Dogecoin (DOGE), the most popular meme coin in the world, has increased 20% in the past week.
Due to this, DOGE is the only cryptocurrency in the top 10 by market capitalization that has experienced gains in double digits during the previous seven days.
In general, since February, all of the biggest market capitalization coins have seen significant rallies.
The US SEC’s approval of eleven spot Bitcoin ETFs and the growing likelihood of Ethereum ETFs in the near future, combined with the broad connotation about an impending halving of the new supply of Bitcoin in April, have been the main narratives propelling prices recently.
Even while DOGE is among the top ten cryptocurrency climbers, things aren’t quite the same for meme coins. Over the previous seven days, DOGE had the least amount of rallying; its closest competitors, SHIB and PEPE, all saw significant three-digit increases, with DOGE rising by more than 130%.
We can observe how dramatically the top meme coin has increased in value since the end of February on the DOGE trading chart. A notable retreat occurred towards the conclusion of the initial week of March, and a Relative Strength Index of 48 indicates ample opportunity for both gains and losses.
TradeView is the source.
It is quite improbable that DOGE will reach $1 in the near future. However, if it makes substantial progress by the end of May, when the Ethereum ETF and halving narratives will have been included into the prices of all the major cryptocurrencies, then we will know with greater certainty whether it will reach $1 in 2024.
Let’s Meet $SPONGE Instead of Doge Meme Coins.
It’s true that meme coins are gaining attention due to their explosive rallies, but investors should also consider how much traction these rallies actually have.
Since the cryptocurrency market is already very speculative and volatile, meme currencies must provide strong foundations in order to withstand the increasing scrutiny surrounding the sector. The meme currencies with the most robust projects supporting them tend to be the strongest ones overall.
Usually, each token represents a portion of the pie owned by an investor. It doesn’t matter if that pie is the entire blockchain, a single application, or a community created around it—the token must represent integrity.
Meme coins, however, frequently have less worth outside of their cultural capital. Dogecoin (DOGE) is an outlier because to its uniqueness and first-mover advantage, but the market for coins that reference dogs and memes has become extremely crowded with imitations.
Sponge is one meme token that provides more than just amusement. It is the native token of a brand-new, exciting ecosystem.
Ethereum was used to produce the ERC-2o standard token SPONGE. It recently moved to a V2 on Polygon, an Ethereum Layer 2 scaling solution, after being improved.
With the update, the team also unveiled a few significant enhancements, such as a new staking scheme that provides a minimum yield of 40% APY.
Right now, this yield is somewhere around 570%, depending on how many tokens are locked up and how many stakers there are.
In a future racing game, players compete with one another to win SPONGE rewards. The game is powered by SPONGE.
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