Shiba Inu and Sponge rally as meme coins rebound
As the Bitcoin ETF narrative heats up, meme coins are taking center stage and starting to edge higher. Shiba Inu is rose by 7% earlier on Jan.9. Meanwhile, the upcoming Sponge V2 is also capturing attention as its pre-launch “buy-and-stake” campaign rises to $3.5 million.
Shiba Inu recovers after sell-off
The Shiba Inu price is down 7.68% this month but up 34% from its October 2023 lows.
Currently, SHIB is trading at $0.000009409, up 4.5% on Jan. 9.
Its 24-hour trading volume is $178 million, down 3.97%.
Yet, its recent increase follows a 16% selloff from $0.0000113, which it hit in December 2023.
Shiba Inu prices have been choppy, remaining within a long-term range and yet to break its bear market accumulation zone.
However, with the broader bull market narrative rising, investors speculate Shiba Inu may post sharp gains.
TradingView analyst Trading_With_Greg speculates that SHIB will ascend to $0.000015 in the coming weeks.
He backs up his prediction by explaining there is “dwindling volume with decreasing value (suggests the current trend is temporary) and the Money Flow Index (MFI) is approaching oversold territory.”
Meanwhile, analyst Javon Marks believes SHIB will climb 750% to $0.000081.
Blockchain analytics account Lookonchain also reported that someone recently withdrew 546.34B SHIB worth $4.92 million from Binance.
Crypto moving off exchanges is considered a bullish sign.
But while Shiba Inu’s market sentiment is improving, analysts are even more bullish on Sponge V2.
Sponge relaunches V2 and raises $3.5 million
In the depths of the recent bear market, an unsuspecting Sponge Bob Square Pants-inspired meme coin, Sponge, rose to a $100 million market cap as PepeCoin (PEPE) rallied.
Sponge netted 100x returns for some of its 13K holders while listing on over ten exchanges.
More recently, Sponge has started to pump again, up 66% this week and 77% this month, indicating immense community interest.
However, with the broader market conditions improving, the team is back to absorb the bull run liquidity with a new and improved Sponge V2.
The project has a play-to-earn (P2E) game and harnesses a utility-driven demand.
Analysts are bullish with Michael Wrubel and Crypto Gains backing the token to succeed.
The project has also been featured by leading media outlets like crypto.news.
Interested users can buy SPONGEV2 from the Sponge.vip website. Tokens will be staked until the campaign ends.
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