By Meme coin BONK has surged 50% in the last 24 hours and nearly 75% in the last week to hit a new two-and-a-half-month high of $0.00002116, according to data from CoinGecko.
Although the token is now back within the range it was on December 22 last year, it’s still nearly 40% short of its all-time high of $0.00003416, set on December 15, 2023.
In general, meme coins today are loosely following the price movements of crypto’s two market leaders, Bitcoin (BTC) and Ethereum (ETH).
Bitcoin added 20% overnight to trade at $62,528.47 as its bulls chase the coin’s former all time high of about $69k, last set in November 2021. Ethereum added about 15% and currently changes hands at $3,471.20.
Dog-related meme coins are some of the biggest climbers today, though.
Leading dog meme coin Dogecoin (DOGE) rose 50% to $0.1281, while its closest contender, Shiba Inu, rose 41% to $0.00001362.
BONK may be the third largest meme coin by market capitalization, but two lower market cap meme coins posted loftier rallies: Dogwifhat (WIF) blew up 137% to $0.8074, while PEPE mushroomed 147.0% to $0.052897.
A quick look at BONK’s chart suggests this current rally may lose steam pretty quickly. On 5-day analysis, cup-and-handle patterns have stopped appearing in BONK’s candles, which suggests the bull cycle might be winding down.
Source: TradingView
However, zooming out to three months, the candles suggest BONK may have just reentered a comfortable support level.
There is still further potential upside to its price through Bitcoin’s halving narrative.
Source: TradingView
In mid-April, Bitcoin’s new supply will be cut down by half in a quadrennial event known as the “halving” which analysts have said historically leads to supply squeezes where the price goes higher.
When Bitcoin is rallying, you can be sure that most, if not all, other leading coins are not far behind.
Meme Alternatives To BONK
For anyone who has been watching the space long enough, BONK and PEPE’s rallies are like a throwback to crypto’s more speculative days, when viral excitement over tokens would drive eye-popping returns.
The fact that crypto is, broadly speaking, doing very well has definitely driven BONK’s run.
Market leader Bitcoin is trading above $62.5k, while its closest contender, Ethereum changes hands at above $3,500.
Both have mostly risen throughout the last month.
Always HODL #Crypto #Web3 #$SPONGE #100x pic.twitter.com/GLWHDLXXwN
— $SPONGE (@spongeoneth) February 28, 2024
Both posted 24-hour gains of 5.6% and 3.7% respectively. Otherwise known as a good day in crypto.
One meme coin that offers more than just laughs is SPONGE. SPONGE is not just another meme coin. It’s a meme coin underlying an ecosystem with utility.
SPONGE is an ERC-2o standard token created on Ethereum that recently upgraded (and migrated) to a V2 on Ethereum’s layer 2, Polygon. The team also introduced a couple of key improvements with the migration, including a new staking model that offers a minimum yield of 40% APY.
This yield is currently sitting at just around 750%. This figure varies according to the number of stakers and tokens locked up.
SPONGE V2 also powers an upcoming P2E racing game. It will let players compete against each other and earn SPONGE rewards.
Get in early.
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