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The Honk value plunged 35% within the final 24 hours to commerce at $0.004224 as of 05:59 a.m. EST on buying and selling quantity that dropped 19% to $5 million.
The sudden value drop is a blow to those that felt the brand new Solana meme coin HONK might presumably dethrone Bonk as its high performer.
The Honk group stays assured that it could make a comeback and attain its earlier all-time excessive market cap of $25 million.
$Honk is trying good. Ath at 25m. Now sitting at 5m. Nonetheless lively and the group is admittedly good. Dont fade the goosecoin on #Solana pic.twitter.com/YKBMoNeoNt
— Golden Goose 🪿 $HONK (@Dobaggie) February 2, 2024
But, the query stays: can it nonetheless attain Bonk’s degree of success?
The Honk Worth Trades Inside A Bullish Pennant Sample
The Honk Worth has steadily elevated from the $0.00183 assist degree in direction of the $0.0274 resistance. Nevertheless, bears appear to have taken management of the value at $0.0217, exerting stress and inflicting the decline to $0.004224.
Regardless of the decline, the value appears to be buying and selling throughout the bullish pennant, which indicators a probable bullish development reversal for merchants.
The value has additionally dipped beneath the 50-day Easy Transferring Common (SMA), coinciding with the downtrend stress.
The Relative Power Index (RSI) is on a downtrend beneath the 50-midline degree at 28, indicating intense promoting stress for the Honk value.
Honk Worth Prediction: Bulls Trying For A Help
The Honk value is at present on a downtrend however continues to be buying and selling throughout the boundaries of the pennant.
If the bears proceed to exert extra stress, the value could drop to the $0.002 assist degree, forming a double backside. The double backside sample might sign a possible bullish development reversal as merchants look to this sample so as to add extra purchase positions.
Nevertheless, if the bulls might change the development and acquire management, they might drive the Honk value to $0.013, coinciding with the higher boundary of the pennant.
As merchants seek for an entry into Honk, traders searching for promising various cryptocurrencies with the potential for substantial returns could wish to discover Sponge V2.
Sponge V2 Set To Launch On Polygon Community, Greatest Crypto To Purchase
Did you miss Sponge V1’s 100X surge final 12 months? In that case, there’s nonetheless one other alternative so that you can amass such returns in Sponge V2, which is ready to launch quickly on main exchanges.
🚨 Solely 3 days left! 🚨
Hurry and stake your $SPONGE tokens now earlier than #SPONGE V1 is discontinued!
Withdraw your SPONGE V1 tokens from exchanges and stake them by way of our web site earlier than the fifth of February to have the ability to declare #SPONGEV2! 🧽#MemeCoin #Crypto #Web3 #Staking pic.twitter.com/uMWnJ7JPY9
— $SPONGE (@spongeoneth) February 2, 2024
Sponge V2 is aiming to emulate the success of Sponge V1 and much more. Sponge V1 amassed over 13,000 holders and acquired listed on greater than ten main exchanges, together with Toobit, LBank, and BitMart.
Its market capitalization hit $100 million whereas attracting main gamers within the trade like Tron founder Justin Solar, who has proven curiosity in buying and selling meme cash and acquired $SPONGE that’s now value about $90,000.
I’ve determined to start actively buying and selling meme cash and promising initiatives by way of my public handle. Please word, I’ll personally bear all potential losses from these trades, and any income made will probably be donated completely to charity.
— H.E. Justin Solar 孙宇晨 (@justinsuntron) May 11, 2023
Moreover, the Sponge group has introduced the discontinuation of Sponge V1, and can migrate it to Sponge V2 on Polygon.
🚨 Essential undertaking replace! 🚨
Because of a malicious assault on the Sponge V1 token, we’ll be transferring all holders to Sponge V2 on the fifth of February at 11:00 PM UTC.
Please bear in mind the $SPONGE V1 will probably be discontinued.
We strongly advise all holders to withdraw their tokens from… pic.twitter.com/itZelxAL9V
— $SPONGE (@spongeoneth) January 31, 2024
All $SPONGE holders at the moment are being moved to the safer, environment friendly, and cheaper method to transact $SPONGE V2 on the Polygon community. This shift will probably be an enormous increase to the launch of Sponge V2.
🚨 Solely 3 days left! 🚨
Hurry and stake your $SPONGE tokens now earlier than #SPONGE V1 is discontinued!
Withdraw your SPONGE V1 tokens from exchanges and stake them by way of our web site earlier than the fifth of February to have the ability to declare #SPONGEV2! 🧽#MemeCoin #Crypto #Web3 #Staking pic.twitter.com/uMWnJ7JPY9
— $SPONGE (@spongeoneth) February 2, 2024
Purchase Sponge Now, Take part In Their Video games And Get Rewarded
SpongeV2 brings about new options, with play-to-earn (P2E) gaming because the excellent one, aimed toward attracting new traders and gamers.
The group can also be anticipating the launch of “Sponge Racer,” a recreation that can function each a free and paid model.
You may as well stake and bridge your $SPONGE tokens to earn $SPONGEV2, with an annual share yield (APY) of 237%. At present, over 6 billion $SPONGE tokens have already been staked and bridged.
YouTuber Alessandro De Crypto is optimistic concerning the progress of the undertaking. He invested in it himself and believes that Sponge V2 is poised to duplicate the successes of its predecessor.
To affix, go to the official Sponge V2 web site and hyperlink your digital pockets to swap your ETH or USDT for V2 tokens. You may as well purchase instantly utilizing your financial institution card.
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