PEPE and Sponge Meme continue to explode amid market frenzy
Release: 2024/03/05 14:24 Reading: 331
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In a recent surge, Pepe’s value jumps over 50%, hitting a $2.6 billion market cap, while Sponge also climbs by 24%.
PEPE price booms but analyst warns to “stay away”
Pepe has witnessed monumental success, soaring by 51% today, 359% this week, and 574% this month.
Currently trading at $0.000006314, the project reclaimed its May ATH yesterday, displaying significant momentum and entering price discovery mode.
The move was sparked by a Binance initiative, launching Pepe on its Simple Earn platform at the end of February.
Initially, Binance distributed 700,000 Pepe to the first 50,000 members who signed up for the campaign. Following this, it offered a staking program, providing up to a 9% APY to users who deposit their tokens.
You might also like: PEPE 2.0 surges 123% as PepeCoin hits $2b in market cap
As well as providing passive rewards on a meme coin, the Binance Simple Earn program encourages users to lock their Pepe up, reducing token sell pressure.
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But despite Pepe’s bullish momentum, CoinMarketCap analyst Crypto Patel is weary of its near-term price action.
The analyst initially backed Pepe for an explosive uprising but now warns sidelined market participants to “stay away.”
You might also like: Pepe rallying, Sponge meme coin trending higher
Crypto Patel explained Pepe’s May trajectory, soaring to its ATH before a deep retracement. He alludes to the possibility that a similar occurrence may happen this time.
“I suggest now stay away from fresh entries in Pepe at peak price levels,” he writes.
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However, other analysts argue that Pepe is undergoing an unprecedented trajectory, and this is only the beginning.
In a recent analysis, the CEO of Because Bitcoin, Max Schwartzman, suggested that Pepe is undergoing a “severely expedited version of what DOGE did in 2020-2021.”
Based on his analysis, Pepe could experience 15-20x gains in the next 2-5 weeks.
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While the analysis may seem unlikely, Max gained notoriety after recently preempting the Pepe breakout before it occurred.
Yet, Pepe is not the only meme coin experiencing bullish momentum. Over the past week, Dogwifhat is up 336%, Floki is up 298%, Bonk is up 168% and Shiba Inu is up 136%.
However, the next meme coin that looks to break out is Sponge, which is pumping over 24% this week and recently breaking a crucial resistance level.
You might also like: Meme coin mania: PEPE tops gainers list with 70% spike
New Sponge V2 token draws hype
Born in the depths of the 2023 bear market alongside Pepe, Sponge pumped a $100 million market cap.
The project secured over ten prominent exchange listings, 30K social media followers, and 13K holders.
But with the industry teetering on the edge of another historic bull run, the Sponge team has returned, looking to capture the market’s incoming liquidity.
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The team recently launched a new rendition of the original Sponge: Sponge V2, migrating from Polygon to Ethereum and equipped with P2E and staking utility.
This new version introduces play-to-earn and staking features, offering a 664% APY for staked tokens.
With lower fees, faster execution times, and more demand streams, Sponge V2 has been in hot demand, pumping over 75% since launching on February 9.
This week, the token has seen a 24% gain, flipping its previous ATH into support.
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Indeed, with a market cap of just $65 million, Sponge has room for a 4,000% gain to catch its bear market contemporary, Pepe.
But with Sponge on the rise, traders may be poised for their last opportunity to soak up the current low price.
Read more: Dogecoin bulls target $1, Sponge v2 uptrend remains
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