WEN token has loved a sensational run, with supercharged income fuelling an electrical meme coin rally, however has this high-flying undertaking run out of steam?
WEN is at present buying and selling at a lowly $0.000000005315 (representing a bleak 24-hour change of -22%).
This comes following a brutal -75% bleed-out for the most recent meme coin poster youngster, with a retracement transfer from a neighborhood moon-shot excessive at $0.000000022 erupting right into a cascade of capital flight from the undertaking on Sunday 14.
This has now left $SPONGE in bearish pendant technical construction, a worrying signal for holders that means it may very well be too late to leap in on the motion.
Worse nonetheless, the MA20 has shaped capstone of resistance suppressing upside worth motion thus far immediately.
And regardless of the -75% downturn, the RSI is struggling to chill off, nonetheless using on-fence at 47 – an unclear sign.
As for our different key indicator the MACD? There may be little silver lining at 0.0000000000065 – essentially the most minor of bullish divergence.
As technical construction begins to crumble, the chance: reward ratio for WEN sours.
An upside transfer might see WEN reclaim key assist at $0.0000000095 (a potential +79%).
But draw back danger stays potent, with a cascade all the way down to $0.00000000836 (-84%) on the playing cards.
This leaves WEN with an unpleasant danger: reward ratio of 0.94, a horrible entry overshadowed by draw back danger.
Greatest Various Meme coin to WEN?
Whereas WEN’s future appears to be waning, one other crypto contender is re-emerging, demonstrating exceptional resilience amid market turbulence.
Spongebob token, or $SPONGE, a comparatively new entrant within the meme coin market, presents a pretty various for these looking for the following large crypto alternative.
Skyrocket with $SPONGE
Ever since its debut, $SPONGE has been making a splash within the crypto world.
Regardless of the current market downturn, primarily pushed by Bitcoin’s dip all the way down to $25k, the token is exhibiting promising indicators of a robust restoration.
At present priced at $0.0005098, it has demonstrated an astounding +605.79% development from its all-time low simply 11 days in the past.
With a complete provide of 40.4 billion tokens and a market cap of $12.5 million, this meme coin is undoubtedly gaining traction.
However it’s not simply the figures that make $SPONGE an thrilling prospect.
Its current launch on the Poloniex and MEXC centralized exchanges (CEX) indicators rising market curiosity.
This makes $SPONGE out there on six CEXs – Poloniex, LBank, CoinW, MEXC, Bitget and Toobit, with extra listings anticipated quickly.
This accessibility, coupled with excessive buying and selling volumes ($9,191,056 within the final 24 hours) and locked liquidity of $7.7 million, supplies a perfect market situation for brand new buyers to dive in.
May $SPONGE See One other Moonshot?
The success of $SPONGE additionally lies in its burgeoning group.
With greater than 8,500 holders, a extremely energetic Telegram group of 17,000 members, and over 27,000 followers on Twitter, this coin’s reputation is rising sooner than a sea sponge in fertile waters.
Recent off the again of a Tamadoge partnership, rumours of an rising partnership with fashionable GameFi undertaking Battle Infinity, is driving a wave of FOMO amongst potential buyers.
Moreover, $SPONGE’s engaging tokenomics, together with the truth that the most important pockets is vested for 2 years, gives a way of safety that provides to its attraction.
Because it continues to battle for the highest spot on DEX app Dextools, it is clear that $SPONGE is absorbing investor consideration.
The expansion potential of $SPONGE isn’t just hypothesis; it is a testomony to the resilience and adaptableness of the meme coin market.
As WEN stumbles, $SPONGE gives a recent and probably extra profitable funding alternative.
So why wait? Dive in and see what the tides of $SPONGE have to supply.
The way forward for this meme coin appears to be like as vivid and optimistic as Spongebob himself.
Disclaimer: Cryptocurrency initiatives endorsed on this article should not the monetary recommendation of the publishing writer or publication – cryptocurrencies are extremely unstable investments with appreciable danger, all the time do your personal analysis.