By Source: Dall•E 3
BLOB has rocketed by as much as 7,000% overnight, with the coin becoming the latest new meme token to take the Solana-based Radium DEX by storm yesterday.
However, after surging to a record high of around $0.00040 yesterday afternoon, BLOB has already plummeted since, with the meme token currently down by 93% in the past 24 hours.
It therefore seems like yet another rug-pull project that will vanish as quickly as it appeared, leaving latecomers deeply out of pocket.
Fortunately, there are new tokens on the horizon that not only show promise of rallying big in the coming weeks but that also look to have plenty of staying power, with Sponge (SPONGE) being one of the most promising.
BLOB Meme Coin Surges 7,000%
BLOB’s chart pretty much tells you all you need to know about the meme coin, with its price now flatlining after seeing a couple of big rallies yesterday.
Just as alarming is the fact that the token’s trading volume has all-but evaporated, with its liquidity currently standing at around $8,440.
Source: DEXTools/TradingView
That is basically nothing compared to the liquidity we see with major tokens, meaning that anyone who buys a substantial amount of BLOB now will find it very difficult to exit their positions without accepting big losses.
It would therefore seem that BLOB is already finished, even if some traders/influencers had predicted as recently as yesterday that the meme coin might enjoy a prolonged rally.
Me watching my $BLOB bag go up.
If you have been following $SOL coins the past few weeks, this has potential to really run. pic.twitter.com/t3vtz5wp14
— Maybemike.eth (@mike_ETH17) January 2, 2024
Despite what the above tweet says, most SOL-based meme coins and junk tokens have not witnessed sustained rallies, with most falling hard after initial spurts.
Traders should therefore stay away from BLOB, unless they want to run a very strong risk of losing money.
This Low Cap Gem Might Explode Next
However, the above warning isn’t to say that there aren’t high-potential new tokens in the market, with a handful of presale coins looking set to rally big in the next few weeks.
One with very strong potential is Sponge (SPONGE), an ERC-20 token that originally listed in April 2023, when it rallied by more than 150%.
It’s currently about to launch the second version of its token, which will come with a new staking model and which will also be usable with an imminent play-to-earn SpongeBob-themed token.
Join us in absorbing the damp!
Sponge united 30,000 members with its 100x V1 token. Whose ready to surpass those heights with V2!
Stake now to start earning V2 tokens!$SPONGE #SpongeV2 #Web3 #Alts pic.twitter.com/uZhHY3dT9s
— $SPONGE (@spongeoneth) January 3, 2024
The upcoming play-to-earn game will invite players to compete with each other in order to rank the highest on a global leaderboard, with the best players receiving rewards in the form of Sponge V2.
On top of this, Sponge V2 will offer higher staking rewards, which will vary according to how long holders lock up their tokens.
If they keep tokens locked up for at least four years, they could earn a maximum APY of 40%.
Such a yield helps to explain why so many existing Sponge holders have raced to exchange their older tokens for the newer version, with over 460 million SPONGE tokens now staked.
Those who haven’t staked their old tokens can do so by going to the official Sponge website, where they will receive SPONGE V2 at a ratio of 1:1.
1⃣ All V1 tokens sent to the V2 staking pool will earn V2 tokens according to the variable APY.
2⃣ The more V1 tokens that are staked, the more V2 tokens will be earned.
3⃣ Sponge V1 tokens will no longer be supported other than for staking once #SpongeV2 is launched. pic.twitter.com/pbBDTyqzSs
— $SPONGE (@spongeoneth) December 31, 2023
Alternatively, those who don’t own any Sponge V1 can simply buy the new version outright, also by going to the official website.
The new token is set to launch in the next few weeks, when it could provide a repeat of V1’s big spring rally.
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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