It’s been a wild few days for Myro (MYRO) holders, with the coin’s value rising sharply on Tuesday before crashing 16% in the past 24 hours.
MYRO is now trading around $0.188, leaving holders wondering where the token’s value could go next.
Meanwhile, some meme coin enthusiasts are eyeing the upcoming Sponge V2 (SPONGEV2) project instead, believing it could offer better long-term prospects.
MYRO’s Price Crumbles After Fleeting Bull Rally
On Tuesday and early Wednesday, MYRO’s value rocketed by 50%, hitting a peak of $0.222.
This gave MYRO a market cap of $210 million, making it one of the top gainers in the meme coin space.
However, the token’s high was fleeting, and MYRO has sank 16% since then.
There hasn’t been a clear catalyst for the token’s selloff, with many pundits attributing it to profit-taking following the earlier surge.
More worrying for MYRO holders is that trading volumes have also dropped 34% since yesterday, suggesting that interest in the token may be cooling.
From a technical perspective, MYRO is forming a downtrend on the daily time frame with clear lower highs and lower lows.
MYRO has also dropped below the 50-day exponential moving average (EMA) – a widely used proxy for the medium-term trend.
All of these factors paint a gloomy picture for MYRO’s short-term prospects, meaning holders may need to brace for continued turbulence.
Meme Coin Sector Struggles as Bears Take Control
MYRO isn’t the only meme coin that has dipped in the past 24 hours.
Fellow meme coins Snek (SNEK) and Coq Inu (COQ) are also down over 4%, while Dogecoin (DOGE) has dropped 2%.
The only established meme token that has escaped the bearish momentum is dogwifhat (WIF), which is up an impressive 8% in the same time frame.
However, the bears appear to be in control of the space at present, causing spot trading volumes to dip 21%.
In turn, this has led the meme coin market’s total value to drop back below $20 billion.
The broader crypto market has also seen volatility in the past day, although Bitcoin (BTC) is still in the green.
Investors appear to be acting cautiously and waiting for key price drivers to emerge, evidenced by the Crypto Fear & Greed Index sitting in “Neutral” territory.
So, with MYRO’s price still suffering, only time will tell whether this is just a temporary dip or the start of a steeper decline.
Upcoming Sponge V2 Token Attracts Buzz as Staking Pool Value Nears Million
Even though MYRO is struggling, not all meme coins are in the control of the bears.
One meme coin still making positive progress is Sponge V2 (SPONGEV2), which has now attracted over $3.9 million worth of staking value.
The coin, dubbed the “next evolution” of the original Sponge (SPONGE) token, has turned heads since being announced in December.
Although not yet available to trade on the open market, holders of the original SPONGE can lock up their tokens in the staking pool to earn SPONGEV2 as yield.
The current reward rate is set at a whopping 274% per year – with over 5.8 billion SPONGE tokens staked already.
SPONGEV2’s high yield and the upcoming P2E game integration have led to enormous buzz in the project’s Telegram community.
Adding to the buzz is that SPONGEV2’s developers have announced the token will be launched on “bigger and better” exchanges than the original token.
Considering SPONGE is listed on top-tier platforms like Gate.io and MEXC, the anticipation for SPONGEV2’s exchange debut is high.
The token has even been referenced in recent videos from YouTubers like Cilinix Crypto – demonstrating its widespread appeal.
With Sponge V2 continuing to draw attention from retail investors worldwide, this brand-new meme coin could be one to watch as it gears up for listings in the coming weeks.
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