Place/Date: - May 8th, 2023 at 12:41 pm UTC · 5 min read
Source: Sponge Token
SpongeBob Token is the latest meme coin sensation to seize the crypto market. $SPONGE, which was listed on Uniswap on May 4 with no presale leading up to it, went viral within hours. Investors in search of the next big meme coin are piling in on the token to make the best of its exponential growth potential.
Traders who missed out on earlier meme coins like $PEPE and $TURBO are fueling the $SPONGE bull run. According to analysts, the token can go 100X in the next few days, as the momentum builds up.
SpongeBob token has climbed 403.07% on the daily window at the time of this writing. Within an hour of going live, $SPONGE amassed a trading volume of around $1 million, hinting at the massive bullish sentiment that is likely to grow.
It has a 24-h trading volume of $13.9M and a market cap of $14.94M. That is substantially large for a coin that went live just a few hours back and is still tiny enough to generate multifold returns. Looks like $SPONGE is ready to replicate the recent Pepe Coin pump, but with more vigor.
While $PEPE had to face liquidity challenges in the days that followed the launch, $SPONGE seems to be prepared to tackle it. The locked liquidity with Team Finance safeguards the token against liquidity challenges and allows for stronger bull runs. On May 4, an investor plowed in $694,921 to $SPONGE to take advantage of the hype. It’s only a matter of time before more whales flock to the token.
Rather than opting for a presale and then moving on to a festive exchange listing, $SPONGE has gone to the Uniswap DEX directly. The decision has helped it win the trust of the meme coin community.
Crypto traders are increasingly skeptical about centralized exchanges after the FTX collapse. Decentralized exchanges, on the other hand, are largely immune to scams and manipulations. The fact that regulatory troubles engulf CEXs like Coinbase, the largest exchange in the US market, has fed the shift. A growing number of crypto investors prefer DEXs over CEXs, as a result.
$PEPE and $TURBO are two cryptocurrencies that kindled the meme coin frenzy recently. Pepe Coin, touted as the “most memeable meme coin in existence”, has earned 621.4% returns for investors in the last fourteen days. It doesn’t have high ambitions. The website reveals that the token comes with “with no intrinsic value or expectation of financial return”. In addition, there is no formal team or roadmap that leads the project. And more importantly, the coin is “completely useless and for entertainment purposes only”.
Turbo Token is another meme coin to capture the interest of the crypto market recently. It has an inspiring story to tell, being the result of a bold experiment in cryptocurrency creation. The project founder challenged GPT-4 to create the next great meme coin with a budget of just $69. He then followed all instructions provided by GPT-4 and documented the process. The hype around the project, although short-lived, shows how meme coins can become a global phenomenon in hours.
SpongeBob token dives into the meme coin craze, tapping into the nostalgia around the SpongeBob SquarePants TV show. It ran on Nickelodeon for 13 seasons beginning in 1999 and is the most-watched children’s TV show of all time. Kids who grew up watching SpongeBob SquarePants should be in their late 20s and early 30s now. Most crypto traders and investors, especially in the meme coin community, belong to the same age demographic.
Moreover, SpongeBob is already a widely featured meme character, along with characters from the show like Squidward, Patrick, and Plankton. Even people who didn’t grow up watching SpongeBob are familiar with these popular memes. So, the theme of the token has high relevance in the crypto social media spaces. Judging by the growing interest in the project, it can outperform $PEPE in the next few days in terms of market cap.
SpongeBob Token is live on Twitter under the ID @spongeboboneth. The bio describes the project as the ‘Krabby Patty of meme coins,’ referring to the show’s signature and popular food item that characters simply can’t get enough of. Just like Krabby Patty, the true ingredients of SpongeBob tokens are mysterious.
🧽🧽 $SPONGE Quick Links 🧽🧽
Contract address: 0x25722Cd432d02895d9BE45f5dEB60fc479c8781E pic.twitter.com/Od37X6PKSb
— $SPONGE (@spongeoneth) May 4, 2023
We don’t know the team behind the project, where it is headed, or if it has plans to integrate utilities. Despite that, it is likely to reap ridiculously high returns of up to 100X for early investors in the next two weeks. Moreover, it is a safe investment, with locked liquidity and a solid smart contract audit report.
The best way to learn more about $SPONGE’s developments and future plans is to join its Telegram and Discord groups. The project has generated interest amongst alpha callers in Discord, strengthening the bull run.
For more details about the token, track it on DEXTools.
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