Top meme coins like $BONK and $PEPE are stumbling this week after falling below crucial support.
Newly emerging sensation DogWifHat is also experiencing a nosedive as it reverses from its peak.
The drawdown is largely attributed to the $BTC price turnaround, which is now down 16% from the ETF approval highs set last week.
While the sector’s heavyweights fall, two newly emerging meme coin alternatives are still rising during the turbulence.
Top Meme Coins Take A Hit As $BONK Falls 65% From All-Time Highs.
The top-ranked meme coins are starting to face some bearish pressure as they reverse the bullish pressure seen throughout the past few weeks.
$BONK was one of the meme coin sensations that exploded in December, allowing the market cap to reach as high as $1.5 billion.
Since peaking, $BONK has been on a downward trajectory as it currently sits 65% off of its all-time high levels.
The cryptocurrency is now trading inside a tight range between resistance at $0.0000178 and support at $0.0001. The market would need to break to either side of this range to dictate the next move;
$PEPE and New Sensation DogWifHat Also Experience Nosedives
It’s not just $BONK that’s seeing bearish momentum build. Other top-ranked meme coins like $PEPE and $WIF are also seeing nosedives.
$PEPE is down a steep 15$ this week as it trades at 0.0000011.
The cryptocurrency is trading inside a descending price channel, and a break beneath the current support could see the meme coin head beneath the December 2023 lows;
Newly emerging meme coin sensation DogWifHat is also struggling today as it falls 30% from yesterday’s peak.
$WIF quickly rose to prominence this month as it surged to its current market cap level of $474 million, putting it less than $50 million behind $PEPE.
However, the cryptocurrency is now showing the first signs of a pullback after falling to the $0.35 level earlier today;
What Meme Coins Are Still Gaining Momentum?
While the heavyweight meme coins start to see pullbacks, there are some alternative meme coin options that are still rising during the turbulence.
In particular, $SPONGE continues growing in momentum after attracting $5.1 million in staked assets for its V2 upgrade.
Meme Kombat ($MK) also continues to grow after raising an astonishing $7.1 million in its presale.
Spongebob Token ($SPONGE) Sees Enormous $5 Million in Staked Assets for V2.
Spongebob Token ($SPONGE) is seeing strong momentum during the drawdown after $5.1 million worth of $SPONGE V1 has been staked in the stake-to-bridge utility for the V2 upgrade.
$SPONGE was one of the hottest meme coins in May 2023, surging by over 100x as it reached a $100 million market cap.
The team recently announced that $SPONGE is back for its V2 upgrade, slated to be bigger and better than ever.
$SPONGE isn’t hosting a traditional presale for the V2 launch. Instead, it utilizes a novel stake-to-bridge mechanism to ensure a fair distribution.
Those looking to participate need to stake $SPONGE V1 in the stake-to-bridge utility on the project’s website to earn an equivalent amount of V2 $SPONGE.
If you don’t own $SPONGE, you can purchase it on the project’s website and have it automatically staked.
The team aims to produce the first 100x return for the meme coin space in 2024. Given its impressive performance in 2023, the team has already proven its capabilities, making this a meme coin you don’t want to fade.
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Meme Kombat Explodes Beyond $7.1 Million Fundraising Level.
Another meme coin touted to provide at least a 10x return is Meme Kombat ($MK), which has raised an impressive $7.1 million in its presale.
Investors believe Meme Kombat can become the umbrella project for meme coins, attracting fans from all of the projects as they come to see their meme coin mascots fight inside a dynamic battle arena.
Meme Kombat integrates AI and crypto to create a battle arena where participants can place wagers on the outcome of the battles between meme coin mascots.
The innovative gaming platform combines staking and betting features, creating a unique gaming experience not yet seen in blockchain.
The automated battles will feature dynamic visualization through AI to bring the battles to life, allowing players to witness the action.
Overall, investors are excited about the new era of coin gaming and are backing it with their cash.
$MK can currently be purchased on presale for $0.279.
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