As Shark Token Rises 134,948% in 24 Hours, Another Token Eyes New Exchange Listings

cryptonews.com:

Solana (SOL) has smashed back above $200 amid heightened activity in Solana meme coin markets, and in the latest DEX pump, Shark Token (SHARK), has exploded +124,948%.

This article will provide an analysis of SHARK’s current price trends and look to see whether an alternative meme coin, SPONGE, represents a more promising investment opportunity at this time.

Ignore the FUD, we keep building.$SHARK is only 2 days old! pic.twitter.com/BJwQnu0MF3

— SHARK on Solana! (@SharkOnSol) March 18, 2024

Angled as the aquatic cousin of DogWifHat token (WIF), SHARK, has exploded in classic meme coin fashion, due to its strong branding and significant effort at flash community building on Telegram.

With price action battling to stay afloat amid volatile consolidation, Shark is currently trading at a market price of $0.0055 (representing a 24-hour change of -37.5%).

This comes after SHARK launched on Solana DEX markets at 14:00 (UTC) on March 17, in a listing that gained strong initial traction – pumping +9,400% in the first hour.

Eagle-eyed Solana meme coin traders sighted in on the impressive opening pump, and over the next few hours, a steady trickle of volume surged into a flood, fuelling price on a further +200% climb to establish an all-time high at $0.016.

Lower support was established between $0.0045 and $0.0095 amid the dramatic climb.

Yet, with early entrants sat atop eye-watering +134,948% gains, retracement set in, giving way to a major -67% decline.

Now trading in well-defended consolidation in the support zone above $0.0045, SHARK token is targeting a recovery move.

However, with buy-pressure representing only 33% of transactions in the past hour, it seems that momentum has fleeted this meme coin project.

Worse still, with 1.65k