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The Honk worth 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 worth drop is a blow to those that felt the brand new Solana meme coin HONK may probably dethrone Bonk as its prime performer.
The Honk group stays assured that it could possibly 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 energetic and the workforce 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 regularly elevated from the $0.00183 assist degree in the 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 alerts a possible bullish development reversal for merchants.
The value has additionally dipped under the 50-day Easy Transferring Common (SMA), coinciding with the downtrend stress.
The Relative Power Index (RSI) is on a downtrend under the 50-midline degree at 28, indicating intense promoting stress for the Honk worth.
Honk Worth Prediction: Bulls Trying For A Assist
The Honk worth is at the moment on a downtrend however remains to be buying and selling throughout the boundaries of the pennant.
If the bears proceed to exert extra stress, the value might drop to the $0.002 assist degree, forming a double backside. The double backside sample may sign a possible bullish development reversal as merchants look to this sample so as to add extra purchase positions.
Nevertheless, if the bulls may change the development and achieve management, they may drive the Honk worth to $0.013, coinciding with the higher boundary of the pennant.
As merchants seek for an entry into Honk, buyers seeking promising different cryptocurrencies with the potential for substantial returns might need 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 yr? In that case, there may be 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 means 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 bought 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 purchased $SPONGE that’s now price about $90,000.
I’ve determined to start actively buying and selling meme cash and promising tasks by means of my public deal with. Please be aware, I’ll personally bear all potential losses from these trades, and any income made will likely be donated fully to charity.
— H.E. Justin Solar 孙宇晨 (@justinsuntron) Might 11, 2023
Moreover, the Sponge workforce has introduced the discontinuation of Sponge V1, and can migrate it to Sponge V2 on Polygon.
🚨 Necessary undertaking replace! 🚨
Because of a malicious assault on the Sponge V1 token, we’ll be shifting all holders to Sponge V2 on the fifth of February at 11:00 PM UTC.
Please remember the $SPONGE V1 will likely 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 strategy to transact $SPONGE V2 on the Polygon community. This shift will likely be a giant 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 means 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, geared toward attracting new buyers and gamers.
The workforce can also be anticipating the launch of “Sponge Racer,” a sport that can characteristic each a free and paid model.
You too can stake and bridge your $SPONGE tokens to earn $SPONGEV2, with an annual proportion yield (APY) of 237%. Presently, over 6 billion $SPONGE tokens have already been staked and bridged.
YouTuber Alessandro De Crypto is optimistic concerning the development of the undertaking. He invested in it himself and believes that Sponge V2 is poised to copy the successes of its predecessor.
To hitch, go to the official Sponge V2 web site and hyperlink your digital pockets to swap your ETH or USDT for V2 tokens. You too can purchase instantly utilizing your financial institution card.
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