Bitcoin

Dymension Price Prediction: DYM Soars 20%, But Experts Say This Meme Coin Presale Might 100X

4 Mins read

Join Our Telegram channel to stay up to date on breaking news coverage

The Dymension price has soared 20% in the last 24 hours to trade for $6.566 as of 3:15 a.m. EST time on trading volume that dropped 16%.

Some traders say the altcoin is poised for yet another breakout soon, with the token featuring among Gate.io’s hot searches alongside Space ID (ID) and Monero (XMR).

The altcoin continues to lead the crypto market rally even as the likes of Bitcoin (BTC), Pepe coin (PEPE), and Ripple (XRP) extend their rebound spree, Coingape notes.

It all comes amid hype around the Dymension mainnet launch. Within two hours of its mainnet debut, the Dymension price soared 50%, coming along with a massive $390 million DYM tokens airdrop. The project also recorded massive trading volume, with data from CoinMarketCap showing over $412 million in volume.

The initial launch of the DYM mainnet was on February 5, although consensus issues saw the network suffer challenges. Chorus One, the largest validator on the DYM ecosystem, reported node issues that affected its participation.

Chorus One holds 34.8% of the voting power on the network.

Nevertheless, it is imperative to note that among the main drivers for the project’s massive success was the $390 Million airdrop. Over a million wallet addresses claimed the DYM tokens. Claims started early in January but transfers were not made until February.

Dymension Price Outlook As DYM Airdrop Euphoria Drives The Market

Measured from a market range of $0.210 to $6.620, the Dymension price is testing the upper boundary of the ascending parallel channel, which coincides with the peak of the range.

The Relative Strength Index, which quantifies momentum, shows a strong price strength, with its uptrend trajectory showing momentum is still rising. The Moving Average Convergence Divergence (MACD) indicator is also about to cross above its signal line (orange band), which could revitalize the bullish cycle. Meanwhile the Awesome Oscillator (AO) is showing large volumes of green histogram bars in positive territory. These accentuate the bullish outlook.

Increased buying pressure could see the Dymension price clear the range high of $6.620 to record a higher local top.

Dymension

TradingView: DYM/USDT 1-hour chart

On the other hand, if profit booking becomes the order of the day, the Dymension price could pull south. A break and close below the 78.6% Fibonacci level of $5.249 would not only see the Dymension price lose support due to the bullish technical formation but also invalidate the bullish thesis.

This could see the Dymension price descend to the 61.8% Fibonacci level of $4.172, or in the dire case, retrace the 50% Fibonacci level of $3.415.

Meanwhile, many traders are turning their attention to Sponge V2, a veteran in the meme coin space that is an upgrade to the now discontinued Sponge V1.

Promising Alternative To Dymension

Sponge V2, which analysts say could record exponential gains at launch, has migrated to the SPONGE V2 Polygon version of the digital asset, a move inspired by a recent malicious attack on its liquidity pool.

The migration is precautionary and intended to prevent any future attacks. All Sponge holders, now on Polygon since February 5, are enjoying enhanced security, efficiency, speed, and affordability.

To earn Sponge V2, Sponge V1 holders be able to stake their holdings soon once a new contract is provided. Those who purchase and stake now will receive a special V2 token bonus. The transition comes by way of a unique distribution mechanism, where Sponge V1 tokens are permanently locked in a staking contract.

According to analyst Jacob Bury on YouTube, Sponge V2 has the potential to record 100X gains at launch, like its predecessor. Sponge V2 is built atop the success of Sponge V1, and it is committed to providing just as much success as its forerunner, and then some.

As of publishing time, over 8.016 billion SPONGE tokens have been staked, for 202% staking rewards per annum. Staking helps reduce token supply by removing the tokens from circulation, thereby tilting the supply-demand dynamics in favor of demand. To acquire $SPONGEV2, the stake-to-bridge utility is the exclusive method, which distinguishes it from a standard presale.

Sponge V2

The token will soon list on multiple exchanges, but before then, the staking function gives you amazing opportunities to earn passive income. Buy and stake Sponge V2 to start earning rewards today.

Visit the Sponge V2 website here.

Also Read:

New Crypto Mining Platform – Bitcoin Minetrix

Bitcoin Minetrix
  • Audited By Coinsult
  • Decentralized, Secure Cloud Mining
  • Earn Free Bitcoin Daily
  • Native Token On Presale Now – BTCMTX
  • Staking Rewards – Over 50% APY

Bitcoin Minetrix


Join Our Telegram channel to stay up to date on breaking news coverage



Source link

Related posts
Bitcoin

Token Unlock Fest Or Price Fizzle?

2 Mins read
Polygon, the Ethereum scaling platform, finds itself at a crossroads. On one hand, it recently completed its final token unlock, marking a…
Bitcoin

Bitcoin May Fall To $42,000 Ahead Of Major Rally

2 Mins read
In an exclusive interview with CNBC’s ‘Squawk Box’, Mike Novogratz, CEO of Galaxy Digital, provided an in-depth analysis of the current state…
Bitcoin

Non-Fungible Items; Picking up Where NFTs Left off — COZ Co-Founder Tyler Adams

1 Mins read
Many have already pronounced the death of NFTs, and in part, they are correct. Amidst the fervor of the NFT hype cycle,…

 

 

Leave a Reply

Your email address will not be published. Required fields are marked *