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Major meme coins are rallying. Dogecoin (DOGE) is up 3.68% and Shiba Inu (SHIB) is up 3.52%. Meanwhile, Sponge, an upcoming meme coin, is up 50% in the past month.
Gathering of DOGE and SHIB
Several positive developments in the cryptocurrency market have contributed to the recovery from last week’s sell-off.
These movements, primarily related to Bitcoin, are expected to drive broader market bullish sentiment and support altcoin growth.
The fact that BlackRock and VanEck began advertising a Bitcoin spot ETF on Google for the first time in three years signaled a shift in investor sentiment.
Additionally, reports suggest that $8.5 trillion asset manager Charles Schwab is preparing to enter the Bitcoin ETF market.
These developments have helped stabilize the Bitcoin price within its current trading range.
Market analyst Michael van de Poppe believes this consolidation presents an opportunity for altcoins to outperform Bitcoin.
He anticipates a potential test of Bitcoin’s $48-$50,000 price range ahead of the next halving event, during which altcoins are also expected to rebound.
Currently, Dogecoin is slightly outperforming Bitcoin, up 3.52%, while Bitcoin is up 2.9%. Nonetheless, Bitcoin remains the winner, up 9% this week, while Dogecoin is up 5.81%.
However, Shiba Inu is closer to Bitcoin’s weekly performance, up 8.64%.
Another factor affecting the price of Dogecoin is that the community hopes that the coin will be integrated into Elon Musk’s latest venture, X Payments.
However, no official announcement has been made regarding the integration of Dogecoin.
Meanwhile, Shiba Inu’s slight gains are due to the team’s latest plan to build Shibdentity.
The tool provides users with a “secure and integrated way” to build and maintain a digital presence by providing SHIB domain names.
Ultimately, the performance of Dogecoin and Shiba Inu demonstrates their pivotal role in ecosystem growth and broader market conditions for meme coin prices.
This is also why emerging meme coins like Sponge are relatively robust.
Sponge surge, add 50%
Sponge was launched in May 2023, around the same time that PEPE was listed on Binance.
At launch, Sponge had a market capitalization of $100 million.
The token has also been listed on more than 10 exchanges. At the same time, there were over 13,000 token holders and over 30,000 followers on the social media platform.
The price later fell, but is on the rise again after the announcement of Sponge V2, a meme coin with Play-to-Earn (P2E) games.
Sponge V2 introduces P2E racing games and staking.
Existing Sponge token holders can link to their V2 tokens by depositing SPONGE into the V2 staking contract on the Sponge.vip website. They will receive an equal amount of SPONGEV2.
The current staking APY is 254%, but this figure will decrease as the staking pool grows.
New buyers can also purchase Sponge V2 on the Sponge.vip website, and their purchases will be locked into the staking contract until the V2 tokens are released.
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