2023 was a breakout year for meme coins. Before Pepe Coin (PEPE) exploded and drew all kinds of attention to the meme coin market, things were not looking good. Dogecoin (DOGE) and Shiba Inu (SHIB) were the only two projects that had made any kind of breakthrough and both of them had started to struggle.
Fast forward to 2024, and things could not be more different. The meme coin market is now very competitive with innovative projects popping up all over the place. Unfortunately for Dogecoin (DOGE) investors, this is not good news. The top dog of meme coins has stood still as new projects outmaneuver it.
There are three up-and-coming projects currently going through presale that should not only outgain Dogecoin in 2024 but may even have enough to topple the project that has, since its inception, been the number one ranked meme coin. These projects are:
- Sponge V2 ($SPONGEV2)
- Meme Kombat ($MK)
- Pikamoon (PIKA)
Let’s take a closer look at these projects and see why these projects have so much potential.
Sponge V2- One of 2023’s best meme coins is getting an exciting revamp
Sponge V2 ($SPONGEV2) could be a bit of a cheat code for investors in 2024. The project is introducing an innovative stake-to-bridge system that allows them to build off the success they had with the original version 1 token, Sponge Token ($SPONGE). This move could see it be one of the new meme coins that take the market by storm.
The original Sponge Token was one of the more interesting tokens of 2023. This is because, despite some notable obstacles, it managed to be very successful. The main problem that the project faced was that it launched during a bearish market when most projects were suffering.
The coin, which is based on the very popular cartoon Spongebob Squarepants, was launched in the wake of the Pepe Coin explosion. However, by then, PEPE was shedding a lot of value along with most other meme coins.
Sponge Token was also only listed on Uniswap and really had no publicity regarding its debut. Despite all this, the meme coin still pumped by 340%, got listed on 9 other exchanges and started to go viral, which helped it gain a sizable social media following.
How staking is going to be a key competent of version 2’s success
Perhaps most important of all was a move that the project made in November that set themselves up for version 2 of the token. Staking has become widespread with new crypto projects and Sponge Token decided to add it to their ecosystem last November. By doing so, the price pumped 500% and we are sure this led to the idea behind version 2.
So, Sponge V2 has a very steady foundation to build on. If investors want to be a part of this exciting meme coin project, they have to purchase and stake version 1 Sponge Token first. However, when they do this, an equivalent amount of version 2 Sponge V2 is also purchased for them.
When the total allocation of $SPONGE is sold out, which it almost is, then investors will be able to claim their $SPONGEV2. The longer and the bigger quantity they stake of their version one token, the bigger the rewards. When version 2 is released, investors will start to receive staking rewards from their locked V1 tokens over 4 years.
Meme Kombat- Likely to be the most popular P2E game of 2024
We can not remember a P2E game that has been as hotly anticipated as Meme Kombat ($MK) and boy does the presale reflect that. The presale has raised over $6.6 million and is fast on route to its target of $8 million, after which listings will begin.
The project is a P2E and meme coin crossover, a clever combination as meme coins are so popular these days. Another clever move the creators have taken is taking inspiration from a traditional gaming giant. Meme Kombat is inspired by arguably the most popular hand-to-hand combat game of all time: Mortal Kombat.
In the latter, players battle in different arenas with different characters. In Meme Kombat, you fight in different areas as well, but you will be controlling and fighting against the most popular memes from the last 10 years. From Doge to Wojak, they all have their own special attributes that make this game super entertaining.
How the game provides entertainment and revenue opportunities
AI plays a big role in game development. They have implemented it in a way that will allow players to feel like they have complete control over their fights and it also helps with really cool graphics. AI also helps decide the outcome of each fight. This is important for our favorite feature of the game.
Players will actually be able to earn in-game currency by wagering on the outcomes of fights! It’s a very detailed system too. Players can bet against the computer, against a friend or foe, or even side bet on lots of different in-fight outcomes. So, not only is it providing entertainment but also possible revenue for investors.
Pikamoon- Another meme/P2E crossover ready to explode
Pikamoon (PIKA) is similar to Meme Kombat in that it is also a Meme/P2E crossover and it also takes inspiration from a traditional gaming giant, in this case Pokemon. In Pikamoon, you will travel around the 4 game worlds and assemble your team of monsters but there are some cool blockchain twists.
At the beginning of the game, instead of choosing your own sidekick, you get to mint them in the form of an NFT. Players can also earn PIKA, the in-game currency, by completing certain game tasks. Players will be able to build their own empire in the Pikaverse and earn some revenue the better they are at the game.
Dogecoin has recovered today but will this surge last?
Above we can see the 30-day performance chart on CoinMarketCap for Dogecoin (DOGE). It shows that even despite the uptick in price today, DOGE has still nearly lost 15% of its value. However, is the price surge a sign of more positive things to come?
We cannot say for sure, but we would lean no, at the moment. In December, all of the statistics behind DOGE, like its 30-day moving average, pointed toward its price plummeting. That then came through and what we are seeing is likely investors reacting to it being a little oversold. In terms of a long-term prediction, we would advise staying away from Dogecoin in 2024.
Conclusion
Our main reason for advising you not to invest in dogecoin is because of meme coin rivals like Sponge V2 and Meme Kombat. The Dogecoin ecosystem rested on its laurels over the years, and these new projects just have so much more going for them. Given their low market cap compared to DOGE, we expect them to easily outgain the original meme coin.
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