Source: Dall•E 3

JJ Coin has risen by as much as 20,000% overnight, with the new meme token currently sitting on an 11,000% gain in the past 24 hours.

Such eye-watering percentages make JJ one of the best-performing new tokens in the market today, although the coin is actually down by 71% since reaching a record high of approx. $0.0005129 very early this morning.

And with some traders warning that the coin may be a potential rug-pull, it may already be too late to profit from it, given that it may have begun a terminal decline.

However, there are other new tokens in the market at the moment with stronger fundamentals, with SPONGE currently in the process of launching the second version of its coin, in tandem with a new staking model and an exciting new play-to-earn game.

As JJ Coin Rises 20,000% Overnight, This May be the Next Crypto to Explode

There are a couple of key things to say about the JJ Coin chart below, with the first being that the token’s price is struggling to regain strength after dipping from an early record high.

Indeed, after a couple of very modest bounces at around 8:00am and 9:00am, it doesn’t seem that it’s able to regather the momentum it had upon listing.

Source: DEXTools/TradingView

Its volume also doesn’t look too good, with DEXTool’s putting the coin’s liquidity at only $32,000.

Such low levels of liquidity are certainly worrying, although it should be said that, at the very least, JJ Coin’s price doesn’t exhibit the steep fall-off pattern that classic rug-pulls tend to show.

This could suggest that the token is more of a very minor meme coin than an outright scam, although some traders aren’t entirely convinced.

And stay away from $JJ

Damn, the top 3 coins on @dexscreener are possible rugs pic.twitter.com/ToD2SD5Q3c

— Omar El Towayer (@shots_bytee) January 2, 2024

As such, retail traders should probably steer clear of the token and look at alternatives.

This May be the Next Crypto to Explode

And for those searching for new coins capable of big gains, there are several promising such coins available right now.

One of the most exciting is Sponge (SPONGE), an ERC-20 token that originally listed in April 2023, when it rallied by as much as 150%.

It’s currently about to launch the second version of its token, which provides a new staking model and also ties in with a new SpongeBob-themed play-to-earn game.

Buy or stake $SPONGE using the widget on our website to receive the equivalent amount of bonus V2 tokens.

Bought tokens can be claimed once #SpongeV2 launches. #MemeCoin #Crypto #Web3 pic.twitter.com/fRjuPaoFhC

— $SPONGE (@spongeoneth) January 1, 2024

More details on the coming P2E game will emerge in the next few weeks, although it will reward its players with Sponge V2 tokens according to where they rank in the game.

Not only can players earn SPONGE V2 by playing the game, but they can also stake the new tokens, earning a stable income in the process.

In fact, SPONGE V2 comes with a new staking model, with stakers able to earn a minimum of 40% APY.

Obtaining version two of Sponge is simple, with holders of the existing version needing only to go to the official Sponge website and stake the older token.

They will receive SPONGE V2 at a ratio of 1:1, with traders who don’t own any SPONGE V1 also able to buy the new version outright.

No $SPONGE in your wallet? Don’t miss out, buy $SPONGE via the home page widget on our website.

Purchased tokens will automatically be staked in our V2 smart contract to secure a share of the V2 token once it launches

Time to absorb more damp!#SpongeV2 #MemeCoin #Alts pic.twitter.com/Z1UuSOAfIE

— $SPONGE (@spongeoneth) December 27, 2023

The new token should go live in the next few weeks, when it could surpass even the performance of its earlier version.

Buy Sponge V2 Here

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.

The post As JJ Coin Rises 20,000% Overnight, This May be the Next Crypto to Explode appeared first on Cryptonews.