The meme coin market has been on a tear over the past 24 hours. Dogecoin is heading the pack in market cap growth, adding over $800 million as it rises 6%.
But with opportunity flooding the market, a new contender, Sponge V2, looks to make a splash after pumping 8% today.
DOGE Wakes Up as Price Action Mimics Previous Cycles
Prominent analyst Ali Martinez believes that Dogecoin’s price chart is mimicking the previous cycles, indicating a parabolic breakout is on the horizon.
Martinez delivered the analysis yesterday, shortly before Dogecoin crossed $0.09 for the first time since the start of January.
Consequently, the current monthly Dogecoin candle is bullish, looking to close above January’s open.
In the recent Dogecoin analysis, Ali Martinez explained that “Dogecoin appears to mirror patterns observed in past bull markets.”
He continued, “If history repeats itself, we could see $DOGE enter a parabolic breakout around April!”
Martinez published the analysis yesterday when DOGE was trading at $0.085. Since then, the price has jumped to $0.091 and is continuing to make higher highs.
In his analysis, Martinez showed that DOGE underwent a 679-day consolidation period before its last two bull market rallies.
The analyst also notes that Dogecoin has just completed another 679-day consolidation phase and appears to be breaking out.
Meanwhile, OG Yomi overlaid Dogecoin’s previous bull market price chart with the current one, noting, “It is almost identical in the way that price has tracked.”
He also said, “Macro indicators are also exactly in line with how they were last cycle at this point.”
In another tweet, the analyst speculated that Dogecoin will jump to $0.16 if Bitcoin keeps rising.
“It’s only a matter of time before Dogecoin explodes back up to $0.16. People forgot how quickly this coin can move once it gets going, but they will be reminded soon,” he wrote.
But although Dogecoin is experiencing notable success, the broader meme coin market is also thriving. For instance, Pepe and Dogwifhat are both up over 40%, while others like Bonk, Floki, and Coq Inu are up over 15%.
This illustrates the velocity at which newer cryptos rise, thanks to their smaller market caps.
With that in mind, another high-potential meme coin is Sponge, which recently launched a V2 token native to Polygon.
Sponge V2 Pumps 53% Since Launch as Investors Drawn to P2E and Staking Utility
One of the most prevalent concerns with meme coins is their lack of utility. However, the new Sponge V2 token addresses this with an enigmatic Play-to-Earn game and staking mechanics. This makes it an attractive opportunity for meme coin degens and more conservative investors alike.
A compelling track record complements its utility. Sponge launched in May 2023 alongside Pepe and soared to a $100 million market cap, netting early investors a 100x ROI.
The pump was enabled by widespread community support, with 13K holders, 30K social media followers, and over 10 prominent exchanges all getting on board.
Looking ahead, its Play-to-Earn game features a free and paid version. Users will buy credits with $SPONGEV2 for the paid version. Meanwhile, launching on Polygon ensures scalability and accessibility.
Those who stake $SPONGEV2 on the project’s website can garner a whopping 798% APY. However, this will decrease as more tokens are staked, meaning buyers looking to maximize their investment potential must not wait around.
Since launching on 9 February, Sponge V2 has soared 57%, illustrating vast support behind its new utilities and Polygon compatibility.
Potential investors can buy and stake Sponge V2 from the project’s website, paying with ETH or USDT.
Visit Sponge Website
