Bonk retracing after 16,000% surge, analysts pick 5 alternative meme coins
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In three months, Bonk soared by 16,000%. Market participants are now looking for the next meme coin with similar potential. Some of these contenders include Meme Kombat, Snek, Sponge V2, Myro, and Meme AI.
Bonk rising
BONK began gathering momentum with Solana in October 2023.
SOL traded under $30 for most of 2023. However, prices began rallying in October, peaking at $120 in December.
This rally benefited BONK.
The meme coin rose from $0.0000002017 in early October to peak at $0.00003419 in mid-December. Further tailwinds follows the token’s listing on Binance and Coinbase.
Even so, BONK now has a market cap of $781 million and is under pressure.
For this reason, investors are searching for alternatives. Some of them are:
Meme Kombat
Meme Kombat blurs the lines between crypto gambling, AI, gaming, and meme coins.
Meme Kombat is a play-to-earn (P2E) platform where users can gamble on the outcome of AI-generated battles between meme coin characters.
Meme Kombat simplifies processes, making it more fun and engaging while MK holders benefit from a viral meme coin allure.
With its augmented battle arena, players will embark on a unique experience, earning crypto while watching meme coin characters battle it out for domination.
Users can stake and earn up to 133% APY.
In the ongoing presale, the project has raised over $7 million. The hard cap is set at $10 million
Snek
Snek is the leading meme coin on Cardano.
Snek is currently priced at $0.001093 and dropping.
Snek proclaims itself as the “unifying force”.
The website also explains that the community is “enthusiastic about pushing the limits of what a meme coin can achieve, with a vision to bring social finance within and beyond the Cardano ecosystem.”
It is currently the largest Cardano token by market cap.
Snek features carefully designed tokenomics, with 40% of tokens allocated to locked exchange liquidity, 2% to airdrops, 5% to utility, and 3% to ecosystem advancements.
It also has a burn mechanism.
So far, 1 million SNEK worth over $500K have been burned.
Sponge V2
Sponge V2 is up 110% so far.
The project has new utility in a play-to-earn (P2E) racing game.
The original token launched in May 2023, quickly ascending to a $100 million market cap.
It was also listed in ten exchanges, and amassed 30K social media followers and 13K holders.
Analysts, including Michael Wrubel and Crypto Gains, are bullish on the project.
SPONGEV2 can be bought directly from the website using Ethereum (ETH) or USDT.
In their “buy-and-stake” campaign, tokens are locked and will earn additional staking yield.
Currently, the staking APY is 304%, but this will decrease as more tokens are staked.
Myro
Myro is the third-largest meme coin on the Solana network.
It currently trails Bonk and Dogwifhat. However, it holds significant potential thanks to its trading bot utility, enabling users to quickly buy and sell tokens on Solana.
The project also announced plans for staking and other utilities to serve its community’s needs.
So far, Myro is up by over 1,100%, reaching an all-time high of $0.24 before retracing to $0.21.
Myro has a market cap of $199 million with an average daily trading volume of $93 million.
KuCoin also recently listed Myro with Binance-backed Travala also endorsing the meme coin in a tweet.
Meme AI
Meme AI aims to tackle the “billion-dollar meme industry” with advanced AI technology.
The project will enable users to “create, sell, and dominate with unique NFTs” on its marketplace.
After launching less than a week ago, the token is edging higher, adding 79% this week.
Meme AI has a market cap of $2.7 million, with a 72% circulating supply and $2 million in 24-hour trading volume.
Its high ratio of trading volume to market cap indicates strong community interest.
The project features a text-to-picture technology, enabling anyone to quickly create memes and mint them as immutable NFTs with simple text-based prompts.
Furthermore, Meme AI supports a “stake-to-play” game similar to Flappy Bird where players receive crypto.
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