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Meme coins have struggled over the last 24 hours with PEPE and BONK sliding by 2.51% and 5.2%, respectively. However, traders are backing Sponge V2 to rally as its buy-and-stake campaign rises to $1.9 million.
Pepe and Bonk dropping
A flash crash in the market caused crypto prices across the board to plunge. However, leading meme coins were among the worst affected, with PEPE and Bonk dropping by double digits.
Yet, while the broader market recovers, PEPE and BONK are in the red. PEPE is down 9.58% this week and 10.35% this month.
Meanwhile, Bonk is down 26% this week and 66% from its Dec. 15 all-time high (ATH).
Nevertheless, some analysts see these selloffs as potential buying opportunities.
Trader ZaZa believes PEPE is trading at the bottom of its range and speculates that a move toward $0.0000025 is imminent.
Currently, Pepe is trading at $0.000000123.
Meanwhile, trader Mirage believes Bonk may recover after selling off from its all-time high. The token may reach $0.00004 and later $0.0000113.
The bullish sentiment results from a broader market optimism, with Michael van de Poppe speculating that spot Bitcoin ETFs may be approved on Jan. 5.
While this happens, more analysts are closely monitoring Sponge V2.
Sponge V2 can rally because of its P2E utility
Sponge V2 is a new rendition to Sponge, a meme coin which rallied to a $100 million market cap, netting early adopters a 100x ROI.
The original Sponge was listed in over 10 crypto exchanges.
It also had over 30K social media followers and 13K holders.
The team is improving on the project, aiming to absorbing the new meme coin liquidity and provide the community a second chance.
Sponge V2 has a play-to-earn (P2E) racing game. Holders can earn free crypto while providing tangible utility to SPONGEV2.
Ahead of Bitcoin halving, analysts maintain their bullish outlook on the coin.
Sponge V2 is yet to launch on exchanges. Instead it is only available on the Sponge.vip website via its buy-and-stake campaign.
Afterward, investors will unstake their Sponge V2 before the token lists on major exchanges.
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