Smart-money traders appear to be pivoting from Bitcoin to low-cap meme coins. Specifically, they have cited the lack of volatility displayed by the largest cryptocurrency.
Popular analyst Loma, who has close to 300k followers on X, reveals that BTC will continue its lackluster price action in February and March. Meanwhile, meme coins and low-cap CEX coins will continue to explode.
The Bitcoin price remains range-bound between $41,000 and $44,000, currently trading at $43,400. BTC is still down 11% from its 24-month high of $48,900 that it hit last month in the aftermath of spot Bitcoin ETF approval.
More importantly, Bitcoin’s value has appreciated by only 1% over the past month. This occurred despite the significant ups and downs in the interim.
Bitcoin Price Faces Strong Resistance – Meme Coins Poised For 100x Returns
While Bitcoin has climbed up 12% from its January low of $38,600, it continues to face several strong resistances. For instance, analyst Matthew Hyland believes that all BTC price action below $44,000 is “just noise” while Michael van de Poppe of MN Trading highlights that the token will continue to consolidate between $38,500 and $48,000 in the next few months.
There are also bearish possibilities that could see BTC plummet to $32,000, especially if it falls below $38,000.
On the other hand, altcoins are expected to see strong gains in the coming weeks. This is exemplified by Pendle, Chainlink, and Flare. New meme coins are also showcasing impressive growth. After all, investors typically turn towards meme tokens when frustrated by Bitcoin’s lack of volatility.
For instance, PepeFork ($PORK) has exploded by 635% over the past week. Moreover, its founder Pauly0x claimed that it flipped Pepe in market capitalization in just 68 hours.
Similarly, analysts are bullish on Sponge V2, the second iteration of the Sponge meme coin, which was one of the best-performing tokens of 2024.
Sponge V2 – Is It The Best New Meme Coin To Buy?
The Sponge meme coin was launched in May of 2023, in the aftermath of Pepe’s meteoric rise. Just as Pepe coin capitalizes on the popularity of “Pepe the frog” memes, Sponge capitalized on the famous cartoon show – SpongeBob SquarePants.
As expected, $SPONGE turned out to be one of the most high-flying meme coins of 2023, delivering 100x returns for early presale buyers. Starting with a market capitalization of just $1 million, the token reached a valuation of $100 million at its peak. The project boasted over 13k holders and 30k social media followers, just days after its launch.
The meme coin also witnesses hundreds of millions in daily trading volume, considering that it secured listings on several prominent crypto exchanges, including Bitget, MexC, LBANK, Poloniex, Uniswap, etc.
However, the project now aims to deliver another 100x opportunity in 2024 through Sponge V2 – the second and improved version of the OG Sponge token. It claims that the new meme coin will launch on “bigger and better exchanges”, which could be a nod toward Binance.
Sponge V2 is backed by robust tokenomics, strong CEX liquidity, and a big marketing budget. It is even launching a Play-To-Earn game called Sponge P2E Racer which will allow gamers to stack even more $SPONGE.
Crypto Influencers Bullish On Sponge V2
Thanks to the explosive performance of the OG Sponge token, crypto influencers are extremely bullish on Sponge V2.
Michael Wrubel, who has over 300k subscribers on YouTube, recently made a sizable investment into $SPONGEV2. After all, he was one of the early presale buyers of Sponge. Subsequently, he saw 100x growth in his investment, turning $1k into $100k.
Meanwhile, Jacob Bury, another popular crypto YouTuber, believes that the new meme coin could be an alternative to Pepe and PepeFork. Similarly, YouTuber Crypto Nation recently called Sponge V2 the next Dogwifhat. They predicted that it could deliver 100x returns in 2024.
Some notable crypto whales have also been making substantial investments into the new meme coin. For instance, crypto billionaire Justin Sun, who is the founder of the Tron blockchain, has over $4 million in $SPONGE holdings. Additionally, he is expected to convert to $SPONGEV2.
How To Invest In Sponge V2?
Due to the upcoming Sponge V2 launch, the OG Sponge token is being discontinued, starting 5th of February, 11 PM UTC. Exchanges such as Bitget and MEXC have already paused all $SPONGE trading, deposit, or withdrawal in preparation for the Sponge V2 launch.
The project has launched a stake-to-bridge mechanism for such existing token holders. They can head to the spongetoken.vip website, stake their existing $SPONGE holdings, and claim the equivalent $SPONGEV2 after the IEO.
On the other hand, new investors can simply connect their Web3 wallet to the website and purchase the meme coin by swapping ETH or USDT tokens. Alternatively, they can also use bank cards. All newly purchased tokens will automatically be staked, which will allow investors to take advantage of Sponge V2’s staking program which is currently offering an APY of over 200%.