It was a very merry Christmas for crypto investors, as even though market conditions have not been the best in the last week, it has been a great year all around. Prices are up almost entirely across the market for the year, and investors are much happier with the state of things when compared to this time last year.
One set of investors that had a better Christmas than most are those that have a piece of Solana (SOL). The major altcoin has been pumping for the last week and broke through the $100 mark and didn’t look back. Solana now has over 900% growth on the year so those of you who invested while crypto prices were down this time last year are very happy indeed.
We will take a closer look at whether Solana can keep pumping a little later but first, we are going to examine a presale token that could take over the market. Sponge V2 ($SPONGV2) is the exciting rebirth of one of 2023s most successful meme coins and this version could be bigger and better than ever.
Let’s take a look at why experts believe it could be 2024’s breakout coin.
Sponge V2- One of this year’s success stories is relaunching and it is better than ever
When the dust has settled and we look back on this year, we think it will be remembered as the year of the meme coin. Who knows, in a few years, we could be looking back at it as an anomaly, or we could be looking at it as the year meme coins started taking over the market.
One of the success stories of last year was Sponge Token ($SPONGE) and in 2024, it is getting a relaunch and version two will be known as Sponge V2 ($SPONGEV2). The first version is one of the most successful meme coins of 2023 and we are predicting that this will pave the way for even greater success for version 2 in 2024.
Pepe Coin (PEPE) will likely be looked at as the main trigger for the popularity of meme coins. Of course, there were a lot of other factors but its success will likely be remembered as the main one. The reason for this is that it played out the crypto dream so perfectly that it drew in all kinds of investors to the meme coin market.
The coin was unknown and then, out of the blue, pumped by 1000s of percent points to make investors millionaires practically overnight. It inspired FOMO and a flood of investment into the meme coin market as investors wanted to find the next big meme coin. An unlikely candidate was Sponge Token ($SPONGE).
The meme coin was launched with little or no publicity and was only available on Uniswap. This was unusual as meme coins were getting all the attention when compared to other projects at the same time. It also had the unfortunate timing of launching during a bearish market so the odds were against the project.
Despite all these barriers against its success, Sponge Token managed to pump by 340% and even reached a market cap of over $100 million at its peak. It began to garner a lot of attention and even grew its social media following from the ground all the way to over 30k followers.
The future for Sponge V2 looks very bright with the potential to explode
Now we move our attention to the new and improved Sponge V2 ($SPONGEV2). The project has created a very innovative way to launch version 2 of their meme coin. Stake-to-bridge is the best way to move from one coin to another within the ecosystem as it secures the security of the project while protecting against a pump-and-dump scenario.
How it works is that investors will not yet be able to purchase $SPONGEV2. Instead, they will be directed to a page where they purchase the version 1 %SPONGE. However, when they make their purchase and stake their tokens, the equivalent amount of version 2 $SPONGEV2 will also be purchased for them.
When the total allocation of $SPONGE is bought, version 2 will officially launch, and investors will be able to receive an equivalent amount of Sponge V2, and then receive staking rewards from their locked V1 tokens over 4 years.
In November of this year, the project introduced staking, a clever move considering it has been behind a lot of the success stories of new projects. It had the desired effect and Sponge Token was pumped by 500%. Sponge V2 looks like it is ready to build on this success.
Considering that version 1 was such a success despite the barriers of a quiet launch and a bearish market, it is not unreasonable to predict that Sponge V2 could be one of the biggest meme coins of 2023. There is very little time to invest in version 1 before it sells out, so interested investors should act quickly.
Solana profiting from Ethereum gas fees increase
As we can see from the 7-day performance chart for Solana (SOL), it has been a great Christmas period for the major altcoin. Most of this has to do with the gas fee increase in the ecosystem of its layer-one blockchain rival, Ethereum.
Solana was heralded as Ethereum’s main rival for quite some time, but after an awful 2022 things were looking bleak. 2023 has seen the altcoin reestablish itself toward the top of the crypto market. Recent airdrops for investors have also helped things and as we head toward the new year it looks like more growth is in store for Solana.
Conclusion
So while market conditions have cooled a little in recent days, both Solana and Sponge V2 remain great investment opportunities. Sponge V2 in particular, will give investors a chance at big gains. Given the success of the first version and the added staking capabilities, it could be the biggest meme coin of 2024.
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