Tim Hakki

Last updated:

March 5, 2024 07:38 EST | 2 min read

Pepe took a gigantic lead on most other meme coins this week. PEPE hit an all-time high (ATH) of $0.058518 in the early hours UTC today.

The third largest meme coin by market capitalization has since pulled back by about 15% and changes hands at $0.057456 as of this writing.

PEPE has had a monumental month. In the last thirty days it ballooned 723.7%.

These gains were spread throughout the whole month, with the last fortnight adding 533.1% and the last seven days accounting for a price appreciation of 248.3%.

The only other meme coin among the largest by market capitalization that rallied harder in the last seven days was Shiba Inu (SHIB). Shib rallied 281.1% to trade at $0.00003991 currently.

Broadly speaking, this month’s rally of the meme coins was carried off the back of a marketwide rally.

Bitcoin rose 56% in the last 30 days, while Ethereum rose 61% over the same period.

That meme coins were pumping harder indicates just how popular crypto is getting again now that investors are willing to take riskier positions and bet on tokens with little-to-no underlying utility except as a theoretical store of value.

A glance at PEPE’s chart over the last three months shows that the explosive price action began at the end of February.

There have since been frequent cup-and-handle patterns skywards, indicating a very bullish cycle of buying followed by periods of market consolidation.

PEPE has a Relative Strength Index (RSI) of 53, which means the market has priced its value in well at this point.

It also suggests there’s room for further rallies so long as Bitcoin and Ethereum can continue sustaining mainstream demand through the upcoming Bitcoin halving and Ethereum ETF industry milestones.

Source: TradingView## While Everyone FOMOs PEPE’s ATH, Look Into SPONGE!

With mouth-watering rallies all month long, it’s a valid question whether meme coins are worth investing in. Crypto is already highly speculative and it can be quite volatile too.

The short answer is that every investor needs to do their homework.

The promise of buying tokens on the blockchain is similar to the promise of buying shares in a company. Each investor needs to be sure the project they’re backing is good or useful.

However, meme coins often offer little value outside their cultural capital, which increases or decreases together with the popularity of the underlying meme.

Dogecoin (DOGE) is a classic only because it has first-move advantage and originality on its side. As a store of value its vastly outbeaten by Bitcoin and as a commercially important blockchain it’s got nothing on Ethereum. It mainly leans on its brand.

One token that offers more than just laughs is SPONGE. In addition to being the hottest new meme coin, it also underlies an eco with utility.

SPONGE is an ERC-2o standard token created on Ethereum. It recently upgraded (and migrated) to a V2 on Polygon, an Ethereum Layer 2 scaling solution.

The team also introduced a couple of key improvements alongside the upgrade, including a new staking model that offers a minimum yield of 40% APY.

This yield is currently sitting at just around 623%. This figure varies according to the number of stakers and tokens locked up.

SPONGE also powers an upcoming racing game where players compete against each other to earn SPONGE rewards.

Buy And Stake SPONGE On The Website

Follow Us on Google News Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.