The price of SHIB has plummeted over the year, but this new meme token has seen a year-over-year increase of 1000%

The Shiba Inu (SHIB) coin started 2024 with a drop and seems to be aiming to break a new anti-record. In a month that is generally considered favorable for cryptocurrencies, the token’s price has dropped 14% and is now set at $0.00000914. The altcoin’s burn rate, on the other hand, is at an all-time high when compared to its performance in recent weeks. According to Shibburn data, it has increased by 543% despite the fact that SHIB’s price has fallen.

Interest in meme tokens continues to grow. This indicates the emergence of many new projects in this segment. In 2023, traders had the Sponge coin on their lips, which managed to reach a market capitalization of $100 million. The digital asset is back with an updated version and is ready to attract new users due to its increased utility.

SPONGE V2 is a new version of a successful meme token with great potential

The Sponge meme coin is back on trend in the crypto community after the release of a new version token – SPONGE V2. The project has already achieved success in 2023, multiplying the investments of early investors by 100 times, so there is reason to believe that this update will help the asset break its record.

The Sponge cryptocurrency appeared on the digital currency market in May 2023 during a bearish trend. Despite this, the token now has more than 13,000 investors thanks to the fact that it is listed on many centralized platforms (e.g. Poloniex and MEXC).

Sponge V2 is a new version of the first project, so it was created by a solid and experienced team of developers. Getting SPONGE V2 tokens is based on Stake-to-Bridge mechanics using traditional Sponge meme tokens. To become the owner of a V2 coin, you need to send a Sponge V1 to Stake-to-Bridge.

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The potential profit through blockchain assets will be realized in SPONGE V2. Moreover, all posted original coins will remain in the pool forever. Thus, the transition will be complete and tokens will no longer be issued, giving way to Sponge V2.

When analyzing a new project, it is advisable to read its roadmap, as the document contains benchmarks of what its creators hope to achieve. In the case of the Sponge V2 asset, its team is developing a gaming platform. Thus, the asset will become a Play-to-Earn token, i.e. useful and valuable. Additional perks:

• Sponge was launched through the Uniswap exchange with a fairly high capitalization of $100 million.
• The strength of this offering is its large community of over 30,000 subscribers across various social media platforms.
• On a variable annual percentage yield (APY) basis, investors are offered rewards of up to 287%.

SHIB price forecast for 2024

The Shiba Inu blockchain saw an increase in activity late last week. Some of the largest SHIB holders transferred significant amounts in tokens to other addresses. According to analytics company IntoTheBlock, the volume of SHIB transactions reached the amount of $100,000.

Moreover, an unknown investor made a transfer of 419.873 billion Shiba Inu tokens worth approximately $3.87 billion. Although the transaction was done quickly and secretly, the crypto community noticed the transfer tracked by Etherscan. At the moment, the SHIB token is showing unstable market dynamics, while the number of transfers continues to grow.

Author: Saifedean Ammous, an expert in cryptocurrency economics.