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The meme coin craze that captivated crypto traders last week shows signs of fizzling out.
Book of Meme (BOME) and Pepe (PEPE), two of the sector’s hottest tokens, have plummeted in value over the past 24 hours amid volatile trading conditions.
However, one player still showing promise is Sponge V2 (SPONGEV2) – with some investors speculating that it could represent an attractive buying opportunity on the dip.
Book of Meme Crashes After 21,000% Price Rise
Riding an enormous wave of hype, Book of Meme (BOME) captured the imagination of crypto traders just days after debuting on the Raydium DEX.
The meme-inspired token rocketed over 21,000% from its initial listing price, hitting an all-time high of $0.028 on Saturday.
However, the ascent was short-lived, as a flurry of profit-taking occurred, and BOME has since plummeted 62%.
At the time of writing, the token is trading at $0.010.
Despite the dramatic fall from grace, BOME’s market cap remains near $600 million, bolstered by staggering trading volumes of over $2.2 billion in the past 24 hours.
Lacking any real utility beyond its meme appeal, the token’s rapid rise and subsequent crash is a prime example of speculation run amok.
With little more than hype and momentum fueling its bull run, a pullback was always on the cards.
PEPE Plunges 40% After Reaching New All-Time High
Another meme coin caught in the market-wide selloff is Pepe, which hit an all-time high of $0.0000107 last week as its market cap passed $4.4 billion.
Yet the euphoria was fleeting – PEPE has crashed 40% over the past five days as the bears took control.
Now trading at $0.0000063, the token has returned to levels from the first week of March after plunging 13% in the past day alone.
This whiplash trading action is common when it comes to PEPE.
Similar price action was seen on March 5, yet PEPE was able to bounce back aggressively and post a new record high.
However, PEPE’s lack of fundamental value means such rebounds aren’t guaranteed.
With the next major support level likely to be around $0.0000055, there could be further pain ahead for PEPE holders.
Sponge V2 Looks Positioned to Rebound Ahead of Highly-Anticipated P2E Integration
While the meme coin mania might have cooled for Book of Meme and Pepe, one token still generating buzz is Sponge V2.
Though it has declined 25% over the past day, the coin has created minor support at $0.0024 on the 1-hour chart – raising hopes of a potential rebound.
What sets SPONGEV2 apart from most meme coins is its stellar roadmap and enormous community.
The project boasts over 51,000 token holders and is developing a play-to-earn (P2E) game that will provide utility to sustain interest.
Additionally, SPONGEV2 offers a lucrative staking protocol for holders, offering 416% APYs as an incentive.
Leveraging the scalability of Polygon also gives SPONGEV2 a unique selling point over its Ethereum and Solana-based meme coin rivals.
While speculation inevitably drives much of the trading in this space, SPONGEV2’s deployment on a lower-cost Layer-2 could position it as one of the cheapest tokens to transact.
This has become even more apparent after Ethereum’s Dencun upgrade last week.
YouTuber Matthew Perry, who has over 217,000 subscribers, also released a video discussing Sponge V2.
In this video, Perry hinted that SPONGEV2 could soon be listed on “bigger and better” exchanges, exposing it to a wider retail audience.
So, although the token’s price is down amidst the market pullback, SPONGEV2 appears well-positioned to rebound strongly – potentially presenting a buying opportunity for risk-tolerant investors.
Visit Sponge V2 Website
Source: https://finbold.com/book-of-meme-pepe-prices-plummet-but-sponge-v2-shows-promise/