$BONK’s recovery run is coming to a halt. Despite the massive social media presence of the project, the meme coin has been struggling to prove its worth over the last few days. To give a better perspective, $BONK has slipped down 59% since it claimed a new all-time high on Dec 15, 2023.
BONK 1-month price action, CoinMarketCap
Two projects posing fierce competition for $BONK this month are $SPONGEV2 and Meme Kombat ($MK). Here is an analysis of both and their potential to ignite a bull run soon.
Can SPONGEV2 Meet Investor Expectations and Go 100X?
$SPONGE was one of the most successful meme coins of 2023.
The project is entering a new phase in its development with the launch of a play-to-earn ecosystem. To mark the occasion, SPONGE will bridge to SPONGEV2. But prior to that, SPONGE investors have the option to stake and bridge their tokens for attractive rewards and bonuses now.
SPONGE 1-month price action, CoinMarketCap
Within a few days of the launch of the stake-to-bridge portal, tokens worth $4,460,411.49 have been staked on the platform, hinting at the bull run in the pipeline. It provides the last opportunity to buy SPONGEV2 before its exchange launch.
According to the website, SPONGEV2 is expected to make a grand launch, making its way to bigger and better exchanges soon. With the new token, the team aims to give investors who missed out on SPONGE’s near 100X pump another chance to earn multifold returns.
Here are some of the major milestones made by the first version of the token:
A deep dive into the project’s white paper and roadmap reveals that SPONGEV2 has the potential to take a steep climb on its debut launch. But better yet, the token’s utility on the upcoming play-to-earn platform will underpin its long-term utility and market relevance.
If the game lives up to investors’ expectations, SPONGEV2 could easily become one of the best performers of this year.
Users can join the stake-to-bridge portal even if they don’t have any $SPONGE tokens in their wallet yet. Here’s how to go about it.
Investors who buy and stake $SPONGE from the official website will get an equivalent amount of V2 tokens in their wallet, in addition to bonus tokens.
Meme Kombat Brings the Meme Coin War to GambleFi
Meme Kombat ($MK) is a creative new project in the meme coin space. Deep-rooted in the fertile GambleFi niche, the meme coin has good upside potential. The unique features pose a threat to top play-to-earn platforms in the crypto market.
The key pillar of the ecosystem is the Meme Kombat battle arena that hosts AI-powered battles between popular meme coin icons. The battles will be fair and transparent, being run by AI algorithms. The blockchain foundation of the project, in addition, adds a layer of transparency to the games.
Users can stake their $MK tokens to bet on the outcomes of these battles. If the meme coin battles on social media platforms are any sign, Meme Kombat is set to host a large audience on the release of its first battle season.
The growing engagement on the platform will drive the organic demand for the native meme token $MK.
Why does it matter?
One of the biggest hurdles faced by most meme coins is justifying their market relevance over time. While quirky themes help them to draw the attention of speculative investors in the initial stage, they fail to retain the momentum.
Speculative investors run after new projects. The growing competition in the market doesn’t help the situation. While rarely a week goes by where a meme coin doesn’t make headlines, individual meme coins have a hard time staying in the spotlight.
This is where utility comes into the picture. Meme Kombat’s high-potential utility within the thriving GambleFi space gives it relevance beyond an initial surge.
We go big on community and @BuryCrypto recognizes that🎉
Check out his video on $MK being one of the best crypto presales to engage with right now! pic.twitter.com/DGIedfOdBz
— Meme Kombat (@Meme_Kombat) January 16, 2024
The Meme Kombat presale is just about to race past the $7M milestone, hinting at an early sell-out. Top crypto analysts have been featuring the project on their platforms for its utility-rich ecosystem that expands the horizons of GambleFi.
BUY $MK TOKENS FOR THE PRESALE PRICE
SPONGEV2 vs. Meme Kombat – Verdict
Both SPONGEV2 and Meme Kombat show potential. While SPONGEV2 is on a mission to repeat its predecessor’s near 100X journey with a proven track record, Meme Kombat excels in terms of its GambleFi utility.
It’s too early to say which project will emerge as the winner and take the third spot on the meme coin chart, dethroning BONK. Diversification is a good strategy to take advantage of the upside potential of both projects.
