Baby Elon and Meme Ai surging, investors exploring Sponge V2
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The meme coin market is taking off in early 2024, with several under-the-radar tokens posting decent returns. In this article, we explore which meme coins have been making waves and the factors contributing to their success.
Baby Elon and Meme Ai rallying
Two of the biggest gainers in the meme coin space over the past 24 hours have been Baby Elon (BABYELON) and Meme Ai (MEMEAI).
BABYELON is up 31% since Jan. 16, while MEMEAI has soared by 80% in the same time frame.
Both coins have latched onto major trends driving interest in the crypto space.
Baby Elon is capitalizing on the celebrity status of its namesake, Elon Musk, who has been a significant catalyst for crypto adoption thanks to his support for assets like Dogecoin.
The token has no use cases yet has still managed to obtain listings on major exchanges like Gate.io and MEXC.
Meme Ai, meanwhile, ties into the surging interest in AI and its applications for generating content, art, and more.
As one of the few meme coins exploring AI, Meme Ai has captured the attention of retail investors.
The project’s main feature is its built-in meme generator, where users can create hilarious images and mint them as NFTs.
Whether BABYELON and MEMEAI can continue their impressive momentum remains to be seen, but for now, both tokens are riding high on investor interest.
Sponge V2 trending ahead of P2E game launch
Alongside BABYELON and MEMEAI, Sponge V2 (SPONGEV2), is in focus
As its name implies, SPONGEV2 is the second iteration of the original Sponge token.
The project has seen over $4.4 million staked at the time of writing.
This equates to over 5.1 billion SPONGE tokens being locked in the project’s stake-to-bridge feature.
Stake-to-bridge allows holders of the original SPONGE to stake their assets in return for the new SPONGEV2 token at a 312% yield.
This approach makes it easy for existing community members to migrate over to the upgraded feature set of Sponge V2.
Sponge V2 will be incorporated into a SpongeBob-themed P2E racing game, where players can race against others and earn rewards.
This P2E functionality has been one of the critical drivers of the early interest in SPONGEV2, with more than 9,200 people now participating in the project’s Telegram channel.
As a low-cap meme coin with utility, Sponge V2’s recent growth signals the community’s belief in the team and the project’s future potential.
Meme Kombat draws investors before Uniswap listing
Lastly, Meme Kombat is also garnering investors’ attention.
Meme Kombat’s key feature is its AI-powered battle arena, where users can bet on hilarious virtual fights between popular internet characters.
Bets are placed using MK, Meme Kombat’s native ERC-20 token.
This creates a circular economy, with demand for the MK token tied directly to the platform’s usage.
Beyond betting, Meme Kombat also offers defi features like staking – with yields currently at 135% per year.
The developers have even mentioned eventually offering an NFT collection, although specific details are yet to be released.
From a tokenomics perspective, Meme Kombat’s team intends to set aside 10% of the total MK supply for DEX liquidity.
This could prove useful, given that MK is expected to be listed on Uniswap after the presale.
When writing, MK is available for $0.279.
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