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Pepe plays a central role in the meme coin market, increasing in value by more than 14% in the past 7 days, and its current price is $0.000001379.
On the other hand, Sponge is also doing well, increasing by 3.74% this week and 41% this month.
Pepe is about to break out
After posting more than 25% gains this month, Pepe has reached a significant breakout level that could send it hurtling towards all-time highs.
Following the trendline resistance breakout, Pepe is approaching the highs of the range between $0.00000172 and $0.00000184.
Meanwhile, the price movement near the range support is forming an inverted head-and-shoulders pattern, which is a clear reversal signal that could bring bullish momentum.
Market analyst Max BecauseBTC says Pepe may be gearing up for a breakout. Suspect It is said that it is “most likely to be the bag that will be the reason you didn't buy it'' during this cycle.
Max referenced the price charts of Dogecoin and Shiba Inu from the previous bull market, noting that both formed a similar pattern to Pepe's current trajectory, which has since risen to a market capitalization of $50 billion.
Pepe's current market cap of $580 million gives it room for an 86-fold jump.
Meanwhile, Pepe's short-term price movement also looks promising.
According to Ava_Cryptoo's TradingView analysis, Pepe has recently broken out of a descending wedge and often shows reversals to the upside.
Ava said Pepe will move towards the top of the range with a target of $0.00000162.
On the other hand, Ali Martinez, who works as Ali_Charts in X, also back Pepe rises above $0.000006.
Ali mentions a head-and-shoulders pattern, suggesting that it will initially reach $0.0000066 and then breakout towards $0.00000274.
However, Pepe has functioned as a highly volatile asset since its inception, experiencing explosive moves in both directions. This poses a risk for traders and shows why diversification is key in the memecoin sector.
With that in mind, one promising alternative to Pepe is Sponge. The project recently launched his V2 token on Polygon, which boasts many advantages over the highly successful original version, which was 100 times more successful.
Sponge V2 soars 41% after launch on Polygon
In addition to Pepe's unforgettable rise in summer 2023, there was also the rise of Sponge, an undeniable meme coin inspired by SpongeBob SquarePants.
The market capitalization of this token reached $100 million, and early investors received a 100x return.
Interestingly, it did this without any fancy tokenomics, staking, or utility, and with pure memetic power.
But with the next bull market on the horizon, the team is back with Sponge V2, native to the Polygon network, which offers lower fees and faster execution times.
Sponge V2 features new staking mechanics and a play-to-earn racing game that will enhance the utility of the token and ensure that a large amount of supply is removed from the market.
Token holders can currently earn 822% APY, but this will decrease as more tokens are staked.
The V2 token was launched on February 9th and has increased by 41% so far.
However, with a market capitalization of only $53 million, it is highly unlikely that this token will experience a Pepe-like rally in the coming months.
According to the website, Sponge V2 will be listed on a “bigger and better exchange.”
In a recent YouTube video, Jacob Bury highlighted that this could include Binance.
Berry said this is just speculation, but it certainly reflects bullish sentiment towards sponges amid current market conditions.
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