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Last upgraded: March 8, 2024 07:45 EST|2 minutes checked out
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Popular meme coin BONK is up 13.6% today as 24-hour trading volume strikes over $646 million, according to information by CoinGecko.
BONK is the 60th most significant cryptocurrency with a market cap simply north of $2.1 billion. This makes it the 5th most significant meme coin by market capitalization, followed carefully by FLOKI with $1.9 billion.
Dogwifhat (WIF) turned BONK the other day and has actually kept its lead today. WIF's rally over the last 7 days has actually been much more powerful than BONK's.
WIF increased 125% to $2.20 while BONK just increased 47% to alter hands at $0.00003294 since this writing.
Broadly speaking, cryptocurrencies are still rallying hard after publishing a month of gains. Bitcoin increased 58% over the last 30 days to trade at $67,454, while Ethereum increased 68% to trade at $3,948.
Over on BONK's one-month chart view we can see constant costs up until the last days of February, when a rally started that peaked on March 4 at around $0.00004 before falling back.
BONK's Relative Strength Index (RSI) is approaching 70, which is the limit signaling when a property is overbought.
Source: TradingViewAs BONK Meme Slows, SPONGE Takes Off
BONK's failure to stay up to date with Shiba Inu, Floki, Pepe and Dogwifhat today just highlights the precarious nature of hypothesizing on meme coins, an unpredictable and speculative sector in a currently unpredictable and speculative market.
Meme coins need to use strong basics if they wish to endure to be more than simply trends. Usually the greatest meme coins have the greatest jobs behind them.
Meme coins typically provide little worth outside their cultural capital. Dogecoin (DOGE) has a first-mover benefit and creativity on its side. Shiba Inu is branching off as a network and using more energy, and Pepe and Dogwifhat are fresher.
One meme token that integrates freshness with energy and provides more than laughs is SPONGE. it's the native token for an amazing brand-new environment.
GM #SPONGERS!
Did somebody state moon?
Trade $SPONGE on @dexscreener https://t.co/mRRzvNqdpm#MemeCoin #Crypto #Altcoins #Bullish # 100x pic.twitter.com/iVOCDTYMVz
— $SPONGE (@spongeoneth) March 8, 2024
It's likewise presently rallying extremely hard. According to CoinGecko information, SPONGE is up 153% in the recently and 57 in the last 24 hours % as it trades for $0.003623 at the time of composing.
SPONGE is an ERC-2o basic token produced on Ethereum. It just recently updated (and moved) to a V2 on Polygon, an Ethereum Layer 2 scaling option.
The group likewise presented a number of essential enhancements with the upgrade, consisting of a brand-new staking design that provides a minimum yield of 40% APY.
This yield presently sits at around 531%, differing according to the variety of stakes and tokens secured.
