When the history books are written and we look back on the past year, I think we can confidently say that meme coins will be the most memorable coins in 2023. It felt like it was going to go away for a while. Around that time, PEPE exploded, and suddenly all the market’s attention was on meme coins.
As we head into 2024, every cryptocurrency news outlet is already filled with stories about the new meme coins that will generate the biggest returns in 2024. It is clear that we will see further growth in the sector. With that said, we thought we’d do something a little different.
Dogecoin (DOGE) has been at the top of the meme coin pile for quite some time, but support appears to be waning due to a number of innovative projects. Sponge V2 ($SPONGEV2) is the second coming of one of the top performers of 2023. Could Sponge V2 finally become the meme coin that catches Dogecoin and replaces the number one spot?
Let’s review the project and see why this is possible.
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Sponge V2 – We hope to continue the huge success of last year’s version 1.
We mentioned the Pepe coin in the opening and it plays an important role in the basis of the meme coins we will be discussing. Sponge V2 ($SPONGEV2) will be the second version of the meme Sponge Token ($SPONGE), launched after the success of PEPE reignited the meme coin market.
For those of you who don’t remember Pepe Coin, it came out of nowhere and gained thousands of percent in value, turning some investors into millionaires overnight. This led to events like the California Gold Rush, where people who missed out on the Pepe coin desperately tried to find the next big meme coin that would make them rich.
Sponge Token gained traction almost immediately, but meme coins faced formidable barriers. Now the market situation has turned bearish and Pepe Coin has lost its value. Despite this, the meme coin based on SpongeBob SquarePants, one of the most memed shows on the internet, still rose 340%.
sponge token It was launched with little promotion on standalone exchanges. But it grew, being listed on nine different exchanges and gaining a large social media following, including nearly 28,000 followers on X (officially Twitter).
The project also showed some innovation last November when it added staking to its ecosystem. By late 2023, new projects were realizing how valuable staking could be to avoid pump-and-dump scenarios and add a utility layer to the token. When staking was added, Sponge Token pumped a whopping 500%.
How to Deliver Power Seamlessly with Sponge V2
Once you get to Sponge V2, the staking part of the process is important. The project used another innovation to seamlessly move from the original Sponge Token to Sponge V2. This process is called stake-to-bridge and ensures the security of version 2 while ensuring that version 1 sells out.
How it works is that investors who want to buy $SPONGEV2 must first buy $SPONGE and stake the tokens. The more tokens you stake and the longer you stake, the bigger your future rewards will be.
Purchasing version 1 will also purchase an equivalent amount of version 2 tokens. If version 1 is completely sold out, we will charge version 2 tokens. They will then also start receiving staking rewards from V1 tokens, which are locked over 4 years.
Sponge V2 definitely has the potential to become a massive meme coin. Version 1 was successful despite some obvious obstacles that version 2 did not have. The token is being launched with much more publicity than the original and already has a track record of success in attracting investors.
The main difference between the two ecosystems is the interesting utility that Sponge V2 will have with its new P2E games. No details have been released yet, but it looks like it will be an exciting racing game that will allow players to earn local currency. There are both free and paid versions, so everyone can enjoy it.
It’s clear that this meme coin has the potential to explode. Previous success, innovative new developments, and a built-in social following are all key ingredients. But can it surpass and even dethrone the king of meme coins, Dogecoin (DOGE)?
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Will 2024 be the year when Dogecoin finally crashes?
Even though 2023 is the year of the meme coin Dogecoin (DOGE), it has not reaped any rewards. The chart above shows the past 30-day performance of the presumed king of meme coins, showing a price drop of almost 20%.
If you go back to this time last year, DOGE is in pretty much the same place it is now. With all the innovative and competing projects underway, this is not an industry that can sit still. Unfortunately, Dogecoin did just that. Besides working towards the goal of being accepted as a payment method for X and other companies, the project is largely at a standstill.
We’re not the only ones predicting rough sledding DOGE. Last week, Meme Coin fell below key short-term support in the $0.088 region. It has been falling further since then, meeting a trend of weakness expected as early as December.
Dogecoin can never be abandoned due to its huge social following and its ability to rally thanks to its large community. This can be a good low-cost option if you believe in the project. But that’s not what we recommend.
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conclusion
So, as you can see from the analysis above, these two meme coins are going in two different directions. The arrows are pointing upwards for Sponge V2 and downwards for Dogecoin. It’s ambitious to suggest that Sponge V2 could topple Dogecoin from the top of the meme coin ladder, but it’s possible. Either way, you should have no problem acquiring DOGE in 2024.
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