The world’s favorite meme coin, Dogecoin (DOGE), is up 20% over the last week.
That makes DOGE the only cryptocurrency in the top ten by market capitalization to realize double-digit percentage gains over the past seven days.
Broadly speaking the largest market cap coins have all been rallying strongly since February.
The biggest price-driving narratives recently have been the US SEC’s approval of eleven spot Bitcoin ETFs and the increasing likeliness of Ethereum ETFs around the corner, alongside general hype about an upcoming halving happening to the new supply of Bitcoin in April.
While DOGE is one of the biggest climbers among top 10 cryptocurrencies, among the meme coins it’s a different story. DOGE rallied the lightest over the last seven days; its nearest runners up SHIB and PEPE posted hefty three-digit gains —both rallying over 130%.
Over on DOGE’s trading chart we can see just how sharply the number one meme coin has rallied since the end of February. There has also been a significant pullback toward the end of the first week of March and with a Relative Strength Index of 48 there is plenty of headroom for gains or losses.
Source: TradingView
DOGE is very unlikely to hit $1 in the near term, but if it makes significant strides by the end of May, which is when both the halving and Ethereum ETF narratives will have been priced into all of the leading cryptocurrencies, then we will have a clearer idea if it will hit $1 in 2024.
Move Over Doge Meme Coins: Meet $SPONGE
While it is true that meme coins are making headlines with their blistering rallies, it’s also valid for investors to ask themselves how much mileage these rallies really have.
Crypto is already highly speculative and volatile so meme coins have to offer solid fundamentals if they want to survive the scrutiny intensifying over the industry. Typically the strongest meme coins are the ones that have the strongest projects behind them.
Each token typically symbolizes an investor’s piece of the pie. Whether that pie is an entire blockchain or an application or community built on it it’s all the same: the token has to symbolise integrity.
However, meme coins often offer little value outside their cultural capital. Dogecoin (DOGE) is an exception because it has first-mover advantage and originality on its side, but the swathes of imitations since have very much saturated the space in dog and meme-referencing coins.
One meme token that offers more than laughs is SPONGE. it’s the native token for a promising new ecosystem.
SPONGE is an ERC-2o standard token created on Ethereum. It recently upgraded (and migrated) to a V2 on Polygon, an Ethereum Layer 2 scaling solution.
ONLY UP 🚀🧽🧽🧽🧽 $SPONGE
Important claim announcement coming soon! 🌟
Stay tuned 💦#SpongeV2 #MemeCoin #Crypto #AltSeason #Bullish pic.twitter.com/76CnfokjjS
— $SPONGE (@spongeoneth) March 6, 2024
The team also introduced a couple of key improvements with the upgrade, including a new staking model that offers a minimum yield of 40% APY.
This yield currently sits at around 570%, varying according to the number of stakers and tokens locked up.
SPONGE also powers an upcoming racing game where players compete against each other to earn SPONGE rewards.
Buy And Stake SPONGE On The Website
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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