By Solana (SOL) has smashed back above $200 amid heightened activity in Solana meme coin markets, and in the latest DEX pump, Shark Token (SHARK), has exploded +124,948%.
This article will provide an analysis of SHARK’s current price trends and look to see whether an alternative meme coin, SPONGE, represents a more promising investment opportunity at this time.
Ignore the FUD, we keep building.$SHARK is only 2 days old! pic.twitter.com/BJwQnu0MF3
— SHARK on Solana! (@SharkOnSol) March 18, 2024
Angled as the aquatic cousin of DogWifHat token (WIF), SHARK, has exploded in classic meme coin fashion, due to its strong branding and significant effort at flash community building on Telegram.
SHARK Price Analysis: As Shark Token Retraces – Could There Be a Second Rally?
With price action battling to stay afloat amid volatile consolidation, Shark is currently trading at a market price of $0.0055 (representing a 24-hour change of -37.5%).
This comes after SHARK launched on Solana DEX markets at 14:00 (UTC) on March 17, in a listing that gained strong initial traction – pumping +9,400% in the first hour.
Eagle-eyed Solana meme coin traders sighted in on the impressive opening pump, and over the next few hours, a steady trickle of volume surged into a flood, fuelling price on a further +200% climb to establish an all-time high at $0.016.
Lower support was established between $0.0045 and $0.0095 amid the dramatic climb.
Yet, with early entrants sat atop eye-watering +134,948% gains, retracement set in, giving way to a major -67% decline.
Now trading in well-defended consolidation in the support zone above $0.0045, SHARK token is targeting a recovery move.
However, with buy-pressure representing only 33% of transactions in the past hour, it seems that momentum has fleeted this meme coin project.
Worse still, with 1.65k holders trapped in position, and market cap stood at the lofty heights of $5.31m, there seems to be little incentive for late entrants to join the hodl.
For this reason, DEX traders are shifting their attention to a more pedigree meme coin – Sponge Token – which has already proven its mettle by pushing to a $100m market cap in the bear market.
SPONGEV2: Poised to Eclipse SPONGE V1’s Stellar Run
After SPONGE V1’s impressive ascent in the 2023 bear market, capturing a $100M market cap and a 13,000-strong holder community, the crypto sphere is abuzz with its sequel, SPONGEV2.
The new iteration, emerging from a unique staking or buying mechanism, promises to build on its predecessor’s legacy, adding an innovative Play-to-Earn (P2E) dimension.
SPONGEV2: Innovative Acquisition and Growth Via Play-2-Earn
Don’t get left behind…again #Sponge #SpongeV2 #MemeCoin pic.twitter.com/moe6mphwPi
— $SPONGE (@spongeoneth) March 17, 2024
SPONGEV2 offers a fresh take on token acquisition, allowing users to stake or buy V1 to obtain V2, enriching user engagement and investment potential.
This strategy, coupled with a reward system based on stake duration and quantity, sets the stage for SPONGEV2’s anticipated ascendancy.
SPONGEV2 is not just another token; it’s a gateway to an engaging P2E gaming experience, offering users a dual-mode game that rewards players with $SPONGEV2 tokens.
This move aims to elevate the token’s utility and player involvement, offering both free and premium gaming experiences.
Why SPONGEV2 Stands Out
With the backing of a vibrant community and the success of V1, SPONGEV2 is on track to potentially outshine its predecessor.
Its unique entry points and the addition of P2E gaming provide a compelling proposition for both existing enthusiasts and new participants in the meme coin space.
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