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The Dymension price has soared 20% in the last 24 hours to trade for $6.566 as of 3:15 a.m. EST time on trading volume that dropped 16%.
Some traders say the altcoin is poised for yet another breakout soon, with the token featuring among Gate.io’s hot searches alongside Space ID (ID) and Monero (XMR).
$DYM potential breakout soon? 🤔
Will break his high of $6.4#DYM #Dymension #Bitcoin #cryptocurrency pic.twitter.com/tdGYDtZQEi
— Jayesh Chapper (@Thisisjayesh) February 8, 2024
The altcoin continues to lead the crypto market rally even as the likes of Bitcoin (BTC), Pepe coin (PEPE), and Ripple (XRP) extend their rebound spree, Coingape notes.
📊 Crypto Prices Today: 📈 #Bitcoin, #Pepe Coin, #XRP Extend Rebound Spree As #DYM Leads Rally 🔺https://t.co/uhIZs54YNG
— Crypto News (CoinGape) (@CoinGapeMedia) February 8, 2024
It all comes amid hype around the Dymension mainnet launch. Within two hours of its mainnet debut, the Dymension price soared 50%, coming along with a massive $390 million DYM tokens airdrop. The project also recorded massive trading volume, with data from CoinMarketCap showing over $412 million in volume.
A massive day for @dymension as they launch mainnet, a huge leap towards their vision to build the Internet of RollApps 🚀
And don't forget Dymension devs, SubQuery will jumpstart your dApps, don't waste your time building a custom indexer.
We've got you covered! 🤝 pic.twitter.com/ZWlyb3onll
— SubQuery (@SubQueryNetwork) February 7, 2024
The initial launch of the DYM mainnet was on February 5, although consensus issues saw the network suffer challenges. Chorus One, the largest validator on the DYM ecosystem, reported node issues that affected its participation.
1/ We are addressing an (as yet unknown) issue on our side that led to a less than ideal launch experience for the @dymension mainnet ~2 hours ago.
The current state is that all validators are co-ordinating a restart, and Chorus will join the chain as soon as the issue is…
— Chorus One (@ChorusOne) February 6, 2024
Chorus One holds 34.8% of the voting power on the network.
Nevertheless, it is imperative to note that among the main drivers for the project’s massive success was the $390 Million airdrop. Over a million wallet addresses claimed the DYM tokens. Claims started early in January but transfers were not made until February.
Dymension Price Outlook As DYM Airdrop Euphoria Drives The Market
Measured from a market range of $0.210 to $6.620, the Dymension price is testing the upper boundary of the ascending parallel channel, which coincides with the peak of the range.
The Relative Strength Index, which quantifies momentum, shows a strong price strength, with its uptrend trajectory showing momentum is still rising. The Moving Average Convergence Divergence (MACD) indicator is also about to cross above its signal line (orange band), which could revitalize the bullish cycle. Meanwhile the Awesome Oscillator (AO) is showing large volumes of green histogram bars in positive territory. These accentuate the bullish outlook.
Increased buying pressure could see the Dymension price clear the range high of $6.620 to record a higher local top.
TradingView: DYM/USDT 1-hour chart
On the other hand, if profit booking becomes the order of the day, the Dymension price could pull south. A break and close below the 78.6% Fibonacci level of $5.249 would not only see the Dymension price lose support due to the bullish technical formation but also invalidate the bullish thesis.
This could see the Dymension price descend to the 61.8% Fibonacci level of $4.172, or in the dire case, retrace the 50% Fibonacci level of $3.415.
Meanwhile, many traders are turning their attention to Sponge V2, a veteran in the meme coin space that is an upgrade to the now discontinued Sponge V1.
Promising Alternative To Dymension
Sponge V2, which analysts say could record exponential gains at launch, has migrated to the SPONGE V2 Polygon version of the digital asset, a move inspired by a recent malicious attack on its liquidity pool.
The migration is precautionary and intended to prevent any future attacks. All Sponge holders, now on Polygon since February 5, are enjoying enhanced security, efficiency, speed, and affordability.
🚨 Important information 🚨
Our V1 Snapshot will be taken on the 5th of February at 11pm UTC, $SPONGE V1 will then immediately be discontinued.
Follow this thread to migrate your Decentralised and Centralised tokens to V2 before it's too late! 👇
🧵 1/4 pic.twitter.com/qPSTIX6dNT
— $SPONGE (@spongeoneth) February 2, 2024
To earn Sponge V2, Sponge V1 holders be able to stake their holdings soon once a new contract is provided. Those who purchase and stake now will receive a special V2 token bonus. The transition comes by way of a unique distribution mechanism, where Sponge V1 tokens are permanently locked in a staking contract.
📘 Visit our website and stake your $SPONGE to be part of V2's TAKEOVER.
Simple steps to significant rewards!
GO GO GO! 🧽💦💦#CryptoStaking #SpongeV2 #Web3 pic.twitter.com/3TF0HZIT9k
— $SPONGE (@spongeoneth) January 18, 2024
According to analyst Jacob Bury on YouTube, Sponge V2 has the potential to record 100X gains at launch, like its predecessor. Sponge V2 is built atop the success of Sponge V1, and it is committed to providing just as much success as its forerunner, and then some.
As of publishing time, over 8.016 billion SPONGE tokens have been staked, for 202% staking rewards per annum. Staking helps reduce token supply by removing the tokens from circulation, thereby tilting the supply-demand dynamics in favor of demand. To acquire $SPONGEV2, the stake-to-bridge utility is the exclusive method, which distinguishes it from a standard presale.
The token will soon list on multiple exchanges, but before then, the staking function gives you amazing opportunities to earn passive income. Buy and stake Sponge V2 to start earning rewards today.
Visit the Sponge V2 website here.
Also Read:
- Two Hidden Meme Coins to Watch in 2024 – New Crypto Gems With 100x Potential
- Crypto YouTuber Crypto Boy Provides Update on Sponge V2 Ahead of Its Upcoming Listing
- Maximize Portfolio Potential with the Top 3 Solana-Based Meme Coins for the Next Bull Run
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