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The Saudi Bonk price has dipped 66% in the last 24 hours to trade for $0.000001626 as of 3:05 a.m. EST time.
With this drop, trading volume has dropped by 30%, with these pointing to investor attention and interest shifting away from SAUDIBONK.
It comes after the meme coin was trending, taking the second top spot on CoinMarketCap, with speculation of a big announcement coming.
According to the network’s official X account, the token will be listed on a major top-tier centralized exchange (CEX) soon.
It appears therefore that investors are cashing in early on the hype of the announcement. The dip could be a buy opportunity for investors before the SAUDIBONK ecosystem confirms which CEX will be listing the token, and when. Once the news is out, the price could surge before another drop, typical of the buy the rumor sell the news situation.
Saudi Bonk Price Outlook
From a technical standpoint, the downtrend may not be over yet for the Saudi Bonk price, with overhead pressure mounting. This is seen in the position of the Parabolic Stop and Reverse (SAR) indicator that at $0.000009367. For as long as this price-tracking indicator trails an asset from above, the price is bound to continue south.
The Relative Strength Index (RSI) is also nose-diving, interpreted as momentum falling. With this, the Saudi Bonk price could likely continue falling. In the dire case, this could see the meme coin retest the mid-January lows of $0.00000002576.
TradingView: SAUDIBONK/USD 1-day chart
Converse Case
If the SAUDIBONK bulls seize the opportunity to buy the dip, it could recover. Key levels to watch in a northbound directional bias include the immediate barrier at $0.000004749. Next, would be the $0.000006688 barrier, or higher, the $0.000007686. In a highly bullish case, the Saudi Bonk price could climb to the $0.00001168 level, a formidable barrier that capped the meme coin’s upside potential twice already.
Meanwhile, experts say Sponge V2 is poised to repeat the success of its predecessor, $SPONGE, which recorded 100x gains after its launch last year.
Promising Alternative To Saudi Bonk
Sponge V2 is a meme coin poised for exponential gains, according to analysts, after it announced the discontinuation of its predecessor, Sponge V1. The project will migrate to the SPONGE V2 Polygon version of the digital asset. It comes after a recent malicious attack on its liquidity pool.
🚨 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
The move is a precaution to prevent future attacks as all Sponge holders migrate to Polygon. There, they can enjoy more security, efficiency, speed, and affordability.
Those who do not already hold SPONGE V1 must purchase the V1 version. You can then stake these holdings in the bridging contract. Find details on the Sponge.vip website.
The Sponge team will migrate Sponge V2 to the highly scalable and rapidly growing Polygon network on February 5, today, at 11:00 pm UTC.
Today is your last chance to stake your $SPONGE V1 tokens before the transition to #SPONGE V2!
⏰ Deadline: 5th February 11 PM UTC
If you do not stake your $SPONGE tokens you will not recieve any #SPONGEV2.#MemeCoin #Presale #Web3 #Crypto #Binance #Altcoins pic.twitter.com/IUSHYrv014
— $SPONGE (@spongeoneth) February 5, 2024
With the ultimate goal to soak up liquidity from the competition, Sponge V2 is absorbing all the damp through its staking dashboard. Here, token holders can lock their SPONGE forever and get ready to absorb the damp with the new and improved SPONGEV2.
#SpongeV2 about to melt faces… 🧽
Hurry and stake your $SPONGE tokens before #SPONGE V1 is discontinued! 🚨
⏰ February 5th at 11PM UTC
Stake your tokens now on our website to ensure a smooth transition!#AbsorbTheDamp #MemeCoin #100x #AltSeason #Crypto pic.twitter.com/j6CptXZKRO
— $SPONGE (@spongeoneth) February 4, 2024
Plans are already underway to have the meme coin listed across multiple exchanges. Meanwhile, token holders are enjoying annual percentage yields (APY) as high as 211%, with upwards of 7.656 billion tokens already staked. That’s a key reason why analysts rank it among the top five cryptos to invest in now.
Buy and stake $SPONGE today and it could set up your crypto portfolio for spectacular returns.
Also Read:
- How to Buy Sponge V2 On Presale – Alessandro De Crypto Video Review
- 100X Meme Coin Sponge Prepares For Second Takeoff With Launch of V2 – Is $SPONGEV2 The Best Crypto to Buy Now?
- Can Sponge V2 Experience a 100x Surge Similar to Sponge V1 Upon Its Launch in 2024? Conor Kenny Presale Review
- $SPONGE Crypto Price Surge Sparks Speculation on SPONGE V2’s Meme Coin 100x Potential
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