The remarkable growth for PEPE and TURBO is officially about to come to an end. Over the past few weeks, PEPE managed to explode by an impressive 3000%, without mentioning the 80,000% it was up from launch. During the same period, TURBO managed to explode by over 4000%, sending it to new heights.
Despite the remarkable growth, it seems that the price hikes have started to stall as investors of PEPE and TURBO are jumping ship to invest in the next memecoin sensation in town – Spongebob Token. Here are five essential reasons why PEPE and TURBO whales are starting to leave for SPONGE this week.
1. $20 Million Market Cap in 24 Hours
SPONGE, the native token behind the newly-birthed memecoin Spongebob Token, was launched directly on the Uniswap DEX with liquidity being added to the market on May 4th, 13:22 UTC. 24 hours after launching, the SPONGE market exploded by over 900%, pushing the total market cap value for the token to rise to $20 million. The following screenshot shows the 900% growth, measured from the moment the liquidity was added into the pool;
Spongebob Token is the latest memecoin sensation, built for those who missed out on the PEPE and TURBO token pumps, providing them another chance to get in on the action. The token takes inspiration from the legendary TV show Spongebob Squarepants, which ran on Nickelodeon for 13 seasons from 1990.
Spongebob Token describes itself as the Krabby Patty of memecoins and intends to follow in the footsteps of PEPE’s extraordinary growth by leveraging the popular meme culture. Spongebob-based memes circulate across the internet like wildfire, with thousands of people sharing memes of the lovable sponge character. The token is further propelled by the fact that those that grew up watching Spongebob Squarepants are at the age where they’re likely to invest in crypto today.
With incredible momentum behind it, it’s unsurprising to see whales entering the market at unprecedented speeds. For example, a large portion of the buy transactions for the token is worth 10 ETH (almost $20,000) each, showing incredible interest from whales. This is evidenced in the following screenshot;
Furthermore, there are some mega-whales getting involved, with one whale 100 ETH into the Spongebob Token;
2. Ownership Contract Rennounced and Top Wallet Vested
Another reason why whales are getting involved is that the team has renounced ownership of the smart contract that controls SPONGE. As a result, the team cannot mint any tokens or make changes to the network. With the ownership renounced, whales feel comfortable investing in the project as the team has no ability to change the blockchain characteristics behind the project.
The team announced that they have given up control of the ownership with the following Tweet;
$SPONGE ownership is renounced 🧽✅https://t.co/T0ltgRNWkR pic.twitter.com/p8yqH9hcQ4
— $SPONGE (@spongeoneth) May 5, 2023
Furthermore, whales felt even more comfortable to continue investing in SPONGE after the team announced that the top wallet had been vested for a period of two years. The top wallet controlled almost 30% of the supply, which left whales a little uneasy as they were unsure if the owner of the wallet would flood the market with SPONGE. To ease their concern, the team announced that they had vested the token for two years;
🧽$SPONGE #1 wallet vested for 2 years🧽 pic.twitter.com/HyOSdDYiE8
— $SPONGE (@spongeoneth) May 5, 2023
3. Liquidity Locked with Team Finance 3rd Party
The third essential reason whales from TURBO and PEPE are investing in SPONGE is that the team has also announced that the liquidity injected into the liquidity pool has been officially locked using a 3rd party service, Team Finance.
The team injected over $2 million into the liquidity pool to kickstart the trading activity on the market. However, whales hesitated to enter before the liquidity was locked because the team could simply remove their funds from the pool anytime. However, with the latest announcement, the team has officially locked their liquidity away until November 2023 at the very earliest, meaning that the project is totally rug-proof, and there will always be enough liquidity for whales to play with;
$SPONGE 🧽 Liquidity Locked🔒 with Team Finance🧽https://t.co/SMEAwpLE9rhttps://t.co/oW0Izo9fIZ pic.twitter.com/gRXibnvPkF
— $SPONGE (@spongeoneth) May 5, 2023
4. Coinmarketcap Listing With CoinGeko Incoming
The fourth reason whales are rushing to buy SPONGE is that significant cryptocurrency brands are already adopting it after being listed on CoinMarketCap. In fact, the exceptional price surge in the first 24 hours led to SPONGE being ranked in the top-performing tokens for the day, which is a truly outstanding achievement for a new token;
$SPONGE 🧽 = One of the Top Gainers on @CoinMarketCap 👀😄 pic.twitter.com/IMzEfHKRNO
— $SPONGE (@spongeoneth) May 5, 2023
With the token already listed on CoinMarketCap, traders are eagerly anticipating the token to be listed on CoinGeko next, followed by a handful of the top-tier exchanges across the industry, with Binance being the final target.
5. FOMO, Marketing, and Alpha Callers
The final reason that whales are quickly leaving PEPE for SPONGE is due to the FOMO that’s officially kicking in. Investors are quickly beginning to believe that SPONGE is definitely the next memecoin that can 100x. The project rose to prominence because it has the backing of alpha callers from Discord and Telegram channels across the industry. Whales are in these groups and trust the alpha callers, leading to them rushing to get involved in SPONGE before the herd finds out about it.
Furthermore, some popular YouTube and Twitter analysts believe SPONGE can 100x. In fact, one YouTuber, Jacob Bury, believes that the token can 1000x;
Overall, Spongebob Token has set the foundation for whales to recycle their profit from PEPE and TURBO and sink them into SPONGE for more gains. The traction and attention the project has received in its first couple of days are truly outstanding, and analysts believe that the FOMO is just getting started, meaning you’re still very early to the party. If SPONGE was to just achieve 10% of the market cap growth of PEPE, then there’s still space for 10x returns for Spongebob Token investors that buy today.
You can purchase the token directly on Uniswap by entering the SPONGE smart contract into the system. Alternatively, the best place to purchase SPONGE at the lowest price is through the project’s website, which has the Uniswap interface integrated to ensure you purchase the right token and don’t accidentally purchase a copycat project.
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