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The ZetaChain price surged more than 66% over the past 24 hours to trade at $0.9156 as of 8:25 am EST as investors bet big on the newly-launched crypto.
The ZetaChain Price Prints A Higher Low
15-minute chart for ZETA/USDT (Source: TradingView)
The ZetaChain price has printed a second higher low in the past hour, resulting in the formation of a positive trend line. Should this bullish momentum continue, the altcoin may overcome the $0.9885 threshold and begin climbing.
This bullish thesis may be invalidated if ZETA falls below the immediate support level at $0.8815. In this alternative scenario, the ZetaChain price may drop to the subsequent support level at $0.7645.
Momentum is currently in favor of bulls. This is evident by the 9 and 20 Exponential Moving Average (EMA) lines. The 9 EMA is positioned above the 20 EMA line, signaling that buyers have been more active during the last 9 candles on the 15 minute chart than the previous 20 candles.
If this positive momentum continues, the ZetaChain price may break above $0.9885 before the end of today’s trading session.
While the ZetaChain price gears up for a potential explosion, Sponge V2 is positioning itself to repeat the 100X gains it recorded in the 2023 bear market.
Looking To Build Off Its Earlier Success
Sponge V1 managed to print 100X gains for early-stage investors during the middle of 2023. It was also able to reach a peak market cap of $100 million. Now, the Sponge team have returned and are looking to give investors another chance at substantial gains through the launch of Sponge V2.
Turn up the volume, #SpongeV2 is making noise! 🎶🧽
Time to stake your $SPONGE! 💪#BullMarket #Sponge #Crypto #SpongeV2 #AltCoins #100x #Binance #PEPE #FLOKI #DOGE pic.twitter.com/rqVG1ev1Vh
— $SPONGE (@spongeoneth) February 1, 2024
To ensure the success of Sponge V2, the team have lined up a number of major centralized exchange listings. In addition to this, the project will tap into the fast-growing blockchain gaming industry by introducing a play-to-earn racer game.
This game will be available in two versions, a paid version and a free version. In the paid version, players stand the chance to win Sponge V2 tokens. This will introduce a level of utility into the meme coin’s ecosystem.
Migrating To The Polygon Network
🚨 Important project update! 🚨
Due to a malicious attack on the Sponge V1 token, we’ll be moving all holders to Sponge V2 on the 5th of February at 11:00 PM UTC.
Please be aware the $SPONGE V1 will be discontinued.
We strongly advise all holders to withdraw their tokens from… pic.twitter.com/itZelxAL9V
— $SPONGE (@spongeoneth) January 31, 2024
The Sponge team has decided to migrate Sponge V2 to the highly-scalable and rapidly-growing Polygon network following an attack on its liquidity pool. The migration to the network was always part of the project’s roadmap, but the team has decided to fast track the transition for security reasons.
The scheduled date for the move to Polygon has been set for Monday Feb. 5, and will take place at 11:00 pm UTC. With this transition, Sponge V2 will be launched and Sponge V1 will be discontinued.
Not only will this make the project more secure and scalable, it will also unlock a substantial reduction in transaction fees. The project is currently housed on the Ethereum blockchain, which has an average transaction fee between $2.5 and $20.
Through the transition to Polygon, these transaction costs will be slashed down to between $0.38-$0.77. Sponge gamers will be able to look forward to huge potential on-chain savings.
Sponge V2 can be acquired here.
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