LAMBO has become the latest Solana meme coin to enjoy a massive listing on the Raydium DEX this week, with its price experiencing a 1000x surge yesterday.

However, as is usually the case with most Solana meme tokens, LAMBO has since corrected heavily, with its price currently down by 52% in the past 24 hours.

Such a reduction doesn’t bode well for the token’s future, and with other new coins offering stronger fundamentals and more utility, most traders will probably prefer to look elsewhere.

Indeed, one new altcoin gaining lots of momentum right now is Sponge (SPONGE), which is in the process of launching the second version of its token, with millions already staked in it.

Latest Solana Meme Coin ‘LAMBO’ Pumps Up 1000x in 24 Hours

The name may change, but the pattern remains more or less identical, with LAMBO pumping heavily on the day of its listing.

Of course, it has since declined very steadily, and despite a brief recovery earlier this morning, now seems to be heading downwards in a linear fashion.

Source: DEXTools/TradingView

As with pretty much every other miniscule-cap Solana meme token, LAMBO’s trading volume has all-but disappeared.

It therefore has really no where else to go but down, with its low volume and liquidity exposing it dangerously to further dumps.

The last $LAMBO coin i had on $ETH crushed $25m and @beeple shilled it

Solana memes run way harder, Let’s see how hard you mf’s can send $LAMBO on $SOL with no ETH ptsd pic.twitter.com/tb6on05Wi9

— POΞ.memes (@Poe_Ether) February 1, 2024

It also seems that Crypto Twitter has ceased hyping it up already, with the most recent tweets dating to yesterday.

As such, most traders would do well to avoid LAMBO at all costs, despite what they may hear about Solana meme coins.

This Low Cap Gem Might Be Next

The big issue with LAMBO is that, like many Solana meme coins, it lacks the fundamentals and utility to prevent a terminal decline after its initial surge.

For this reason, traders should probably seek out newer coins with some kind of use case, as well as with a genuine following and online community.

One of the best examples of this is Sponge (SPONGE), an ERC-20 cryptocurrency first listed – and boomed – on major exchanges in April 2023.

It’s very close to launching the second version of its token, SPONGE V2, with the current version being discontinued on Monday February 5.

The main rationale for the update is that Sponge V2 will feature a revamped and more profitable staking model, while it will also serve as the native token of a play-to-earn racing game.

10 exchanges not enough? #SpongeV2 will be listed on BIGGER AND BETTER exchanges!

You’re not ready for what’s coming next #SpongeV2 #MemeCoin #Presale pic.twitter.com/LdXRYu65Z8

— $SPONGE (@spongeoneth) January 23, 2024

The new P2E game will provide players with the opportunity to compete with each other and rank on a global leaderboard, with the most successful players receive SPONGE tokens as a reward.

Perhaps even more bullishly, the token’s new staking model will provide bigger rewards.

Its APY currently stands at 245%, but this can rise even higher depending on how many tokens users stake and for how long.

Claiming the second version of SPONGE is easy: holders of SPONGE V1 can go to the official Sponge website and stake their old tokens, while those without any SPONGE V1 can simply buy the newer coin.

Staking update!

We now have over 6,589,653,557 $SPONGE tokens staked with a value of $3,308,731.05.

Make sure to stake your tokens before the #SpongeV2 transition on February 5th!

Enjoy our impressive current APY of up to 245%. #Sponge #Memecoin #Crypto #Binance pic.twitter.com/Klp7VLQFIo

— $SPONGE (@spongeoneth) February 1, 2024

And given Sponge’s already strong following – over 30,000 followers on X – its second version could rally hard once it lists in the next one or two weeks.

Buy Sponge V2 Here

The post Latest Solana Meme Coin ‘LAMBO’ Pumps Up 1000x in 24 Hours and This Low Cap Gem Might Be Next appeared first on Cryptonews.