Dogecoin (DOGE), a king of meme coins, has seen a red trading line for the past month. This drop happened while the rest of the market flourished on the new year and BTC ETF approval hype.

We've seen some price improvements when the BTC ETF got approved, but nothing significant – DOGE is still 14% down in the last 30 days.

This bear sentiment has naturally sparked worry among the DOGE holders and made them look for new alternatives. 

Many of them poured their funds into the improved version of last year's $100M MCAP meme coin, $SPONGE. 

Let's check out the details.

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What's Happening with DOGE? Will the Price Bounce Back Anytime Soon?

Dogecoin is a household name for the meme coin world – What's BTC to the whole market, DOGE is for meme tokens. Created in 2013 by Billy Markus and Jackson Palmer, Dogecoin features the famous Shiba Inu dog from the "Doge" meme as its mascot.

Thanks to endorsements from big names like Elon Musk, its value leaped from $0.005 to a jaw-dropping $0.74, showing a 14,800% increase!

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But, most of you probably know all this already, so let's see what's going on with DOGE now.

For the past few months, DOGE and BTC have been negatively correlated in price terms. If BTC jumps by 20%, we can expect DOGE to fall by approximately 10%. 

And this couldn't come at a worse time for the meme king…

With the SEC approving Bitcoin spot ETFs and the approaching halving event, Bitcoin's price is expected to rise exponentially. Some predictions say that we might see BTC jumping over $100K for the first time.

So, there might be a change in the meme throne in the coming months, and DOGE could pass its crown to another project for the first time since 2013.

One competitor that's been on the rise since last May is the SpongeBob token ($SPONGE), which surged to $100M in market cap. 

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What is SPONGE V2 All About?

Sponge V2 ($SPONGEV2) is creating quite the buzz in the meme coin market, and for good reason. 

It's the evolved version of the legendary Sponge ($SPONGE), which dominated the meme market in May 2023 during a tough bear market. 

The success story of Sponge V1 is nothing short of impressive. With over 13,000 holders at its peak. It garnered listings on more than 10 prestigious centralized exchanges, including the likes of LBank, Toobit, CoinW, and many more.

Its community grew rapidly, amassing nearly 30,000 followers and distributing about $100,000 worth of tokens in an airdrop campaign.

Now, let's talk about Sponge V2. This isn't your run-of-the-mill presale. To get your hands on Sponge V2, you've got two paths:

1. Purchase and stake your Sponge V1 directly on the Sponge.vip website using their buy widget.
2. If you're already holding Sponge V1, just stake them on the Sponge.vip site.

The deal here is pretty straightforward: the more Sponge V1 you stake and the longer you keep them staked, the more Sponge V2 tokens you'll be rewarded with. Once the Sponge V1 supply is fully staked, Sponge V2 tokens will become available for claiming. 

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How Does SPONGE's Staking Mechanism Work and the Introduction of the Robust Play-to-Earn (P2E) Game 

Sponge V2's staking mechanism is a game-changer in the world of meme coins, offering a unique twist to the typical crypto investment strategy. 

Here's how it works: when you stake your Sponge V1 tokens in the V2 staking pool, you're not just holding onto a digital asset but securing an equivalent amount of the upcoming Sponge V2 tokens. 

Plus, the longer and more V1 tokens you stake, the more V2 tokens you earn, thanks to the variable annual percentage yield (APY). But, remember, staking V1 tokens means they're permanently locked, highlighting a firm shift to the new and improved Sponge V2.

And that's not all – Sponge V2 is upping the ante with its introduction of a robust Play-to-Earn (P2E) game. By doing this, the project is distancing itself from the mold of useless shitcoins.

Whether you buy or stake $SPONGE using the widget on Sponge.vip, you're in for bonus V2 tokens. And if you keep your V1 Sponge staked, you'll keep racking up more V2 rewards.

The upcoming P2E game is set to be the Krabby Patty of community-driven meme coins. In this game, not only will users enjoy playing, but they'll also have the chance to earn $SPONGEV2 tokens by climbing up the leaderboard. 

The game will cater to all types of players, offering both free and paid versions. For those looking to boost their earnings, $SPONGEV2 tokens can be used to purchase game credits for additional in-game rewards. 

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Crypto Media and Influencers are Backing the $SPONGEV2

In case you think that we are the only ones who think that $SPONGEV2 holds great potential, take a look at what famous influencers had to say.

Take Jacob Crypto Bury, for instance. With a YouTube following of over 26,000, he's a well-respected voice in the crypto community. He's gone on record predicting that $SPONGE V2 could deliver a 10x gain.

Though the announcement of V2 is still fresh, the crypto media and influencer community are quickly taking notice. 

Many of those who accurately predicted the success of the original $SPONGE last May are now turning their attention to V2, with the crypto community eagerly awaiting their insights and forecasts.

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Conclusion

So, there you have it, DOGE is going through a bearish period, and there are no signs that things will get better anytime soon. Especially considering its negative ties to the Bitcoin growth.

However, it's not all so grim in the meme market, as we presented a new meme ICO token that looks to have at least 10X potential in the upcoming quartal. 

Remember, once all the SPONGE tokens are staked, the window of opportunity slams shut. So, if you're looking to make a move, the time is now. Don't miss out on what could be the next big thing in the meme coin space!