With crypto market sentiment significantly bullish for 2024, analysts are weighing in on the leading meme coin by market cap, Dogecoin. Given the recent resurgence of meme coins, one prominent trader believes the top dog will roar in 2024.
Meanwhile, trending meme coin Sponge V2 is also making a splash after launching its unprecedented “buy and stake” campaign.
Technical Analysis and Growing On-Chain Stats Drive Bullish DOGE Prediction
As we head into 2024, respected analyst Ali Martinez believes Dogecoin will start well, citing its growing on-chain activity as a reason. In a recent tweet, Ali explained that Dogecoin continues attracting new users.
“This increase in network activity is a promising sign for #DOGE as it lays the groundwork for a potential upward price action,” said the analyst.
In a tweet in October, Ali speculated that Dogecoin has tremendous upside in the upcoming bull run. When referencing the weekly time frame, he suggested, “Dogecoin is approaching the apex of this multi-year descending triangle formation.”
He continued, “A weekly candlestick close above $0.0835 could trigger the beginning of a new $DOGE bull run, potentially toward $1.”
Dogecoin was priced at $0.058 at the time. Based on its current price of $0.92, it has already made a notable 58% increase. Nevertheless, this still leaves room for more than a 10x return.
That said, in December, Martinez also published a tweet explaining that the TD Sequential indicator was issuing a sell signal for Dogecoin on the weekly time frame.
DOGE was priced at $0.097 at the time, meaning the indicator has fared correctly. Still, Ali explained, “A correction could see prices dip to $0.085 or even $0.078. However, if #DOGE can surge past $0.11, the bearish scenario gets negated.”
Given its current price of $0.92, we may see a deeper retracement before Dogecoin embarks on its bull market trajectory.
But for those seeking a meme coin displaying more near-term potential, Sponge V2 could be a viable alternative. The project is currently undergoing a “buy and stake” campaign, enabling traders to get in at the ground up before it launches on exchanges.
Trending Sponge V2 Garners 100X Forecast Based on Succesful Track Record
While emerging meme coins often snap at the heels of the top dogs, one of the most significant issues with new projects is the lack of transparency and track record. However, Sponge V2 is a second rendition of Sponge, a 100x meme coin that exploded to a $100 million market cap in the May 2023 meme coin mania.
Given its track record, Spong V2 is poised to explode like its predecessor, with analysts significantly bullish on its potential. Trader ALROCK speculated it could 100x and dubbed it “The next Bonk.”
Meanwhile, renowned trader Michael Wrubel is also bullish, explaining to his 310K YouTube subscribers how he made 100x gains on the original Sponge.
“I made quite a bit of money… at one point, as high as 100x from launching to its all-time high,” said Wrubel.
However, the analyst pointed out that Sponge V2 could present more upside potential than the original Sponge because it offers real utility through a Play-to-Earn racing game. This provides a tangible demand stream, bolstering its long-term potential.
Currently, the only way to buy Sponge V2 is on the Sponge.vip website.
Tokens will be staked in the project’s smart contract until the “buy and stake” campaign is over, and they will earn an additional yield based on a variable staking APY in the meantime.
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