WIF and BONK slide, traders considering alternative meme coin

Popular meme coins like dogwifhat (WIF) and Bonk (BONK) are down in the past 24 hours. Meanwhile, investors are exploring Sponge V2 (SPONGEV2).

WIF retracing

WIF is down to $0.369 as trading volumes shrink in tandem.

This selloff follows its listing on Binance and KuCoin.

Traders are likely taking profits, forcing prices lower.

Still, supporters are bullish on WIF.

The recent listing present a new audience of potential buyers; a move that might support prices.

Moreover, whales are also accumulating; a net positive.

Bonk hype fading

After rallying to $0.0000179, BONK is down by around 34% to $0.0000118.

Social volume and sentiment have also cooled considerably, with Twitter and Reddit mentions slowing.

Besides, BONK traders are bearish as most begin taking profits.

Of all positions, shorts comprise 59%.

Sponge V2’s has a unique proposition

As interest cools in Solana-based meme coins, attention is on Sponge V2.

This Ethereum-based meme coin could address some of the limitations that have held back WIF and BONK in the past few days.

Unlike meme coins relying solely on hype, Sponge V2 is designed as a utility token.

This project will include a play-to-earn (P2E) racing game where SPONGEV2 will power in-game rewards.

By racing and ranking on the leaderboards, players can earn more SPONGEV2, creating an engaging gameplay experience.

This P2E integration gives SPONGEV2 a unique value proposition compared to no-utility coins like WIF and BONK.

Additionally, SPONGEV2 builds upon the existing community behind the original Sponge (SPONGE) token.

SPONGE holders can bridge their tokens to the new SPONGEV2 using a staking portal that offers rewards of 300% per year.  

With both a P2E gaming setup and a bridge from an established token base, Sponge V2 looks to differentiate itself in the meme coin space.