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Meme coins are on the rise, with several coins battling for the top position in the market, SPONGE and BNB are currently in a bullish run to make significant records in the crypto market.
BNB is the crypto in the heart of the leading crypto exchange, Binance. In contrast, SPONGE is a meme coin inspired by the popular Nickelodeon cartoon character SpongeBob Squarepants.
Despite BNB’s utility and connection, the crypto exchange Binance SPONGE is poised to outshine it, projecting explosive price gains ahead. Notwithstanding, comparing the price actions of both coins and the technical analysis can help get a peek at what to expect from the coins.
SPONGE – Hot And Promising Price Outlook
SpongeBob is the new memecoin taking the crypto industry by storm. With its all-time high value of $0.002394 attained On May 7, 2023, it promises more exciting progress for investors.
SpongeBob, the popular memecoin, is derived from the popular SpongeBob square pants cartoon series. After the success of PEPE, SpongeBob was the next token to attract massive investors’ interest in a short while. Interestingly, SPONGE has been quickly listed on decentralized and centralized exchanges due to its positive price movement.
Currently, the crypto market is suffering a pullback due to regulatory pressure. However, memecoins are currently leading the market rally, and SpongeBob is positioned for even more success.
SPONGE Recent Price Action
Sponge (SPONGE) gained significant attention due to its price action shortly after its launch on May 4. According to reports, the token experienced a massive spike within the first 24 hours, with its price surging by approximately 1,500%.
This sudden increase captured the interest of investors and traders alike, as such a significant movement in a short period is relatively rare.
After its initial launch spike, Sponge settled at a higher price than its starting point. The current price of Sponge is $0.0001737. This shows a notable increase from its presumed initial price of $0.00007261. In the days following its launch, Sponge witnessed significant growth and subsequent retracements.
On May 8, the token experienced an impressive price surge, reaching a peak value of $0.001835. However, as is often the case with volatile assets, the price subsequently dropped. Despite these fluctuations, Sponge has maintained steady growth since its inception.
BNB Recent Price Action
The Binance Coin (BNB) had a relatively strong start in May, costing $337.61. Shortly after, it peaked at $339.39 on the same day, indicating a modest increase in value. However, the token struggled to sustain this upward momentum as the month progressed.
Over the following days, BNB experienced a price decline, eventually settling at $306.87 by the end of May.
This decline shows a reduction in its value compared to its initial price at the beginning of the month. Generally, BNB’s price movement reflects a general downward trend throughout the month.
Moving into June, BNB continued to experience a steady reduction in its price. At the time of writing, the token’s price stands at $259.94, which indicates a further decrease from its May closing price. Notably, today June 7, BNB is approximately 7.30% down in price over the past 24 hours.
It is also necessary that investors and traders conduct thorough research, consider market trends, and exercise caution before making any investment decisions involving BNB or any other digital asset.
Sponge Price Prediction
At the time of writing, SPONGE is in a downtrend today on the 15-mins chart; It is trading below its 50-day and 200-day Simple Moving Average (SMA), a bearish sentiment for the token.
It implies a price pullback for the token in the next few weeks based on the current state of the market and price volatility. Also, the Relative Strength Index (RSI) is 35.18, close to the oversold region 30. The indicator is moving downwards, which confirms the prevalent bearish trend for the asset.
However, SPONGE’s Moving Average Convergence/Divergence (MACD) rises above its signal line. This bullish sentiment hints at a price recovery ahead for the asset. Also, its Histogram bars are green, confirming the bullish sentiment of the MACD.
SPONGE has experienced massive price spikes before its current retracement on the chart. Its price action reflects the massive investors’ interest it attracts in the market. It will likely recover to trade close to its all-time high value once the bulls rally again.
Considering the price performance and prediction of $SPONGE, the token may outshine BNB in the crypto market regarding percentage price gains.
Factors with Potential Impact on Sponge
Crypto prices are subject to several factors, including macroeconomic activities, laws of supply and demand, ecosystem-related developments, and even regulatory crackdowns.
As such, SPONGE is likely to face positive or negative impacts if any of these factors hit it.
Sponge (SPONGE) is projecting an explosive price outlook in the nearest future. However, the notable events in the public crypto space can affect its trend, sending it into a bullish or bearish market in no time.
SEC Charges on Top Crypto Exchanges
The recent news concerning the US Securities and Exchanges Commission (SEC) charge against top crypto exchanges like Binance and Coinbase has potentially impacted cryptocurrencies, including SPONGE.
As fear grows in the crypto market due to the ongoing lawsuits that will slow down the crypto exchanges, traders and investors are hesitant to participate in trading activities on many crypto exchanges.
The SEC’s charge on Coinbase for running as an unregistered broker, exchange, and clearing agency for securities could scare the crypto market, sending it into a short-term bearish trend.
SPONGE Token Utility
SPONGE is a community-focused token that provides a new opportunity for investors who missed out on past meme coin projects.
Considering the popularity of the cartoon character from which it originated, SPONGE is likely to gain popularity as well, creating a strong source of revenue for its community.
However, Sponge has no real utility that could solidify its position in the crypto market. It can only depend on its community to grow, which might not be good in the long run.
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