Pepe and Book of Meme have displayed tremendous resilience, rising 5% and 21%, while a sea of red washes the crypto market.
Meanwhile, the new meme coin Sponge also looks bullish as a prominent analyst backs it for 10x gains.
Pepe and Book of Meme Bounce, Analysts Anticipate Further Gains Ahead
Cryptos that perform well in turbulent market conditions are often first-in-line to thrive when the market recovers.
While the crypto market cap is down 4.65% today, Pepe and Book of Meme have prevailed.
The outperformance is particularly interesting, given that meme coins are usually the hardest hit in difficult market environments.
However, both cryptos have retracted from their highs, with Pepe down 26% this week and Book of Meme down 57% from its 16 March all-time high (ATH).
Nevertheless, the recent upticks symbolize hope for the respective communities, laying the way for further bullish momentum.
In a recent chart analysis, Because Bitcoin CEO Max Schwartzman forecasted that Pepe will consolidate for a couple of weeks around its current level before an explosive leg up.
“Give it a couple of weeks to coil/accumulate. Things look good. Very healthy for this phase of the cycle,” he wrote.
In another tweet, he compared Pepe’s recent uptick to Dogecoin and Shiba Inu’s last cycle, dubbing the pullback “the end of leg 1.”
He said, “This was the end of leg 1 for Pepe. We are doing a Frankenstein’d version of DOGE & SHIB from 2021. I have very little doubt that we have higher to go, but it’s too early to know if there are 1 or 2 more legs to go. After leg 1, Doge corrected -56% & SHIB corrected -42%.“
Currently, Pepe is trading at approximately 40% from its local high, indicating that the bearish momentum may be ending.
Moving to Book of Meme, Mike Schmidt noted that the project is “picking up momentum” and that he “scooped some more up on that big dip yesterday.”
Schmidt has been a vocal backer of BOME since its inception, calling it a “top meme contender” in another post on X recently.
But while Pepe and Book of Meme show recovery signs, Polygon-based P2E meme coin Sponge also looks bullish as a prominent trader predicts it will 10x.
P2E Meme Coin Sponge Backed to 10X
Sponge’s history is bound to Pepe’s, initially launching in the same period of meme coin parabola in 2023.
Within days of launching, Sponge amassed a $100 million market cap and netted early investors a 100x ROI, illustrating an unwavering excitement.
The pump was powered by steadfast community support, with over 13K holders, 30K social media followers, and ten prominent exchanges joining the cause.
In a bid to expand its horizons, the Sponge team returned with Sponge V2, which boasts a new P2E racing game and staking mechanics.
Users can purchase gaming credits with the $SPONGEV2 token, adding a utility-driven demand stream to help prevent price volatility.
The staking mechanism complements this, incentivizing holders to lock their tokens and contribute to the ecosystem’s stability and security.
Currently, they can garner a 412% APY, but this will decrease as more tokens are staked.
Sponge V2 launched in February and has already enjoyed massive success. It is currently up 160% since launching and has a $98 million market cap.
However, analysts anticipate resounding gains, with Jacob Bury recently calling it a “10x potential meme coin.”
Still, the recent market pullback leaves Sponge V2 42% from its ATH, presenting a timely opportunity to buy Sponge V2 ahead of its next potential leg up.
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