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The Wen price plunged 25% in the last 24 hours to trade at $0.0001166 as of 11:15 p.m. EST on trading volume that surged 79% to $90 million.
The steep fall came despite the announcement of a 27% burn of the airdropped token’s supply, amounting to over 270 billion tokens, in a classic examples of ”sell the news.”
Claiming for $WEN has officially finished.
For the duration of Wen's upbringing, we have been emitting $WEN to the community via the claim. Now, there are no more emissions and over 1/4 of the total supply will be burned forever.
We are excited to immortalize wen culture and… pic.twitter.com/BUEG5QrZoH
— Wen (@wenwencoin) January 29, 2024
WEN Price Breaks Above The Falling Wedge, Initiates A Bull Rally
The WEN price indicates a rebound from the lower boundary of the falling wedge pattern, reaching $0.0001074. This shows a change in the trend towards a more positive direction. If the price goes above the upper boundary of the wedge, it would confirm the optimistic trend that the buyers are expecting.
The 50 and 200 simple moving averages (SMAs) still pose a challenge for the bulls as the price is trading below the averages.
The Relative Strength Index (RSI) has bounced back from the oversold region around 30 and is climbing towards the midline level of 50. This indicates that there could be an increase in buying interest. If the RSI goes beyond this level, reaching 70, it might indicate that the buying pressure has become quite strong, potentially leading to overbought conditions.
WEN Price Prediction
Traders are bullish, anticipating the price to surpass the boundaries of the falling wedge pattern. If this occurs, bulls have set their sights on a peak of $0.0001732.
However, if the price takes a downturn, bears may influence a decline towards the support zone at $0.0001059 at the lower boundary of the wedge.
Meanwhile, as traders patiently wait for a good entry point for $WEN, investors are showing interest in Sponge V2 after its predecessor, Sponge ($SPONGE), exploded 100X after launch.
Sponge V2 Prepares To Launch, Poised For 100X Returns
Sponge V2 is preparing to launch soon, and aims to replicate the impressive success of Sponge V1. Sponge V1 surged over 2,900% after launch, accumulated over 13,000 holders, and listed on more than ten exchanges, including LBank, Toobit, CoinW, BTCEX, and BitMart.
These achievements caught the attention of Tron founder Justin Sun, who holds Sponge worth about $90k. Sun showed interest in trading meme coins in promising projects in May 2023 and bought SPONGE.
I've decided to begin actively trading meme coins and promising projects through my public address. Please note, I will personally bear all potential losses from these trades, and any profits made will be donated entirely to charity.
— H.E. Justin Sun 孙宇晨 (@justinsuntron) May 11, 2023
Get A Chance To Earn Passive Income, Rewards
The Sponge V2 platform enables you to buy and stake $SPONGE. Additionally, you can also stake your original Sponge V1 tokens to earn $SPONGEV2. Currently, staking offers attractive annual percentage rates up to 254%. The more Sponge V1 tokens you stake, the more Sponge V2 tokens you get. Currently, investors have staked over 6 billion Sponge tokens.
🌟📈 Ready for explosive growth?
Stake your $SPONGE and be part of the bright future with #SpongeV2!
With added utility and more exchanges on the horizon, we're here to take over! 🔥$SPONGE #Crypto #Web3 #Altcoins pic.twitter.com/iFrZxFShr9
— $SPONGE (@spongeoneth) January 19, 2024
The Sponge Team is also soon launching a play-to-earn (P2E) game called “Sponge Racer,” which is expected to attract new investors and players and will feature both a free and paid version.
The game seamlessly integrates into the captivating Bikini Bottom, powered by Sponge V2 tokens. Players have the opportunity to collect Sponge tokens while embarking on thrilling underwater adventures. This enables them to explore iconic locations and unlock rewarding incentives.
🎮🌟 Get set to explore the unique #PlayToEarn game in #SpongeV2!
Play, enjoy, and earn $SPONGE! 🧽
Visit our website to get involved before it's too late. 🤯⏰ #P2E #Bullish #MemeCoin #Web3 pic.twitter.com/bI8DLlgfA9
— $SPONGE (@spongeoneth) January 16, 2024
ClayBro, a crypto YouTuber with over 116K subscribers, believes that $SPONGEV2 has the potential to replicate the 100x explosion of the original $SPONGE.
To buy the token, visit the official Sponge V2 website and link your digital wallet to swap your ETH or USDT for V2 tokens. You can also buy directly using your bank card.
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