In recent months, the cryptocurrency market has witnessed an unprecedented trend in explosive DEX-traded token moves. Among the numerous moon-shot tokens that have garnered significant attention, CHEEBS and AVAXINU have emerged as the latest candidates for astronomical rallies. These meme coins have captured the imagination of traders, who are now gravitating towards the potential skyrocketing opportunities they present.
The Solana-based CHEEBS token has experienced a remarkable rally, currently trading at a market price of $0.000215. Within the span of just 5 hours, the price of CHEEBS climbed an astonishing 1,500%, propelled by a seismic launch from lower support at $0.00003. Although price action faced resistance at an all-time high of $0.00041, triggering a -60% retracement, it quickly found support around $0.000091.
The subsequent consolidation phase has set the stage for an emerging second bounce, evident in the formation of a bullish pan and handle pattern. With a market cap of only $200k and a trading volume of $1.05m in the past 24 hours, CHEEBS token presents the potential for a remarkable 25x return, propelling its market cap to $5m. The ongoing buy pressure, representing 64% of recent transactions, further indicates the possibility of a second upside move.
The Volatility of AVAXINU
In contrast to the sustained performance of CHEEBS token, AVAXINU, a memecoin based on AVAX, has experienced extreme volatility in the past 24 hours. With a market price of $0.00000000029 and a 24-hour change of +104%, AVAXINU underwent a major +1,500% move across 5 hours. This surge pushed the price to an all-time high of $0.0000000005615, but a substantial retracement ensued, resulting in an almost 90% decline as early backers quickly sold off their holdings.
The current sell-pressure dominance, with sells accounting for 87% of recent transactions, spells potential disaster for the future of AVAXINU. The remaining 162 holders are now fighting to defend a higher support level at $0.00000000073. Despite the possibility of a 25x gain, given AVAXINU’s miniscule market cap of $19,300, the risks associated with this investment are astronomically high.
While AVAXINU may offer limited opportunities, traders are rushing towards a new meme coin presale that builds upon the success of the well-known Sponge meme coin. Sponge V2, the latest iteration of the renowned Sponge ($SPONGE) meme coin, has piqued the interest of the cryptocurrency market. With the original Sponge reaching nearly $100 million in market cap and accumulating over 13,000 holders, Sponge V2 arrives with promising innovations and opportunities for investors.
Acquiring Sponge V2 is a unique process that involves staking Sponge V1 tokens to earn V2 tokens. The longer and more V1 tokens one stakes, the greater the yield of V2 tokens. Furthermore, Sponge V2 introduces Play-to-Earn (P2E) utility, enhancing the ecosystem of the meme coin. By staking V1 tokens, holders gain exclusive access to earning $SPONGEV2 tokens, enjoy bonus rewards, and earn passive earnings with a minimum 40% APY.
With an ambitious roadmap targeting 10,000 holders, Tier 1 CEX listings, and a $100M market cap, Sponge V2 aims to redefine the meme coin domain. Its integration of P2E and exclusive staking mechanisms sets it apart as a standout project. Traders and investors can stay updated on Sponge V2’s journey through various social channels, witnessing its growth in the ever-evolving crypto world.
The rise of meme coins has captivated the cryptocurrency market, with CHEEBS and AVAXINU being the latest tokens to experience seismic rallies. While CHEEBS presents an enticing investment opportunity, AVAXINU’s volatility calls for a cautious approach. Meanwhile, Sponge V2 offers a promising reinvention of the meme coin domain, providing investors with a unique staking and earning experience. As always, it is crucial to remember that cryptocurrency investments carry high risks and should be approached with caution and careful consideration.