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

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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.

ByBit

5020 $
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9.8

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바이비트는 암호화폐 거래를 위한 편리하고 안전한 조건을 제공하며, 낮은 수수료, 높은 수준의 유동성, 시장 분석을 위한 최신 도구를 제공합니다. 현물 및 레버리지 거래를 지원하며 직관적인 인터페이스와 튜토리얼을 통해 초보자와 전문 트레이더를 돕습니다.

바이낸스

100 $ 보너스 획득

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9.5

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암호화폐 세계에서 빠르고 안전하게 여정을 시작할 수 있는 최대 규모의 암호화폐 거래소입니다. 이 플랫폼은 수백 개의 인기 자산, 낮은 수수료, 거래 및 투자를 위한 고급 도구를 제공합니다. 간편한 등록, 빠른 거래 속도, 안정적인 자금 보호 기능을 갖춘 바이낸스는 모든 수준의 트레이더에게 최고의 선택입니다!

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.

Notable is the fact that this large transaction was initiated from a wallet associated with Coinbase Prime Custody. If an institution is behind this transfer, it could signal a growing institutional interest in Shiba Inu, which would favorably impact the asset’s price this year.

The network of this cryptocurrency has also seen a notable accumulation of whales. Lookonchain service reported the arrival of a new major investor on the scene, buying 1.44 trillion SHIB on exchanges such as Binance and Gate. Such a move reinforces the bullish sentiment around this meme digital currency.

According to the CoinCodex service, the price of SHIB is projected to potentially reach $0.00001158 by the end of January 2024. The Telegaon platform anticipates a more optimistic trend, reporting that the token’s value will rise to $0.0000571 in 2024. Nevertheless, the asset’s burn in the Shibarium blockchain’s Tier 2 network is expected to contribute to a potential price increase. SHIB’s shrinking supply could pave the way for the token’s growth in the near future.

완료

The game provides token holders another way to earn SPONGE through online competitions.
Large transactions in the SHIB ecosystem highlight the unpredictable and often speculative nature of the meme cryptocurrency market.
According to David Kemmerer (CoinLedger co-founder), one of the key factors in the success or failure of a meme coin is internet culture. The specialist added that online platforms such as Discord, Reddit, X and TikTok serve as catalysts for viral marketing campaigns.
Investing in meme tokens can be a lucrative endeavor. However, as with any other cryptocurrency, traders should do their due diligence when investing their money in a new project.
Researching the community supporting a particular asset will be the first step in reducing the risk of fraud when investing in meme tokens.

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