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The AltLayer price climbed more than 6% over the past 24 hours to trade at $0.3362 as of 6:00 a.m. EST.
AltLayer Launches Multi Million-Dollar Airdrop
📢Update: $ALT Airdrop Claims have now opened as of 9:00 AM UTC. https://t.co/LpfHsHu4Gk
Those eligible for AltLayer Airdrop Season One – please visit the official airdrop website to claim your $ALT!
Rest assured you will have one month to claim your $ALT tokens. https://t.co/zSYJw8gGt4
— AltLayer (@alt_layer) January 25, 2024
The airdrop for AltLayer, an Ethereum scaling solution, has gone live and helped fuel the price rise. The claiming process for the project’s native token, ALT, went live at 9:00 am UTC on Jan. 25. With an allocation of 300 million tokens in the initial airdrop, the total amount of tokens released are valued at just over $99 million at current prices.
The AltLayer Price Fall Out Of Its Bullish Sequence
1-hour chart for ALT/USDT (Source: TradingView)
The AltLayer price managed to break above a short-term negative trend line earlier today and has since been in a positive sequence. After printing a series of higher highs and higher lows over the past few hours, a positive price channel has formed on the altcoin’s charts. However, the AltLayer price has recently fallen out of this channel.
Should ALT fail to reclaim a position within the bullish channel in the next 3 hours, it may be at risk of correcting down to the immediate support level at $0.32520 in the coming couple of hours.
Before it can reach this point, the AltLayer price will need to drop below the 9 Exponential Moving Average (EMA) line on the crypto’s 1-hour chart. A break below this technical indicator and the $0.32520 support level could put the altcoin at risk of plummeting down to the subsequent support at $0.30845 in the following 24 hours.
The AltLayer Price Could Climb To $0.34985 Soon
This bearish thesis may be invalidated if the AltLayer price manages to break above the $0.33965 barrier in the coming 3 hours. Achieving this will also place the crypto’s price back within the bullish price channel. Bulls continuing to offer their support at this point may then elevate the AltLayer price to as high as $0.34985 in the short term.
While the AltLayer price corrects, investors have staked more than 6 billion SPONGE in anticipation of its relaunch as SpongeV2.
Offering Investors An APY Of More Than 250%
Huge milestone alert, #SPONGERS! 🔥
There are now over 6 billion $SPONGE tokens staked with a value of $3,958,206.14! 🤯
Our holders are enjoying an impressive current APY of +250%. 🚀
Join us and absorb the damp!! 🧽🧽💦💦#SpongeV2 #Crypto #Web3 #Alts #100x pic.twitter.com/llxFF0hfby
— $SPONGE (@spongeoneth) January 26, 2024
Sponge V1, which surged in popularity during the bear market of 2023, is making a comeback with its relaunch as Sponge V2. This latest iteration of the popular meme coin promises to include new exchange listings, increased utility, and a play-2-earn racer game.
Sponge V1 was able to generate 100x returns for early-stage investors and also reached a peak market cap of $100 million in a bear market. Sponge V2 is now looking to ride the success of its predecessor to give investors a second opportunity at whopping gains in the next bull market.
To get a hold of Sponge V2, investors will need to purchase and stake V1 tokens on the project’s website. Investors holding V1 tokens will just need to stake their holdings on the platform.
Once the project goes live, investors will receive an equal amount of V2 tokens. In addition to this, the project’s staking program currently offers an annual percentage yield (APY) of 269%.
The meme coin has garnered a significant amount of attention from investors, and has seen more than 6 billion tokens staked, which is worth about $4 million. Investors are clearly confident that Sponge V2 will, at the very least, replicate the performance of Sponge V1.
Bringing Utility To The Meme Coin Space
Sponge V2 will introduce a play-to-earn racer game. There will be both a free and paid version of the game. Anyone will be able to play the free version, but players will need Sponge V2 credits to play the paid version.
This introduces a level of utility that is not commonly associated with meme coins. Not only will this position the project to capitalize on the rapidly growing gaming sector, it will also place it ahead of larger and older meme coins that have no utility associated with their projects. The paid version will also allow players to earn more Sponge V2 tokens.
Visit and buy SpongeV2 here.
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