Shiba Inu (SHIB) took in $1.8 billion in overnight trading volume to change hands at $0.00003276 as of this writing, according to data aggregator CoinGecko.
The world’s second favorite meme coin by market capitalization posted prices of $0.00003441 and a volume of $2.5 billion in overnight volume at the crack of dawn GMT today, before pulling back 5% to current prices.
Broadly speaking, three of the five biggest meme coins are posting losses today. Dogecoin (DOGE) fell 7%, while BONK fell 24% over the last week.
It seems last week’s meme coin rally has finally tapered off. Last week, meme coins were posting triple-digit percentage seven-day returns.
However, this week, virtually every other type of cryptocurrency project appears to be in the green. That’s because market leaders Bitcoin (BTC) and Ethereum (ETH) are shining green candles.
Ethereum rose 9% to $4,044, while Bitcoin rose overnight to post a new all-time high of $72,710.68 before pulling back to $72,200, about 8% higher than it was this time last week.
Shiba Inu’s three-month chart reflects a bullish early March rally, with prices shooting up at the turn of the month and proceeding to rise in a very volatile manner, with lots of brief periods of consolidation.
The upward price action cooled off about five days ago and SHIB has since been a pendulum within the $0.00003 to $0.000035 range. A Relative Strength Index (RSI) of 45 means that there is currently balanced buying and selling action.
Move Over Shiba Inu! SPONGE Has Arrived
Meme coins are clearly where all of crypto’s FOMO is. Miss out and it’s very easy to be resentful or regretful when you see novelty coins posting huge returns.
Still, it’s important to note that meme coins are a super volatile sector in what is already a highly volatile and speculative space. Novelty meme coins really have to offer more than just laughs if they’re going for longevity, they have to offer a service or community.
Shiba Inu (SHIB) has some chance at longevity because it’s an active and growing network. Dogecoin (DOGE) also has a first-mover advantage and originality on its side.
But another token that offers more than laughs is SPONGE. In addition to being the hottest new meme coin, it’s also the native token for a promising new ecosystem.
How $SPONGE holders be feeling right now 🧽🔥#SPONGE #Web3 #Crypto #Airdrop pic.twitter.com/AymIquZwXa
— $SPONGE (@spongeoneth) March 11, 2024
SPONGE is an ERC-2o standard token created on Ethereum. It recently upgraded (and migrated) to a V2 on Polygon, an Ethereum Layer 2 scaling solution.
The team also introduced a couple of key improvements with the upgrade, including a new staking model that offers a minimum yield of 40% APY.
This yield currently sits at around 468%, varying according to the number of stakers and tokens locked up.
SPONGE also powers an upcoming racing game where players compete against each other to earn SPONGE rewards.
Buy And Stake SPONGE On The Website
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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