As the Pepe Price Pumps Over 500%, Which Meme Coins Could Explode Next?
Release: 2024/03/05 00:39 Reading: 641
The post As the Pepe Price Pumps Over 500%, Which Meme Coins Could Explode Next? appeared first on Coinpedia Fintech News
Pepe’s relentless bullish momentum has catapulted it over 60% today, 370% this week, and 623% this month.
Currently priced at $0.00000664, it recently crossed the $2.7 billion market cap benchmark, sparking a broader excitement in the meme coin markets.
Consequently, others are also seeing extraordinary gains, with the likes of Dogwifhat, Floki, and Shiba Inu outperforming most altcoins.
With that in mind, this article considers the meme coins that could explode next.
Based on our analysis of price, narratives, utility, and tokenomics, we found Smog, Sponge, Frog Wif Hat, Myro, and MAGA are the most promising. Let’s take a closer look at each.
Smog
Enter the dragon’s lair with the epic new cross-chain meme coin, Smog. Based on a fearless dragon flying between the Solana and Ethereum networks, Smog holds exposure to crypto’s most prominent meme coin markets.
Its multi-chain approach is complemented by a widely anticipated airdrop, with a whopping 35% of the token’s total supply allocated to the giveaway.
Such a reward allocation has massively incentivized community participation and enabled its social notoriety to flourish.
Currently holding a $80 million market cap, Smog has pumped 113% since launching on CoinMarketCap on 9 February. However, DEXScreener data dates back even further, illustrating a 7,000% gain so far.
Nevertheless, Smog’s $80 million market cap presents massive room for growth. For perspective, Solana’s leading meme coin, Bonk, currently holds a $2.1 billion market cap – 2,525% higher than Smog’s.
Another advantage to Smog is its staking mechanism, offering a 42% APY. As well as rewarding the community, this incentivizes long-term holding, reducing sell pressure and enabling its price to appreciate long-term.
Market participants can currently garner a 10% discount on the Smog price by purchasing through the project’s website. However, this is set to end soon, so those looking to buy should not wait around.
Sponge
Historically bonded to Pepe, Sponge launched in May 2023 in treacherous bear market conditions. However, like Pepe, Sponge displayed unwavering resilience, catapulting to a $100 million market cap and earning early investors a 100x ROI.
With a renowned track record, the Sponge team returned to soak up the bull market liquidity, launching its most anticipated venture yet: Sponge V2.
Migrating from Ethereum to Polygon and packed with new P2E and staking utility, the new token has gotten off to an explosive start, pumping over 76% since its launch in February.
But like Smog, Sponge remains a mid-cap meme token, currently valued at $66 million.
With this in mind, its premier track record, new utilities, and lower Polygon fees could significantly propel its price.
Top analyst Jacob Bury argues Sponge could see a 10x from its current price, explaining:
“We know meme coins are timeless and fun. We know they can make you 10-100x quickly… We are looking at Sponge. It says launching on bigger and better exchanges.”
Bury then said that some market participants are speculating that the token could be listed on Binance. While there is no guarantee, the V1 token’s exchange listing success indeed hints that it is possible.
But with Sponge V2’s price rising, those looking to buy must be fast.
Frog Wif Hat
Launching as a Dogwifhat derivative, Frog Wif Hat looks to emulate the success of its counterpart, offering a European-esque spin on the more generalized predecessor.
Often found stumbling the streets of Paris drunk or grumpy, Frog Wif Hat radiates playful, stereotypical Parisian values.
This is furthered by Frog Wif Hat swapping out the beanie for a beret and never seen without a baguette in hand. As per its website, the baguette represents “his weapon of humiliation, ready to bash any meme standing as resistance to $100M market cap.”
The perusal of its website shows that the team strives to mirror Dogwifhat. But this should not be written off as a half-hearted approach.
With $645K locked in its liquidity pool, the team illustrates its ability to succeed as a meme coin powerhouse.
Meme coin traders are taking note, with a recent post in a grass-roots Reddit forum, CryptoMoonShots, speculating it “will be the next logical token to pump.”
Indeed, the post turned out to be accurate, with FWIF climbing from an $800K market cap at the time to a $3.5 million market cap today.
But with the liquidity flooding meme projects, one or two bullish days could propel FWIF to astronomical new highs.
Myro
Named after Solana Co-Founder Raj Gokal’s dog, Myro is relentlessly racing towards its ATH. The project peaked in January at a $230 million valuation, but the rise of other Solana-based projects like Bonk and Dogwifhat has reignited its hype.
Currently priced at $0.1834, Myro is up 38% today, 171% this week, and 196% this month.
It holds a $173 million market cap and a $118 million 24-hour trading volume.
Interestingly, Myro was Solana’s second-largest meme coin in November before being overtaken by Dogwifhat. Now, Dogwifhat holds a $1.6 billion market cap, illustrating a comparatively tremendous risk-to-reward ratio for Myro.
Another factor hinting that Myro could explode is its recent notable celebrity endorsement from Hip Hop Artist Offset.
In a recent tweet, the musician noted that he bought Myro as his “first-ever crypto.”
The tweet caught the mainstream crypto community’s eye, garnering 1.4 million views so far.
Meanwhile, Myro boasts a built-in utility. Currently, it offers a Solana-based trading bot, enabling users to quickly buy and sell cryptos. It also has plans to launch staking and other utilities in the future.
This combination of low market cap, celebrity endorsements, and hard-wired utilities primes Myro to take off in the coming weeks.
MAGA
As the 2024 United States primary elections approach, social discourse will inevitably shift to who will lead the nation next. MAGA is a meme coin paying homage to Donald Trump, presenting a timely and eye-catching opportunity.
The political undertones of this crypto are beside the point, but its relation to the elections could present considerable upside potential.
Currently priced at $10.23, MAGA is up 26.11% today, 118% this week, and 760% this month. It holds a $440 million market cap and a $26 million 24-hour trading volume.
Interestingly, Trump has begun taking a more open-minded approach to cryptocurrencies, recently saying the industry “Has taken on a life of its own.’
Meanwhile, the former president has shunned central bank digital currencies, potentially striving for a vote of approval from crypto enthusiasts.
Previously, Trump’s standpoint on cryptocurrencies was more negative, but the recent switch may reflect an understanding of the MAGA token, representing a beacon of support from the expansive and alternative financial market.
Moving to MAGA’s potential, its contrarian nature aligns well with the meme coin ethos.
Historically, meme coins have offered resistance against the traditional financial system, enabling everyday investors to outperform institutions and less risk-averse entities.
MAGA seems like an extension of this ideology, with the November 2024 elections potentially supercharging its potential.
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