Bonk Price Surges 30% in a Day as Sponge Rises 470%

The meme coin market is back with a bang this week, as Bonk (BONK) surged over 30% in less than 24 hours.

Fellow meme coin Sponge (SPONGE) is also making headlines, up over 470% since announcing its upgraded “Sponge V2” token in late December.

Bonk Explodes 30% Amid Spot BTC ETF Hype

Leading the meme coin charge this week has been BONK, the Solana-based meme coin that took the market by storm in late 2023.

After plunging from mid-December’s all-time high, BONK exploded higher in the past 24 hours, surging to the $0.0000132 level.

This 30% single-day rise has put BONK back on traders’ radars as spot trading volume exceeded $395 million across exchanges.

According to data from CoinMarketCap, BONK now has a market cap of $840 million after this latest rally.

No clear catalyst has been presented for BONK’s sharp turnaround, with the most likely cause being the growing hype around a spot BTC ETF being approved in the US.

Although such an ETF would not directly impact BONK or other meme coins, the overall boost in crypto market sentiment would lift most tokens.

BONK has proven extremely sensitive to upside and downside speculation – so the buzz around a spot BTC ETF could help the token push back toward December’s peak.

Sponge V2 Launch Drives 470% Rally for Popular SPONGE Meme Token

Building on the meme coin mania has been SPONGE, which has exploded over 470% higher since late December.

The massive rise comes ahead of the upcoming launch of Sponge V2 (SPONGEV2), the next iteration of the popular meme token.

SPONGEV2 introduces an innovative Stake-to-Bridge mechanism that rewards existing SPONGE holders with equivalent V2 tokens.

This has driven a wave of interest, with over $3.5 million worth of SPONGE already staked ahead of Sponge V2’s launch.

Additionally, the Sponge team plans to launch a play-to-earn game that will allow investors to earn more tokens in an engaging way.

This utility, combined with the token’s hilarious branding and community backing, has helped SPONGEV2 stand out from the other no-utility meme coins in the space.

At the time of writing, the original SPONGE token is hovering around the $0.00080 level, with trading volume exceeding $1.1 million in the past 24 hours.

Interest continues building around the V2 integration, with YouTubers like Crypto Gains highlighting its price potential in a recent video.

Given the buzz around the meme coin market at present, there’s a growing belief from community members that SPONGEV2 could be one of the next low-cap tokens to experience a price surge.

Interested investors can buy SPONGE tokens at sponge.vip and automatically stake them to earn SPONGEV2.

Dogwifhat Joins Meme Coin Mania with 75% Single-Day Surge

Joining in on the meme coin craze is dogwifhat (WIF), another Solana-based token representing a dog wearing a comically oversized hat.

Over the past 24 hours, WIF exploded 75% to reach $0.133 at the time of writing.

Volume across spot exchanges has reached $42.8 million, making WIF the ninth most-traded meme coin globally.

The rally adds to the gains from late December that saw WIF begin to generate enormous traction on social media.

With a small market cap of $132 million, WIF still has room to run in relation to meme coin stalwarts like DOGE and SHIB.

However, some investors are questioning the sustainability of dogwifhat’s rise, pointing to the token’s lack of utility.

While the dogwifhat community has shown impressive coordination in fueling the recent pump, it remains to be seen if interest will persist once the hype cools down.