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Bitcoin has been on a nearly unstoppable roll lately. Since the start of the year, the world’s largest cryptocurrency by market cap has gained 74%. It even briefly broke through the key $30,000 price level.
Many analysts think that Bitcoin has another move higher yet to make, with a potential price target of $40,000. That would represent a roughly 40% gain from today’s BTC price.
But digging deeper into the crypto space reveals that Bitcoin isn’t the crypto with the most potential right now. A brand new meme coin, $SPONGE, is making waves and some investors think it could explode 1,000x in the weeks ahead.
Banking Crisis Provides a Boost for Bitcoin
Bitcoin’s price has been steadily bullish since the start of the year. Over the course of January and February, BTC moved from $16,600 to above $24,800.
However, the real catalyst for Bitcoin came in March, when Silicon Valley Bank suddenly collapsed. That failure set off a banking crisis in the US that’s still ongoing – just today, lender PacWest was scrambling to find buyers after confidence in the company plunged.
Bitcoin jumped 35% in the days immediately following Silicon Valley Bank’s failure and broke through the key $30,000 price level as the banking crisis spread.
To an increasing extent, investors have considered Bitcoin to be a safe-haven asset similar to gold. It’s become increasingly decorrelated from the stock market and is more resistant to inflation in the US dollar compared to other assets.
The continued turmoil in the banking sector means that from a fundamental perspective, Bitcoin is looking strong. Investors are likely to continue flocking to the world’s biggest crypto as long as traditional assets appear uncertain.
Technical Setup Points to Another Move Higher for BTC
From a technical perspective, Bitcoin also appears to be readying for another upward thrust.
Since testing the $30,000 resistance level in April, Bitcoin has been consolidating around $28,500. An ascending triangle pattern is forming that suggests BTC could make a powerful move above $30,000 in the next few weeks.
Once above $30,000, the next area of resistance is around $40,500. So, once BTC gets above $30,000, there’s little to stop it from moving all the way up to $40k.
Meme Coins Show Explosive Returns That Leave BTC in the Dust
While a 40% boost in Bitcoin’s price would be a boon for crypto traders and investors, it’s hardly the most exciting thing happening in crypto right now.
In the past week alone, two meme coins have posted returns greater than 10x. First, ArbDoge ($AIDOGE) posted an astounding 2,500% gain less than two weeks after launching on major exchanges. The coin experienced more than $470 million in trading volume around the price peak – more volume than was trading in either Dogecoin or Shiba Inu.
Just a few days later, PepeCoin ($PEPE) exploded 3,000% above its listing price. The pump in $PEPE is ongoing, with the coin hitting a new all-time high today and trading volume of more than $375 million.
$SPONGE Builds on Meme Coin Momentum – Next 1,000x Return Token?
Investors who missed the pumps in ArbDoge and PepeCoin may have another chance to get in on the meme coin craze. Spongebob token ($SPONGE) is the latest meme coin to launch on the Uniswap exchange and it’s already getting a lot of attention.
Spongebob describes itself as ‘the Krabby Patty of meme coins’ – a reference to the famous burger in the Spongebob TV show that characters simply couldn’t get enough of. The coin appears likely to pump in the coming days, with investors piling into $SPONGE as fast as they can.
This meme coin is built on solid ground. According to Guinness World Records, Spongebob Squarepants was the most-watched children’s TV show of all time. Many of the children who grew up with the show are now in their late 20s and early 30s, the same demographic that dominates activity in crypto markets.
Spongebob Squarepants is also already entrenched in meme culture. Scenes from the show featuring characters like Spongebob and Squidward routinely appear in memes, including in the cryptocurrency space.
The $SPONGE crypto project has quickly built a following on its Twitter page and in its Telegram group. It’s also a top trending project on DEXTools.
Analysts suggest that $SPONGE could quickly follow in the steps of $PEPE, $AIDOGE, and other highly successful meme coins like $TURBO and $BONK. One analyst has even suggested that $SPONGE could deliver 1,000x returns for early investors.
$SPONGE has a fixed supply of 40,400,000,000 tokens. The coin launched at a price of $0.00005844 and a low $2 million market cap, but it’s gaining value incredibly quickly. The token is already up to $0.00007 on Uniswap, a gain more than 20% in just a few hours.
Investors can buy $SPONGE now on Uniswap.
DISCLAIMER: This is not to be taken as investment advice. Crypto is a volatile asset, do your own research before investing and only invest money you can afford to lose. We may receive commission for clicking links in this article.
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