In the latest Solana meme coin pump, a Dogecoin spin-off token called ‘DOGE on Solana’, has exploded +200,000% in less than 24 hours.

This DOGE price analysis reveals whether the skyrocketing rally will continue.

Indeed, this price pump comes as recent months have seen a huge trend in explosive moves, with countless Solana meme coins garnering significant attention, including SpaceX Token, SOLAREUM, Joe on SOL, BINK, BONG, MUSK, FLUB, PUMA, HOPPY and SPX.

The DOGE spin-off token is flying high due to Solana’s cheap transactional costs, which have already enabled DOGE on Solana to smash $12.7m in trading volume amidst inflows of 3.13k holders.

DOGE Price Analysis: As Doge Coin on Solana Blasts Up +200,000% – Could Solana Memecoin Post Second Rally?

With price action hanging low in the channel, DOGE is currently trading on a market price of $0.00007173 (representing a 24-hour change of 61,493%).

This comes after DOGE price accelerated almost immediately on launch, with a 6-hour wave of upside green movement, that ultimately saw DOGE explode +9,713% to hit an all-time high at $0.0004282 around 20:00 UTC on February 5.

In the hours since, this has led to a strong localized retracement move, which has so far seen DOGE price bleed out -81% from the recent high.

But despite downside price action, lower support has emerged in a well-defended consolidation move around $0.000055 and $0.0001.

If DOGE bulls are able to successfully defend this lower price level, a second rally could be on the cards.

Indeed, with a current market cap of $775k it’s feasible for DOGE to make a 3-5x move from here if traction grows once again.

Yet, this is caught in an ongoing battle against growing sell pressure – which currently represents 46% of transactions over the past hour.

Some concern emerges from DOGE’s liquidity pool, which remains somewhat small despite the major overnight growth, and more critically, remains unlocked – posing a risk to long-term holding.

For this reason, investor attention is increasingly shifting to an alternative play – Sponge V2 – which has all the trappings of the next viral breakout.

Sponge V2 Launch ($SPONGEV2): Last Chance to Buy – Poised To Outperform DOGE Token and Other Solana Memecoin?

Sponge V2, the latest iteration of the renowned Sponge ($SPONGE) meme coin, is making waves in the cryptocurrency market.

Following the phenomenal success of Sponge V1, which peaked at nearly $100 million in market cap and amassed over 13,000 holders, Sponge V2 arrives with promising innovations and opportunities for investors.

How to Acquire Sponge V2

Acquiring Sponge V2 is unique:

Stake Sponge V1: Buy and stake V1 tokens via Sponge.vip or stake your existing V1 tokens.
Earn More V2: The longer and more V1 tokens you stake, the more V2 tokens you earn.

Read more: Best Crypto to Invest In 2024

Staking Mechanics and P2E Integration

Sponge V2 introduces Play-to-Earn (P2E) utility, enhancing its ecosystem.

Stake your V1 tokens to earn V2, and engage in the upcoming P2E game to earn additional $SPONGEV2 tokens.

Moreover, this P2E game, a new utility in the Sponge ecosystem, will feature both free and paid versions for enhanced gaming and earning experiences.

Unique Aspects of Sponge V2 Over DOGE Price Analysis

Exclusive Access: Earn $SPONGEV2 exclusively through $SPONGE staking.
Bonus Rewards: Buying and staking $SPONGE offers special $SPONGEV2 bonuses.
Passive Earnings: Staked $SPONGE tokens yield passive rewards, starting at a minimum 40% APY.
Permanent Transition: Staking V1 tokens will result in their permanent locking, shifting the focus to V2 post-launch.

Roadmap and Future Prospects

Sponge V2’s roadmap is ambitious, targeting 10,000 holders, Tier 1 CEX listings, and a $100M market cap.

The launch stages include the Sponge game’s development and the Sponge V2 claim and listing.

Sponge V2 is not just a sequel to its predecessor; it’s a reinvention with a focus on utility and community engagement.

The integration of P2E and exclusive staking mechanisms make it a standout project in the meme coin domain.

Stay updated on Sponge V2’s journey through social channels and witness its growth in the crypto world.

Get Sponge V2 Here

The post DOGE’ on Solana Blasts Up 200,000% in 24 Hours and Experts Say This New Meme Coin is Next appeared first on Cryptonews.