Solana’s hottest meme coin at the minute, DogWifHat (WIF), added 400% over the weekend and crossed the $1 threshold to trade at $1.75 as of this writing, March 4, 2024.
WIF’s roaring success was shared across the meme coin space this weekend, with projects like PEPE, BONK and SHIB also holding onto three-digit percentage returns over the last seven days.
Market leader Dogecoin (DOGE) blew up a heady 92% over the week and currently trades for $0.1619.
However, there are current indicators that WIF’s rally may be cooling faster than its competitors. In the last 24 hours, WIF only added 4.7% compared to the four other meme coin leaders by market capitalization, which each posted intraday gains of around 20% or more.
In general, the whole crypto market is rallying and has been for most of 2024 so far. Bitcoin is currently up 5.5% overnight and trades for $65,107.84 as it nears its former all-time high of $69k.
Ethereum rose 3% overnight and trades at around $3,500, according to data by CoinGecko.
Looking at WIF’s performance on the chart over the last three months, its evidently in the midst of an aggressive bull phase, as shown by the steep upturn before the end of February alongside the frequent cup-and-handle patterns inside its ascent.
The meme coin is currently trading ahead of its 30-day moving average but it is gradually losing that boost to some recent red candles. With a Relative Strength Index (RSI) in the mid-fifties, market sentiment is not overly passionate right now, so there is likely to be a near-term stabilization over the next few days, although Bitcoin’s rallies may carry it higher still.
Vroom Vroom! Move Over WIF and other memes!
For anyone who has been watching the space long enough, last week’s mouth-watering meme coin rallies are enough to induce a flashback to crypto’s early days, back when a bit of careful investment could net eye-popping returns.
The fact that crypto is, broadly speaking, doing very well has had a major impact on meme coins, which would not be rallying if they were otherwise.
However, the problem with most meme coins is that they offer little value outside their cultural capital, which increases or decreases together with the popularity of the underlying meme.
One token that offers more than just laughs is SPONGE. In addition to being the hottest new meme coin, it also underlies an ecosystem with utility.
Don't let us down
#SpongeV2 #Web3 #Crypto #Alts pic.twitter.com/jPGUAzZc99
— $SPONGE (@spongeoneth) March 4, 2024
SPONGE is an ERC-2o standard token created on Ethereum. It recently upgraded (and migrated) to a V2 on Ethereum’s layer 2, Polygon.
The team also introduced a couple of key improvements alongside the upgrade, including a new staking model that offers a minimum yield of 40% APY.
This yield is currently sitting at just around 650%. This figure varies according to the number of stakers and tokens locked up.
SPONGE also powers an upcoming racing game that lets players compete against each other and earn SPONGE rewards.
Get in early.
Buy And Stake SPONGE On The Website
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