EMMY has posted a 500x surge over the past couple of days, with the new Solana meme coin rising as high as $0.00020 after listing on the Raydium decentralized exchange.
This performance arguably put in the same league as other Solana-based meme tokens, such as BONK and WEN, which have garnered plenty of interest in recent months with their market-beating rallies.
However, it’s not sure if EMMY has as much staying power as these meme tokens, with the coin now actually down by 50% in the past 24 hours, suggesting a severe decline.
Yet even if EMMY is unlikely to recover, there other fundamentally stronger tokens in the market, with Sponge (SPONGE) currently in the process of launching the second version of its token, with over $3.7 million already staked.
Solana Meme Coin ‘EMMY’ Blasts Up 500x in 24 Hours
EMMY has fallen by about 70% since reaching an all-time high of roughly $0.00020 yesterday, a pretty dramatic fall from grace.
Having said that, the Solana meme coin’s price hasn’t completely fallen off a cliff, with its level witnessing a slight recovery from the low it fell to earlier today.
Source: DEXTools/TradingView
Still, even with a brief resuscitation, it has fallen back again, and only someone who is really fond of risks would be tempted to bet that it’s going to see a strong recovery anytime soon.
Pushing its prognosis more towards further falls is the fact that its volume has consistently declined in the past couple of days.
There was a relatively healthy surge in volume upon its listing a couple of days ago, but this has all-but dried up, suggesting that interest in the token has waned.
This Other Token Just Hit $3.7 Million
As such, pretty much everyone would do well to steer clear of EMMY, which seems to be on the way down.
Alternatively, they might like to consider one of various promising and fundamentally stronger altcoins currently hitting the market.
One of the most promising is Sponge (SPONGE), an ERC-20 cryptocurrency that originally hit exchanges in April 2023, where it rallied by more than 150%.
It’s currently launching Sponge V2, the second version of its coin, which will come with a more rewarding staking model and will be the native token for a new racing-themed play-to-earn game.
Huge milestone alert, #SPONGERS!
There are now over 6 billion $SPONGE tokens staked with a value of $3,958,206.14!
Our holders are enjoying an impressive current APY of +250%.
Join us and absorb the damp!! #SpongeV2 #Crypto #Web3 #Alts #100x pic.twitter.com/llxFF0hfby
— $SPONGE (@spongeoneth) January 26, 2024
As a racer, the P2E game will find players competing against each other in order to rank the highest on a global leaderboard.
Those who rank highly will receive SPONGE V2 tokens as a reward, with the game also featuring a free and a paid version, to make it as accessible as possible.
It’s possible to claim SPONGE V2 in one of two ways: by going to the official Sponge website, either you stake Sponge V1 tokens or buy the new version outright.
Either way, those who claim Sponge V2 will have their tokens staked until the coin officially goes live.
Those who hold their tokens for longer will earn a higher yield, which can rise as high as 400% depending on the number of stakers and length staked.
Given that Sponge already has a strong online presence and following, the launch of Sponge V2 in the next few weeks could be even bigger than the launch of its predecessor.
Indeed, the fact that there is now almost $4 million SPONGE V2 tokens staked would suggest considerable interest the coin, which could rally strongly very soon.
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