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The current bull run evidently defies widespread expectations. Before the bull run, many traders assumed that funds from the Bitcoin uptrend usually rotate into altcoins. According to data from past bull cycles, it is clear that the Bitcoin rally precedes the emergence of the next cryptocurrencies to explode.
Sadly, the predictions this time are surprisingly flawed, as only a handful of alts follow the BTC trend. Rather than funds flooding the altcoins market, investors are betting heavily on memecoins in what appears to be another memecoin season.
Next Cryptocurrency To Explode
Meanwhile, traders and investors are exploring opportunities searching for crypto tokens that might yield significant returns. Interestingly, many of the top trending cryptos in the last seven days are newly launched memecoins. The list below also mentions Sponge V2, a recently launched memecoin with promising potential. The details of the project and the opportunity it presents are covered in the updates below.
1. Sponge V2 (SPONGE)
It’s memecoin season, and Spongers are having the best time. The crypto market has witnessed a significant increase in the value of major memecoin as PEPE price increased by over 600% price increase, and the price of DOGE has risen by over 400% in the past seven days.
Apparently, it is SPONGE’s turn to participate in the memecoin rally, as the token’s price is currently heading towards the moon. SPONGE price has increased significantly in the last seven days, posting impressive numbers. Even though the crypto has maintained a progressive increase in price since its launch, the past few days have been more of a leapfrog.
The market data in the early hours of today reveals that there’s been an increase of over 20% in the price of SPONGE and a complementary 200% trading volume increase. If SPONGE maintains its current pace, it will probably surpass the performance of the Sponge V1. At the time of writing, Sponge V2 has already attained over $74.5 million market cap, which is already getting closer to the ATH market cap value of Sponge V1.
Did you miss #SpongeV2 as well, anon? 🧽💦
Stake your $SPONGE today! 🚀#MemeCoin #Web3 #AltSeason #Crypto pic.twitter.com/1mkn5zjEvA
— $SPONGE (@spongeoneth) March 4, 2024
Technically, the incoming memecoin season climax signals the best moment for investors to join the trend, especially those who have been sidelined. Investing in emerging memecoins with solid fundamentals and visible potential is the best way to maximize trends.
Regarding SPONGE, there might still be room for a price increase, given the current price and its market cap. Keying into the opportunity would be an opportunity to capture some marginal ROI before the token swings into a pullback.
2. Aragon (ANT)
Arrangon made a few announcements recently, which influenced the token’s price. The first was the move to dissolve the Aragon Association (AA). The association is saddled with the responsibility of stewarding Aragon’s treasury.
The second resolution is allowing ANT holders to redeem their ANT for ETH. Finally, there’s been a move to adjust the platform’s mission to ensure it becomes more product-focused.
Following the resolution, the price of ANT witnessed a remarkable surge that increased its value significantly. The effect of the trend is still being felt as the price of ANT increased by about 8% today. Complementing the rising cost is equally an increase in the assets trading volume, which increased by about 90% then.
The change in value presents an opportunity to ride the trend before ANT encounters a pullback. From the market data, ANT is currently headed for its ATH. At its current momentum, it is only a matter of time before it breaks above the price range.
For a more balanced view, it is essential to understand that a rising RSI reading accompanies the recent price increase. While all other indicators remain bullish, its RSI value of 86 indicates that there might be a reversal in view. However, the ongoing bull market may remedy ANT pullback, but investors still need to keep a close watch on the price action.
3. Stellar (XLM)
Stellar is one of the top cryptocurrencies to watch during this period, particularly for investors looking beyond the bull market. One uniqueness of the XML token is its performance in the last 52 weeks. The token has trended up and responded resiliently to virtually every shock or market trend.
While the performance of the asset has not been quite dramatic compared to many cryptocurrencies in the market, its trend has been relatively impressive. It presents more predictable price action with over 35% increase in the last 30 days.
The token recently kicked into an uptrend, and investors should take note of its trend. At the current pace, it might break its ATH before the end of the quarter. The consistently increasing trading volume may indicate it is amassing investors’ interest.
Stellar is leading the charge in tokenizing real-world assets, transforming financial access like never before. Read all about it via @CoinDesk 👇 https://t.co/tYoKNoaaDI
— Stellar (@StellarOrg) March 4, 2024
One of the reasons why investors should keep Stellar on their watchlist is its voyage into the real-world asset tokenization sector. The move would position it to capitalize on the multi-trillion dollar sector. With that, investors can expect to reap sizable ROI even after the bull market subsides.
4. Gate Token (GT)
GateChain is designed to facilitate digital asset transfers, and since the bull market is currently in session, the demand for the GT token should increase in the coming days. Evidently, the trends for the GT chart already indicate that there’s a significant change in its price action.
Will Gate Token become the next cryptocurrency to explode? Today, GT recorded a price increase of over 3%, which helped push its price to $5.4. Similarly, there’s been an increase of over 30% in its trading volume as the investors’ interest in the token spreads wider.
Apparently, the upward trend in the GT chart is fueled mainly by the bull market, as the same trend is noticeable across many other cryptocurrencies. But without commensurate activity to balance the surging price of the asset, it might encounter bear pressure in the coming days.
According to GT’s technical analysis, the token is currently being overvalued. Data from its relative strength index indicates that the token might go through a dump soon. Along with the fact that there have been low activities in the network, it’s best to take a short-term position in the asset and enjoy the marginal gain while it lasts.
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