referred to as Sponge V2 (SPONGEV2) has begun gaining traction – positioning itself as a bullish different for buyers.

Bonk Buyers Take Earnings as Meme Coin Hype Fades

BONK has began 2024 on a poor word, dropping to the $0.000012 degree after posting two bearish each day closes in a row.

The token has actually seen trading volumes rise 66% to $197 million up to now day – suggesting that many buyers wish to take earnings.

From a technical perspective, BONK has been in a downtrend since December 15, when the token hit its all-time excessive.

The meme coin eased by assist at $0.000013 and now appears to be heading in the direction of the essential $0.000010 psychological degree.

Notably, there hasn’t been any clear catalyst for BONK’s value drop, which signifies that the token’s attraction to retail buyers could also be diminishing.

BONK has no precise use case, so its worth is pushed primarily by hypothesis.

Thus, if shopping for strain subsides, the token may proceed drifting decrease in the hunt for new assist within the coming days and weeks.

Matrixport Rumors Shake the Crypto Market & Spark Liquidations

Whereas BONK’s decline appears tied to profit-taking and fading hype, the broader crypto market selloff seems pushed by rumors printed in a report by Matrixport.

The monetary companies firm claimed the SEC plans to reject a number of spot BTC ETF functions, sparking fears of extended uncertainty.

Inside an hour of Matrixport’s report being launched, crypto costs started crashing in a wave of liquidations.

Over $577 million price of futures positions had been closed – prompting important drops within the value of Bitcoin, Ethereum, and different cash.

In the end, Matrixport got here out and reversed their claims, but the injury to the market had already been completed.

Though this fiasco isn’t immediately associated to BONK, it has undoubtedly contributed to the token’s selloff as investor warning rises.

Total, it has been a tricky begin to 2024 for the crypto market, which is at odds with the projections made by many analysts and commentators.

Sponge V2 Defies Bearish Momentum with P2E Improvements & Stake-to-Bridge Mannequin

Because the broader market struggles, one meme coin undertaking appears to nonetheless be thriving – Sponge V2 (SPONGEV2).

This upgraded token builds on the success of the unique Sponge (SPONGE) meme coin, which surged over 340% after its Uniswap launch in Might 2023.

SPONGEV2 seeks to “take up the damp” left behind by its predecessor by an revolutionary Stake-to-Bridge mechanism.

This hyperlinks SPONGEV2 to the V1 ecosystem, letting present SPONGE holders stake and earn the new token whereas permitting new consumers to swap ETH or USDT to enter the bridge.

Past simply hypothesis, SPONGEV2’s staff has plans to launch a SpongeBob-themed play-to-earn (P2E) sport.

Customers will have the ability to earn extra SPONGEV2 by enjoying and rating on in-game leaderboards.

Moreover, the event staff intends to record SPONGEV2 on exchanges quickly – setting the stage for value appreciation that would match (and even exceed) the unique token.

Hype is starting to ramp up forward of those listings, with greater than $1.6 million price of SPONGE already staked and bridged.

The project’s Telegram community has additionally seen a large inflow of recent members wanting to study extra concerning the growth staff’s ambitions.

Given the great success of the unique SPONGE and the added P2E performance, SPONGEV2 seems well-positioned for a fruitful 2024.

Visit Sponge V2 Website

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