Meme coin heavyweights are witnessing a period of downward price pressure as the overall market pulls back from the peak seen during the SEC Bitcoin spot ETF approval.
While top-ranked $DOGE and $SHIB hold their support and move sideways, newly formed meme coin sensations like $BONK and $WIF are seeing dramatic price declines.
As the heavyweights begin to drop, traders are turning their attention to newly emerging meme coins still yet to explode, paving the way for 10x returns for those buying early enough.
Meme Coin Season Heats Up With $BONK Holding Support
$BONK established itself as a meme coin sensation in December 2023 as the cryptocurrency surged to a peak of $0.000035, allowing it to hit an incredible $1.5 billion market cap.
Since hitting its peak, cryptocurrency has been on a downward trajectory. It managed to find support at $0.00001 in January, provided by a .786 Fib Retracement level, and has struggled to move upward from there since;
Looking ahead, the market is trading inside a range between the $0.00001 support and resistance at $0.0000178.
If the support at $0.00001 fails, lower support is found at $0.0000076, $0.000005 (200-day MA), and $0.000004.
DogWifHat Pulls Away From All-Time High Levels
Another newly established meme coin sensation that’s struggling is Dogwifhat. The cryptocurrency is now down by a steep 45% this week as it starts to pull away from its all-time high price again.
Dogwifhat made a run toward its all-time high toward the last week of January but, unfortunately, couldn’t overcome resistance at the $0.4 level.
It has since pulled back to meet support at $0.21, provided by a .618 Fib Retracement level;
Looking ahead, if the sellers push below $0.2, added support lies at $0.152 (.786 Fib), $0.115 (.886 Fib), and $0.1.
What Alternatives Are Gaining Momentum?
While the newly established meme coin sensations start to falter, traders are turning their attention to newly emerging alternatives capable of delivering outstanding returns for early adopters.
In particular, Spongebob Token ($SPONGE) appears on everybody’s radar as traders position themselves in the stake-to-bridge utility for the V2 upgrade, believing the project can replicate its 100x bull run.
In addition, Meme Kombat ($MK) also continues to gather momentum as it crosses the $8 million milestone in fundraising, demonstrating its building hype.
Spongebob Token Sees $3.6 Million Staked for V2 Upgrade
$SPONGE token was one of the hottest meme coins in May 2023 as it surged from a $1 million market cap to $100 million, providing a 100x return for early buyers.
The team recently announced that they’re back with a new incarnation in $SPONGE v2, and it’s slated to be bigger and better than ever.
The Krabby Patty of meme coins hosts a unique staking mechanism for its V2 upgrade, ensuring a fair distribution for everybody involved.
Those looking to participate must stake their v1 $SPONGE tokens in the stake-to-bridge utility to earn an equivalent amount of v2 $SPONGE once launched.
Those who don’t own $SPONGE can easily buy it from the project’s website and have it staked. All v1 $SPONGE locked in the staking bridge will be permanently locked to support the transition to v2.
Alongside the hype and community built for $SPONGE, the team intends to launch new features to bring about the 100x returns, such as a play-to-earn ecosystem to bring an unrivaled utility to the meme coin sector.
Meme Kombat Pushes Past $8 Million Milestone as Presale Approaches Finishing Line
Another meme coin traders expect to produce at least 10x returns is Meme Kombat ($MK), a new stake-to-earn battle-arena meme coin with genuine utility.
The project recently crossed the $8 million milestone in its fundraising, demonstrating the building hype and confidence behind the token.
Meme Kombat is an AI-integrated blockchain that provides a battle arena full of meme coin mascots where players can wager bets on the outcome of the battles.
Those staking in the right direction of the battle earn rewards, creating a new avenue for passive income.
The outcome of all battles is pre-determined on-chain, making the entire project entirely fair and transparent.
The project also utilizes AI to bring the battles to life through dynamic visualization, making it an exciting venue for gamers.
Overall, Meme Kombat is expected to draw an audience from every meme coin project as fans will come to support their mascots in the battles.
The token can be purchased on presale for $0.279.