When the historical past books are written and we glance again on final yr we expect we will say confidently that meme cash might be what we keep in mind probably the most from 2023. It felt for some time like they could be dying out. By then, the Pepe Coin (PEPE) explosion got here, and abruptly, all of the market cared about was meme cash.
As we head into 2024, each crypto information outlet is already stuffed with tales about what new meme coin goes to be the most important earner of 2024. It’s clear we’re in for much more development from the sector. With that being mentioned we thought we’d do one thing somewhat completely different.
Dogecoin (DOGE) has stood atop of the meme coin pile for fairly a while now however it does seem its help is waning within the wake of so many revolutionary initiatives. Sponge V2 ($SPONGEV2) is the second coming of considered one of 2023s greatest performers. Can Sponge V2 be the meme coin that lastly catches Dogecoin and replaces it as the highest canine?
Let’s look at the mission and see why it’s very doable.
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Sponge V2- Hoping to construct off the large success of model 1 from final yr
We talked about Pepe Coin in our opening and it performs an vital half within the basis of the meme coin we’re going to focus on. Sponge V2 ($SPONGEV2) would be the second iteration of Sponge Token ($SPONGE) a meme that was launched after the success of PEPE reignited the meme coin market.
For those who don’t keep in mind Pepe Coin got here out of nowhere and pumped by 1000’s of p.c and made some buyers in a single day millionaires. This created a California gold rush-like occasion the place those that missed out on Pepe Coin have been determined to seek out the following large meme coin that might make them wealthy.
Consideration turned to Sponge Token virtually instantly nonetheless, the meme coin confronted a large barrier. Market circumstances had now turned bearish and Pepe Coin was shedding worth. Regardless of this, the meme coin which is predicated on Spongebob Squarepants, one of the crucial memed exhibits on the web, nonetheless pumped by 340%.
Sponge Token was launched with hardly any publicity on a solitary change. Nevertheless, it managed to develop and bought listed on 9 different exchanges and gained a big social media following that features virtually 28k followers on X (formally Twitter).
The mission additionally confirmed some innovation final November once they added staking to the ecosystem. Towards the top of 2023, new initiatives realized how useful staking might be to insure in opposition to pump-and-dump eventualities and add a layer of utility to their tokens. When staking was added, Sponge Token pumped by a large 500%.
How the switch of energy to Sponge V2 might be seamless
The staking a part of the method is vital after we attain Sponge V2. The mission has used one other stroke of innovation to seamlessly transfer from the unique Sponge Token to Sponge V2. The method is named stake-to-bridge and it ensures the safety of model 2 whereas ensuring model 1 sells out.
The way it works is, buyers who want to buy $SPONGEV2 will first must buy $SPONGE and stake their tokens. The extra tokens they stake and the longer time they stake them the higher the longer term rewards.
After they buy model 1 an equal quantity of model 2 tokens are additionally bought for them. As soon as model 1 is totally offered out, then they declare their model 2 tokens. They may then additionally begin to obtain staking rewards from their locked V1 tokens over 4 years.
Sponge V2 clearly has an opportunity to be a large meme coin. Model 1 succeeded regardless of some clear obstacles that model 2 received’t have. The token is being launched with way more publicity than the unique and already has a observe document of success that can appeal to buyers.
The principle distinction between each ecosystems is the thrilling utility that Sponge V2 could have with its new P2E sport. Though we wouldn’t have full particulars but, it seems like it’s going to be an thrilling racing sport the place gamers can earn native forex. There might be each free and paid variations as effectively so enjoyable for everybody.
It’s clear that this meme coin has the potential to blow up. Earlier success, revolutionary new developments, and a built-in social following are all key elements. Nevertheless, can it outperform and even topple Dogecoin (DOGE) because the king of meme cash?
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Is 2024 the yr Dogecoin is lastly toppled?
Regardless of 2023 being the yr of the meme coin Dogecoin (DOGE) didn’t reap any of the rewards that got here with this. The above chart is the final 30-day efficiency of the supposed king of meme cash, it exhibits an virtually 20% drop in value.
If we return to this time final yr, DOGE is sort of in the very same spot as it’s now. Contemplating all of the revolutionary rival initiatives being arrange, this isn’t an trade you possibly can afford to face nonetheless in. Sadly, that’s what Dogecoin has carried out. Apart from working towards a objective of being accepted as a cost methodology for X and different firms, the mission has kind of stood nonetheless.
We aren’t the one ones predicting tough sledding DOGE. Final week the meme coin dropped beneath key short-term help within the $0.088 space. It has since been plummeting even additional and is fulfilling traits that prompt bearish instances have been forward as early as December.
Dogecoin can by no means be written off due to its enormous social following and its potential to rally due to that enormous neighborhood. It might characterize a very good buy-low choice if in case you have religion within the mission; nonetheless, it’s not one thing we’re going to suggest.
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Conclusion
So, as we will see from the above evaluation, these two meme cash are getting into two completely different instructions. The arrow is pointing up for Sponge V2 and down for Dogecoin. It’s formidable to recommend that Sponge V2 might topple Dogecoin on the high of the meme coin ladder, however it’s doable. Both manner, it shouldn’t have any drawback out gaining DOGE in 2024.
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