As meme coin markets ebb and flow, Solana micro caps have emerged as the latest trend, and Joe on SOL Coin (JOESOL) is the most recent Solana memecoin to explode – as it shoots up +20,000%.
This comes as recent months have seen a huge trend in explosive DEX-traded token moves, with countless moon-shots garnering significant attention, including the ever-popular APX, SAMBO Bot, TIME and fellow SOL memecoin SOLAREUM.
This is how I traded $joesol today
Got my initial buy out on that first sale and then I just sold all the rest of my tokens on that last one
Pretty happy with the little 2-3x pic.twitter.com/d6VhDRJVQX
— Cole (@ColeThereum) December 28, 2023
JOESOL appears to have already pushed through a major pump cycle, and as popular traders exit their positions it seems a continuation of the ongoing sell-off is likely.
JOESOL Price Analysis: How Did The Latest Solana Memecoin Pump Unfold?
As JOESOL enters retracement, JOESOL is currently trading at a market price of $0.0001559 (representing a 24-hour change of 21,154%).
This comes after Joe on SOL launched at just 11PM on December 27, gaining almost immediate traction as price rallied an impressive +3,500%.
The sudden upside move saw JOESOL garner major attention from eagle-eyed DEX traders, triggering a further +1,450% move over the subsequent 5-hours (fuelled by more than $2m in trading volume).
JOESOL price topped out at an all-time high of $0.0009303 – delivering a seismic +20,000% return to the earliest backers.
However, in the 5-hours since, a calamitous -85% sell-off move has swept into the chart, leaving holders reeling from aggressively cascading price action.
The sell-off move has collapsed JOESOL’s market cap down to just $150k, leaving 1.54k holders struggling underwater – highlighting the downside risk on any relief rally from here.
With buy-pressure now stood at just 20% on the short-time frame, JOESOL appears to be going to zero from here.
This downside pressure is driving traders to seek out other highly lucrative projects, that could offer substantial returns.
One such technique employed by smart-money traders is ‘whale hunting’ (tracking major whale wallet addresses to uncover what they’re investing in).
And in a major show of support for the ongoing Sponge V2 presale, it appears industry titan Justin Sun has moved to absorb the damp.
Sponge V2 Launch ($SPONGEV2): A New Era in Meme Coin Evolution – Poised To Outperform Solana Memecoin?
Sponge V2, the latest iteration of the renowned Sponge ($SPONGE) meme coin, is making waves in the cryptocurrency market.
Following the phenomenal success of Sponge V1, which peaked at nearly $100 million in market cap and amassed over 13,000 holders, Sponge V2 arrives with promising innovations and opportunities for investors.
How to Acquire Sponge V2
Acquiring Sponge V2 is unique:
Stake Sponge V1: Buy and stake V1 tokens via Sponge.vip or stake your existing V1 tokens.
Earn More V2: The longer and more V1 tokens you stake, the more V2 tokens you earn.
Read more: Best Crypto to Invest In 2024
Staking Mechanics and P2E Integration
Sponge V2 introduces Play-to-Earn (P2E) utility, enhancing its ecosystem.
Stake your V1 tokens to earn V2, and engage in the upcoming P2E game to earn additional $SPONGEV2 tokens.
This P2E game, a new utility in the Sponge ecosystem, will feature both free and paid versions for enhanced gaming and earning experiences.
Unique Aspects of Sponge V2 Over Solana Memecoin
Exclusive Access: Earn $SPONGEV2 exclusively through $SPONGE staking.
Bonus Rewards: Buying and staking $SPONGE offers special $SPONGEV2 bonuses.
Passive Earnings: Staked $SPONGE tokens yield passive rewards, starting at a minimum 40% APY.
Permanent Transition: Staked V1 tokens will be permanently locked, focusing on V2 post-launch.
Roadmap and Future Prospects
Sponge V2’s roadmap is ambitious, targeting 10,000 holders, Tier 1 CEX listings, and a $100M market cap.
The launch stages include the Sponge game’s development and the Sponge V2 claim and listing.
Sponge V2 is not just a sequel to its predecessor; it’s a reinvention with a focus on utility and community engagement.
The integration of P2E and exclusive staking mechanisms make it a standout project in the meme coin domain.
Stay updated on Sponge V2’s journey through social channels and witness its growth in the crypto world.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
The post As Strange Solana Memecoin Blasts Up 20,000%, Billionaire Justin Sun is Stacking This Other Coin appeared first on Cryptonews.