Is Sponge V2 Set to Follow in BONK’s Footsteps as the Next Big Meme Coin Surge?

BONK took the crypto world by storm in late 2023 with exceptional single-day gains of over 100% after listings on Binance in mid-December. The meme coin hit an all-time high of $0.00003128 as money poured into the trendy canine-themed token.

However, gravity soon took over as BONK entered a retracement, shedding over half its value from the peak. Despite this comedown, BONK delivered life-changing returns for early investors while cementing itself as a top meme coin.

BONK Price Action and Analysis

BONK’s parabolic rally kicked off on December 1st after the project introduced staking, sparking a buying frenzy. This move brought BONK to the attention of a wider retail audience on the hunt for the next Dogecoin or Shiba Inu.

The biggest boost came on December 14th when Coinbase listed BONK, igniting a 50% single-day surge upwards. Then came the massive exchange Binance, which announced its own BONK listing later in December and pushed the coin to an all-time high.

BONK ultimately peaked at $0.00003128 before gravity took over. The meme coin has since bled out over 50% to current levels around $0.00001431. This appears to be an area of support, aligning with the 0.618 Fibonacci retracement level.

An RSI reading of 52 shows that BONK maintains bullish momentum without being overbought on the daily chart. This means there is still room for the rally to potentially continue before hitting extreme positive levels typically seen above 70 on the indicator.

As long as the meme coin holds above support around $0.0000134, there is potential for a bounce back towards resistance at $0.00001845. This aligns with the 0.236 Fib extension level. Beyond that, the next test would come at $0.0000222 near the 0.382 Fib (all at press time).

Sponge V2 Looks To Be Next MEME Smash

The meme coin community now searches for the next explosive token. As mentioned, this is where Sponge V2 comes in, the upgraded token from the developers behind the meme sensation Sponge V1.

Sponge V1 itself delivered exceptional returns last year, shockingly soaring from a $1 million market cap to over $100 million at its peak. Now the team aims to replicate this success with the release of Sponge V2 and its new tokenomics. Rather than just paying tribute to SpongeBob SquarePants like the o

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Author: BeInCrypto Team

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