By FORK Coin has rocketed by more than 69,000% in the past 24 hours, with the new Solana-based meme token reaching a record high of $0.032 earlier this morning.
Trading on the Raydium decentralized exchange in a pairing with Solana (SOL), FORK has quickly become one of the hottest trending coins in the market after listing today.
Yet as recent history has shown with extremely small-cap meme tokens, it may not be able to sustain its growth beyond the next one or two days.
However, even if it does crash back down to Earth, there are other more promising coins in the market right now, with Sponge (SPONGE) looking set to rally in the near future after it completes the rollout of the second version of its token.
FORK Coin is Up 69,000%: Will It Crash Soon?
While it has been tradable for only a day, FORK remains relatively stable at the moment, with its price not crashing completely after reaching an ATH earlier this morning.
Source: DEXTools/TradingView
One concerning sign, however, is that its volume has already dried up, declining steadily since the early hours of the morning.
This is worrying because low liquidity often leaves coin’s vulnerable to sudden and dramatic swings, which in FORK’s case could be a dramatic swing downwards.
It’s also strange in itself, given that FORK has gained by close to 70,000% today, with few newcomers willing to get involved despite its massive surge.
Hi $WIF holders, there is a new hidden gem named $FORK (DogWifFork).
– Was launched 3 hours ago
– 2.3M market cap in only 3 hours
– 5M volume in only 3 hours
– $WIF whales and chads from $MYRO joining to us
10M is the first target.@DogWifForkCoin#dogwiffork pic.twitter.com/dtqKWlRfUT
— ERA (@eravine_) February 1, 2024
This is despite the fact that Crypto Twitter seems awash with posters bigging up the token, predicting that it could be the next WIF or BONK.
Because of its extremely low volumes, new traders should approach FORK Coin with considerable caution, preparing themselves for the possibility that it could crash soon.
Traders are Watching This Other Crypto Now
As a safer alternative to FORK, traders may want to consider new altcoins with actual use cases and stronger fundamentals.
There are many, many such coins in the market right now, including various presale coins that have been gaining momentum as they prepare to list.
And one of the most promising at the moment is Sponge (SPONGE), an ERC-20 cryptocurrency first listed on major exchanges in April 2023, when it rallied by upwards of 150%.
It’s now in the process of rolling out the second version of its coin, SPONGE V2, with the first version set to be discontinued on February 5.
SPONGE V2 will come with a new and improved staking model, and it will also serve as the native token for a play-to-earn racing game.
Only 4 days left until we discontinue #SPONGE V1.
Stake your $SPONGE tokens now before February 5th!
Remember, holders on both #DeFi and exchanges should stake their Sponge V1 through our website to be able to claim SPONGE V2.
Visit our Telegram for more info. pic.twitter.com/sidwfWUUox
— $SPONGE (@spongeoneth) February 1, 2024
By playing this forthcoming game, players will compete to rank on a global leaderboard and earn rewards in the form of SPONGE V2 tokens.
And once they have their SPONGE V2 tokens, they will be able to stake them, earning as much as 400% APY depending on how long they stake.
Investors can claim the new token by heading over to the official Sponge website, where they can either stake their old Sponge V1 tokens (on a 1:1 basis) or simply buy the new token.
Staking update!
We now have over 6,589,653,557 $SPONGE tokens staked with a value of $3,308,731.05.
Make sure to stake your tokens before the #SpongeV2 transition on February 5th!
Enjoy our impressive current APY of up to 245%. #Sponge #Memecoin #Crypto #Binance pic.twitter.com/Klp7VLQFIo
— $SPONGE (@spongeoneth) February 1, 2024
Sponge has a very strong following as a token, with over 30,000 followers on X already, providing it with a solid base of support from which to rally once SPONGE V2 goes live.
And given that the first version of its coin did so well, there’s no reason why SPONGE V2 won’t have a similarly big opening once it gains its initial batch of listings.
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