The memecoin mania might be fading as PEPE drops over 40% this week. Despite this, SPONGE continues to surge by 70% – find out why.
The memecoin mania might be fading as PEPE drops over 40% this week. Despite this, SPONGE continues to surge by 70% – find out why.
The memecoin mania experienced over the past few weeks looks like it’s starting to come to a conclusion. For example, PEPE, which has been synonymous with the memecoin mania, is now down 36% this week as it starts to unwind the 4000%+ price surge it experienced just a fortnight ago. At the same time, other popular memecoins, such as TURBO, Wojak, and POOH, are also experiencing similar price declines.
Despite the memecoin circuit deflating, SPONGE continues to buck the trend after surging by over 70% today. It seems that investors can’t let go of the Spongebob Squarepants inspired memecoin as it continues to gain momentum with additional exchange listings.
PEPE Down 36% After Memecoin Mania Disappates While SPONGE Continues Upward
The cryptocurrency memecoin mania was fun while it lasted, but bubbles can only last for a certain period of time before they burst. PEPE is now down by a whopping 36% this week as it continues to unwind the extraordinary gains that led to the fastest-growing memecoin to be listed on Binance – the world’s largest exchange;
The 4000%+ price surge it experienced allowed PEPE to reach a market cap high above $1 billion, but the recent price drop has caused the market cap to sink back beneath $500 million again.
It’s not just PEPE that’s struggling. Other popular memecoins like TURBO are experiencing a similar fate after dropping more than 40% over the past 24 hours;
Despite the waning memecoin mania, Spongebob Token is bucking the trend and has surged by more than 70% over the past. 24 hours as it starts to recover from the mid-week price drop;
SPONGE Adoption Continues as More Prominent Exchanges List the Token
Spongebob Token is a new memecoin listed straight to the Uniswap DEX on May 4th. The token experienced incredible growth in its first few days after exploding by over 3000%, allowing the market cap for the project to rise from $2 million to reach as high as $96 million. Unfortunately, the start of the week brought a bearish narrative to the entire cryptocurrency industry, which caused memecoins – SPONGE included – to start falling.
However, the falling prices didn’t stop SPONGE from getting listed on a variety of tier-1 exchanges. LBank was the first exchange to list the token in the past week, which was quickly followed up by Poloniex listing the token.
Next, MEXC Global, a top-10 ranked cryptocurrency exchange, went on to list SPONGE mid-week;
🧽 $SPONGE will be listing on
@MEXC_Global 🧽🧽 Details: http://bit.ly/3phMcGt
🧽 More CEX listings coming your way ✅
Now, the team has announced two more extremely exciting exchanges that SPONGE will be listed on. The first of the exchanges is BitGet – another top-10 ranked exchange that facilitates over $1 billion in daily trading volume;
🧽 $SPONGE will be listing on
@bitgetglobal 🧽🧽 Details: https://bitget.com/en/support/articles/12560603785669
🧽 More CEX listings coming your way ✅
The other new exchange is another top-10 ranked cryptocurrency exchange in Gate.io. This exchange is also offering a $50,000 airdrop in SPONGE for those trading on its exchange;
Gate.io #Startup Free Offering: $SPONGE
@spongeoneth🗓️ Subscription: 04:00 pm, May 11-07:00 am, May 12 (UTC)
💰Airdrop Value: $50,000
⏰Trading Starts: 10:00am, May 12 (UTC)Claim NOW: https://gate.io/startup/796
The exchange listing rampage shows the FOMO behind the project, as the high daily trading volume is a valuable source of revenue for exchanges. Furthermore, traders welcome the additional exchange listings as it gives them an avenue to purchase SPONGE without having to pay exorbitant GAS fees on the Ethereum network.
Why is Spongebob Token Bucking the Memecoin Downtrend?
Spongebob Token is in a different league to other memecoins like PEPE and TURBO because it has the backing of alpha callers behind the project. Unfortunately, whales have already used and abused PEPE to push its market cap as high as $1 billion, milking the token value and squeezing as much out as possible. As a result, PEPE is already down by well over 50% from its peak as whales start to leave PEPE to invest in SPONGE.
Spongebob Token is described as the Krabby Patty of memecoins – referencing the legendary TV show from which the token takes inspiration. Investors continue to pile into the memecoin because its market cap sits beneath $30 million – providing it with significant room to push higher. A 10x return for SPONGE from here would only put its market cap at $300 million, which is still less than the current market cap of PEPE. As a result, whales see higher returns in SPONGE, so they’re jumping ship to invest in the Nickleodon-inspired memecoin.
With the market cap still being relatively low, investors still have the perfect opportunity to jump on board the train before it leaves the station. The overwhelming level of FOMO for this token is primed to push SPONGE into a different stratosphere, and it won’t be long before the token starts to reach its previous all-time high again and create new memecoin millionaires.
You can purchase SPONGE on any of the exchanges mentioned above. Alternatively, suppose you’re looking for a decentralized method to purchase the token. In that case, the best place to go is to the project’s website, where there is an integrated Uniswap interface to ensure you purchase the correct SPONGE.