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Leading meme coins are rallying. Dogecoin (DOGE) is up 3.68% while Shiba Inu (SHIB) added 3.52%. Meanwhile, the upcoming meme coin, Sponge, is up 50% in the last month.
DOGE and SHIB rallying
Several positive developments in the crypto market have contributed to its recovery from last week’s sell-off.
These moves, primarily related to Bitcoin, are expected to drive broader market bullish sentiment and support altcoin growth.
The launch of Bitcoin spot ETF advertisements by BlackRock and VanEck on Google, a first in three years, signaled a shift in investor sentiment.
Additionally, reports suggest that $8.5 trillion asset manager Charles Schwab is preparing to enter the Bitcoin ETF market.
These developments have helped stabilize Bitcoin’s price within its current trading range.
Market analyst Michael van de Poppe believes that this consolidation provides an opportunity for altcoins to outperform Bitcoin.
He anticipates a potential test of the $48-50K price range for Bitcoin in the run-up to the next halving event, during which altcoins are expected to also rally.
Dogecoin is slightly outperforming Bitcoin today, up 3.52%, while Bitcoin is up 2.9%. Nevertheless, Bitcoin remains the winner this week, up 9%, while Dogecoin is up 5.81%.
However, Shiba Inu is closer to Bitcoin’s weekly performance, up 8.64%.
Another factor impacting Dogecoin’s price is that its community hopes the coin will be integrated into Elon Musk’s latest venture, X Payments.
However, no official announcements regarding Dogecoin’s integration have been made.
Meanwhile, Shiba Inu’s slight gains are attributed to its team’s latest plans to build Shibdentity.
The tool will provide users with a SHIB domain name, offering “a secure, unified way” to establish and maintain a digital presence.
Ultimately, Dogecoin and Shiba Inu’s performance illustrates the pivotal role of ecosystem growth and broader market conditions for meme coin prices.
This is also why emerging meme coins like Sponge are relatively firm.
Sponge surging, adds 50%
Sponge launched in May 2023, around the same time PEPE listed on Binance.
On release, Sponge rallied to command a $100 million market cap.
The token was also listed in over ten exchange. At the same time, there were over 13,000 token holders and more than 30,000 followers across social media platforms.
While prices later fell, there is a resurgence following the announcement of Sponge V2, a meme coin with a play-to-earn (P2E) game.
Sponge V2 introduces a P2E racing game and staking.
Existing Sponge token holders can bridge to the V2 token by depositing their SPONGE into the V2 staking contract on the Sponge.vip website. They will receive an equivalent amount of SPONGEV2.
The current staking APY is 254%, but this will decrease as the staking pool grows.
New buyers can also purchase Sponge V2 from the Sponge.vip website, and their purchases will be locked in the staking contract until the V2 token launch.
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