Dogecoin’s (DOGE) good run doesn’t look like it will be coming to an end anytime soon as the number one meme coin has again pumped in the last 24 hours, this time by almost 10 percent. A lot of this good return can be attributed to the bullish market as most projects are benefiting.
However, Elon Musk’s continued hints that DOGE will be added as a payment method for both Tesla and X (formally Twitter) always help the meme coin shoot up in price. However, even given its recent good progress, we think there are better meme coin investment options out there at the moment. The two stand-out tokens at the moment are Smog Token (SMOG) and Sponge V2 ($SPONGEV2).
Let’s get into why we think these are better investment opportunities at the moment.
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Smog Token- Solana’s best-ever meme coin may have just arrived
The meme coin market has been thriving for almost a year now. It has gone from strength to strength since the ascension of Pepe Coin from irrelevance to millionaire meme coin. However, let’s not forget that before this revival the meme coin market was crumbling. One of the surprises to come out of this revival is the Solana network being the new destination for the most profitable meme coins.
Enter Smog Token. We mean it when we say this could be Solana’s biggest-ever meme coin. For those who don’t know how big a statement this is, Solana is home to Bonk Coin (BONK), Dog Wif Hat (WIF), and many other hugely successful meme coins. In the case of Bonk Coin, many experts would argue it has been a top 3 meme coin of all time.
Smog Token just launched over a month ago and has already pumped by over 400%. What is most impressive about all of this is the main features of SMOG are yet to arrive. Investors are so impressed by what the project will offer down the line that the price of the meme coin has already started to pump. It means investing now should provide big gains down the line.
We think investors recognize that this project plays into what crypto enthusiasts love the most, airdrops. That is what Smog Token has built its project around. Every reader of this piece will at some stage have seen an ad on crypto media or X about airdrops, this is because they understand investors love free crypto. Well, Smog Token will actually supply that.
They promise to have the biggest-ever airdrop events and they seem to be telling the truth as a massive 35% of the total allocation of SMOG has been dedicated to airdrop rewards. They have also set up a path for investors to position themselves to get the most SMOG possible from these events. The more points they can gain the more airdrop rewards they will receive.
There are two ways they can earn points, the first is by buying and holding SMOG (and later staking). The second is by completing fun and exciting daily tasks on Zealy. This has so far been a real hit with investors as thousands have been completing the tasks on a daily basis. Already over half a million tasks have been completed as investors jostle for position on the leaderboard of what could be 2024’s biggest meme coin.
Sponge V2- Ready to capitalize on the success of one of 2023’s biggest meme coins
When we say that Smog Token has a chance to be one of the biggest meme coins of 2024 our only hesitation comes because of Sponge V2 ($SPONGEV2). This is a meme coin project that has very clever people working behind the scenes because they have found an ingenious way to build and extend the success of one of last year’s best meme coins.
While doing this they also help almost guarantee the success of Sponge V2. This is because of an innovative stake-to-bridge system that helps link this new meme coin to the original meme coin from the ecosystem: Sponge Token ($SPONGE). For those who don’t remember, Sponge Token was one of the bigger success stories of 2024.
While Pepe Coin can be considered the coin that brought relevance to the meme coin market once again, Sponge Token also played a big part. We say this because after Pepe Coin had its explosive run, bearish conditions set in that once again put a freeze on the meme coin market. Sponge Token helped the meme coin market survive.
This is because despite these conditions, and despite the fact it launched with no publicity on one solitary exchange it still managed to pump. Not only that but it became a very popular meme coin with a large online community and got added to 9 other exchanges. Now Sponge V2 will continue on this legacy and add to it.
Let’s get to the stake-to-bridge aspect. Investors who wish to be part of Sponge V2 will have to buy Sponge Token first. When they do this, and stake their tokens, an equivalent amount of $SPONGEV2 is also purchased for them. Once the total allocation of $SPONGE has sold out, version 2 will launch and investors will be able to claim their new tokens along with their staking awards.
Sponge V2 isn’t just going to hope to ride on the coattails of Sponge Token. The new version will have a P2E racing game that if rumors are to be believed will be one of the best on the market. Staking was added later on in the lifespan of Sponge Token but it will be available from the start with version 2. We expect huge things from this project.
The moon may be further off for DOGE than many believe
As we can see from Dogecoin’s (DOGE) 30-day performance chart things are looking good for the market’s number-one meme coin. Over 120% growth in this period is the best the project has seen in quite some time. While many investors are rejoicing that DOGE is back we would preach caution.
While the good spell is nice we attribute it more to the bull run. There is a lot more evidence over a longer period of time that DOGE was more likely heading to zero than pumping. While experts think Musk could save Dogecoin we think there are better options out there for investors.
Conclusion
So as you can see we are not getting carried away with the hype currently surrounding Dogecoin. However, the opposite can be said for Smog Token and Sponge V2. We are getting carried away with these meme coins because we think they have the properties to outperform and maybe even replace DOGE.