Meme coins have struggled over the last 24 hours with PEPE and BONK sliding by 2.51% and 5.2%, respectively. However, traders are backing Sponge V2 to rally as its buy-and-stake campaign rises to $1.9 million.

Pepe and Bonk dropping

A flash crash in the market caused crypto prices across the board to plunge. However, leading meme coins were among the worst affected, with PEPE and Bonk dropping by double digits.

Yet, while the broader market recovers, PEPE and BONK are in the red. PEPE is down 9.58% this week and 10.35% this month.

Meanwhile, Bonk is down 26% this week and 66% from its Dec. 15 all-time high (ATH).

Nevertheless, some analysts see these selloffs as potential buying opportunities.

Trader ZaZa believes PEPE is trading at the bottom of its range and speculates that a move toward $0.0000025 is imminent. 

Currently, Pepe is trading at $0.000000123.

Meanwhile, trader Mirage believes Bonk may recover after selling off from its all-time high. The token may reach $0.00004 and later $0.0000113.

The bullish sentiment results from a broader market optimism, with Michael van de Poppe speculating that spot Bitcoin ETFs may be approved on Jan. 5.