SHIB, the popular meme coin and “Dogecoin killer”, has seen a surge of over 5% in price today. The coin is now trading above the key $0.00001 resistance and psychological level. This latest move comes amidst large transactions from anonymous crypto whales.
According to data from Whale Alert, a platform tracking blockchain metrics, an unknown wallet transferred approximately 579 billion SHIB tokens (worth $5.88 million at the time) to cryptocurrency exchange Binance.
In another major transfer event, around 500 billion SHIB tokens valued at $5.02 million were moved from Binance to the exchange OKX.
When large holders or “whales” move huge amounts of tokens onto exchanges like this, it often signals intention to sell and take profits. However, it can occasionally precede major pumps in price as buyers rush to fill market orders. Either way, these large transactions highlight that there is still significant interest in trading and speculating on SHIB’s price movements.
From a technical analysis perspective, SHIB has shown several bullish signals that could indicate further upside for the meme coin. The break above key $0.000010 resistance formed a higher high on the daily chart and suggests that the broader uptrend is continuing.
After pulling back to around $0.0000010, we may now be at an attractive swing trade entry opportunity before SHIB potentially revisits the $0.000012 area. Looking back further, SHIB broke out bullishly from a falling wedge pattern earlier this year. It went on to confirm this trend reversal by surging above its 200-day moving average. So far, that breakout has held strong on a successful retest.
In the near-term, momentum remains favorable for the bulls. The MACD line sits above the signal line and the RSI indicator reads above 55. This shows growing positive momentum.
Key support zones for SHIB lie at $0.0000080 (previous resistance turned support) and $0.0000070. Resistance above sits first at $0.0000120.
Meanwhile over the past 24 hours, there have been 2,646,515 SHIB tokens burned across 3 transactions. Overall statistics on tokens burned, circulating supply and more can be found at https://shibburn.com as the SHIB community aims to reduce total token supply.
With altcoin season potentially ahead and meme mania still running hot, traders will closely watch to see whether SHIB can build upon its recent breakout and continue climbing back towards its all-time high.
Sponge V2 – The Liquidity Absorbing Meme Coin
Sponge Token (Sponge V2) is a new meme coin presented as having a focus on absorbing liquidity from the competition. Let’s take a look at some of its key features:
What Is Sponge V2?
- Staking Mechanism: Users can stake Sponge V1 tokens to earn Sponge V2 tokens. This process will permanently lock up the V1 tokens.
- Purchase Options: Sponge tokens can be bought using ETH, USDT, or a bank card. Purchasing through the website’s widget will automatically stake V1 tokens and grant an equivalent amount of V2 tokens as a bonus.
- Tokenomics of V2: Includes no presale, no taxes, a significant marketing budget, ample CEX liquidity, and the ability to earn V2 tokens in a planned Play-to-Earn (P2E) game.
- Roadmap V2: The roadmap includes stages like Sponge V2 announcement, staking launch, game development, exchange listings, and reaching a $100M market cap.
The original Sponge token was launched in May 2023 – in the depths of the crypto bear market. Its combination of meme coin appeal, huge marketing push, and well-designed tokenomics led it to achieve a spectacular $100 million market cap in its early days.
With the launch of Sponge V2 timed for the start of the next major bull run, the meme token has ambitions to capture even greater hype and capital inflows this time around.
Bridging from the existing Sponge V1 token to the new Sponge V2 ERC-20 token will be enabled via staking of V1. Anyone with staked V1 tokens in the current pool will need to withdraw them and restake the tokens into the new V2 staking pool in order to secure their share of V2 tokens at launch.
For new buyers, purchasing Sponge through the widget on the website will automatically stake any V1 tokens and grant the equivalent amount of V2 as a bonus when it is released. Staking V1 is the only way to earn V2 tokens before the official launch.
With its combination of meme coin appeal, ambitious roadmap, and well-designed tokenomics, Sponge V2 presents an intriguing investment opportunity. The ability to earn V2 tokens by staking V1 provides additional incentive for buyers and also helps drive scarcity. If hype grows as planned leading up to launch, getting exposure early through purchasing and staking V1 could prove very profitable in the long run.
Of course, as with any cryptocurrency investment, conducting thorough research and allocating responsibility is always essential.
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