Traders backing meme coins over Bitcoin in February
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The meme coin market has evolved to be a vibrant asset class, a home for volatility-seeking traders. Meanwhile, Bitcoin (BTC) remains flat.
Bitcoin flat as meme coins trend
A crypto analyst expects Bitcoin’s volatility to fall in February and March. However, he expects more action in H2 2024.
For this reason, the analyst is presently focusing on meme coins.Â
Currently, Bitcoin is has resistance at the $43K region, ranging between $38K and $48K.
The coin is also relatively stable in the past week and month.
Analyst Michael van de Poppe expects BTC to consolidate in February until after halving.
Afterward, the coin may break towards $50k.
Considering this state of affairs, the analyst is bullish on altcoins.
So far, major altcoins like Chainlink, Flare, and Pendle are in green, edging higher.
Meanwhile, some meme coins are rallying. For instance, Pepe Fork rose by over 600% on Feb. 5.
Similarly, Honk, a meme coin on Solana, is up 55%.
Meme coins in focus
Based on an analysis of expert opinions, price, community, hype, and use cases, Sponge, Meme Kombat, and Myro are likely to rally in the months ahead.
Sponge
Initially launched in May 2023, Sponge pays homage to the beloved SpongeBob SquarePants character.
The token immediately gained traction, commanding over $100 million in market cap.
It was also listed in over ten exchange listings. At the same time, it had over 13K holders and more than 30K social media followers.Â
However, Sponge prices later retraced. Recently, the announcement of Sponge V2 drew investor attention.
Sponge V2 offers a play-to-earn (P2E) racing game powered.
Meanwhile, the V1 token bridged to V2 will soon go live on exchanges.
However, investors can still buy Sponge V2 from the Sponge.vip website.
Meme Kombat
Meme Kombat is a GambleFi P2E project that harnesses the virality of meme coins to reach a broad audience.
The project has a gamified battle arena where users can gamble on AI-generated fights between meme coin characters.
There are different game modes, including multiplayer, single-player, and side-betting.
Users will gamble using MK, a utility that will reduce volatility concerns.
Meme Kombat also offers staking. It currently offers a 113% APY. However, this will decrease as more tokens are staked.
The MK presale is still in progress.
Myro
Myro soared to command a $220 million market cap in January.
While it looked on its way to a $1 billion+ valuation, it took an unfortunate turn in the opposite direction, falling 74% to its current $60 million market cap.
However, given the project’s unique use case, some analysts consider this a monumental buying opportunity. Built on Solana, Myro offers an automated trading bot and recently began working on a decentralized social media application.
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