Dogecoin bulls target $1, Sponge v2 uptrend remains

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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.

Dogecoin is recovering

Analyst Naem believes Dogecoin may be “bottoming out” following a resistance breakout.

The analyst also highlighted a “bullish pennant” chart pattern and “volume inflow.”

Dogecoin bulls target $1, Sponge v2 uptrend remains - 1

Since posting the analysis on Jan. 23, Dogecoin’s price has climbed 3.8%, confirming the bullish pennant breakout.

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.

However, CryptoPatel admits that a more likely target would be $1.

TradingView analyst Nyskohuz project to range between $0.62 and $1.4 “throughout 2024 and into the early months of 2025.”

Dogecoin bulls target $1, Sponge v2 uptrend remains - 2

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 example is the DOGE payment for SpaceX mission, Doge-1.

The trip has been delayed several times, and the community is skeptical 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.

Sponge v2 launches on Polygon

Since the announcement of Sponge v2 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.

Dogecoin bulls target $1, Sponge v2 uptrend remains - 3

The latest version will include a play-to-earn racing game on Polygon.

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 speculating 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 website using MATIC.

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