2024

Sponge

Dogecoin

Polygon

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After an extended consolidation, Dogecoin (DOGE) is recovering from its recent bottom, and firm. However, traders are diversifying and hedging with Sponge V2 following its launch on Polygon. 
<h2 class="wp-block-heading" id="strong-dogecoin-is-recovering-strong">Dogecoin is recovering</h2> 
Analyst Naem believes Dogecoin may be “bottoming out” following a resistance breakout. 
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 We've witnessed a breakout retest in the <a href="https://twitter.com/search?q=%24DOGE&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">$DOGE</a>/ <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">$BTC</a> pair, suggesting that DOGE might be in the early stages of bottoming out. Check out the DOGE/USD analysis in the comments. <a href="https://t.co/InLNZZB7Py" target="_blank">pic.twitter.com/InLNZZB7Py</a>— Naem (@NaemBB) <a href="https://twitter.com/NaemBB/status/1749790153730564101?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">January 23, 2024</a>
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The analyst also <a href="https://x.com/NaemBB/status/1749790609106223458?s=20" target="_blank">highlighted</a> a “bullish pennant” chart pattern and “volume inflow.” 
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 <img decoding="async" src="https://lh7-us.googleusercontent.com/X237tV1-iPaz3o9i9XCSCatrDYXi67klIbmjpeMcBwMMbilf_2LVt0k3FeKf9KAHjn0WHhxO22oU7q3QRkJFuOKCF8MShRfK4tBojM88cRB4Djcxv0HEKKB6oMAOFo0-YAjHDQMidVTSkyhK0p63tiQ" alt="Dogecoin bulls target $1, Sponge v2 uptrend remains - 31">
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Since posting the analysis on Jan. 23, Dogecoin’s price has climbed 3.8%, confirming the bullish pennant breakout. 
 You might also like: <a href="https://crypto.news/wemade-investigated-for-dodging-reporting-duties/"> Wemade investigated for dodging reporting duties </a> 
The confluence of breakouts against USD and Bitcoin (BTC) point to strong momentum, a basis for more gains. 
CryptoPatel, another crypto analyst, predicts DOGE to hit $3 in the next bull run. 
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 <a href="https://twitter.com/hashtag/Dogecoin?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">#Dogecoin</a> Ready for $3 in Bull Market? Previous bull Market <a href="https://twitter.com/search?q=%24DOGE&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">$DOGE</a> gave 268000% ( 268x ) After Breakout. Currently Chart also showing Breakout Confirmed so Can we Expect 50x From here? But Honestly My First Target is $1 in Bull Run. Keep an eye on Red Box = Breakout Point.… <a href="https://t.co/dIvpyBaZeh" target="_blank">pic.twitter.com/dIvpyBaZeh</a>— Crypto Patel (@CryptoPatel) <a href="https://twitter.com/CryptoPatel/status/1753692806978408573?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">February 3, 2024</a>
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However, CryptoPatel admits that a more likely target would be $1. 
TradingView analyst <a href="https://www.tradingview.com/chart/DOGEUSDT/dziBBnrH-DOGE-USDT-1W/" target="_blank" rel="noopener">Nyskohuz</a> project to range between $0.62 and $1.4 “throughout 2024 and into the early months of 2025.” 
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 <img decoding="async" src="https://lh7-us.googleusercontent.com/Uhyt70Y_Wnz6xQ_mcEEc3wUOzB1OiqrJdRZ-xNNcKvnLkc8aWlq3wR1FYtV1ALSVt698aWUUKOQlsLwwDVA1gVnNQkeKJUj5HsMzjWOri76PojQ2zuHfaGfgUqwlO4N-omYaXI2xbVY-nRXfnacF4oE" alt="Dogecoin bulls target $1, Sponge v2 uptrend remains - 32">
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Given the community-led nature of meme coins, another key consideration is narratives. Regarding Dogecoin, the community’s primary focus is on Elon Musk-related integrations. 
One recent <a href="https://x.com/SamuelReidGEC/status/1754635923160170799?s=20" target="_blank">example</a> is the DOGE payment for SpaceX mission, Doge-1. 
The trip has been delayed several times, and the community is <a href="https://x.com/codyoriel/status/1754640541969535424?s=20" target="_blank">skeptical</a> about whether it will ever occur. 
Dogecoin’s dependence on Musk has fared a bottleneck and may slow its trajectory to $1. 
With this in mind, savvy traders are seeking other potent alternatives, including Sponge v2 that’s deploying on Polygon. 
<h2 class="wp-block-heading" id="strong-sponge-v2-launches-on-polygon-strong">Sponge v2 launches on Polygon</h2> 
Since the announcement of <a href="https://bs_0b2c3363.crypto-news.care/?referrer=can-dogecoin-hit-$1-this-year-or-is-sponge-v2-a-better-buy" target="_blank" rel="noopener">Sponge v2</a> in November, all eyes have been on the project. 
Sponge originally launched in May 2023, surging to a $100 million market cap. 
Its native token, SPONGE, was listed in over ten crypto exchanges, drawing over 13k holders, and more than 30k followers on social media. 
Although the token sold off as the meme coin market retraced, the Sponge V2 announcement has driven prices up by 500% from November to February. 
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 <img decoding="async" src="https://lh7-us.googleusercontent.com/uu9UIr7fyju3JOdGHoqrwcRSJ5VFQsJNZdotmxO2qLYht5VZ-JwDlb_668J1YerVdzuC2xXkTNY5WjWh_jogtuvmuruLwst8UjJVWuQDwmx4TxtEBd8R3ESUPqbaw71BvMKgAbcGbJaF5Bo6SjUoYhY" alt="Dogecoin bulls target $1, Sponge v2 uptrend remains - 33">
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The latest version will include a play-to-earn racing game on Polygon. 
 You might also like: <a href="https://crypto.news/chatgpt-meme-coin-price-predictions-dogecoin-bonk-and-sponge/"> ChatGPT meme coin price predictions: Dogecoin, Bonk, and Sponge </a> 
Migrating from Ethereum allows for cheaper and faster transactions, ideal for meme coin traders. 
Sponge V2 went live on Feb. 5. 
V1 holders must deposit their tokens in the Sponge staking contract to exchange them for the V2 version. 
The current staking yield is 2605%. However, this will decrease as the staking pool grows. 
This iteration has found broader community support with Crypto Nation <a href="https://www.youtube.com/watch?v=nTpW562u1rg&amp;pp=ygUJc3BvbmdlIHYy" target="_blank" rel="noopener">speculating</a> that it could be the “next Dogwifhat.” 
Meanwhile, the Sponge team plans to list the token on “bigger and better exchanges.” 
Those looking to buy Sponge V2 today can get it from the Sponge.vip website using MATIC. 
 Read more: <a href="https://crypto.news/sponge-rallying-up-470-as-investors-keep-watch/"> Sponge rallying, up 470% as investors keep watch </a> 
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Dogecoin bulls target $1, Sponge v2 uptrend remains

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