Spongebob Token, the latest memecoin sensation inspired by the legendary Spongebob Squarepants TV Show, has surged by over 4000% as its market cap went from its starting position of $2 million to reach as high as $90 million just four days later.
The SPONGE token is quickly making headlines across the industry as it continues to trend as the number one token on DexTools and CoinMarketCap. As a result, many analysts believe that SPONGe is about to follow in the footsteps of PEPE and head toward the top 50 ranked cryptocurrency projects.
The token has started to retrace slightly, providing you with the perfect entry opportunity if you’ve been waiting on the sidelines. Keep reading to learn why SPONGE is now the new PEPE and why you need to get involved.
SPONGE Sees Unprecedented Gains Akin to PEPE
The growth of SPONGE over the weekend has been truly remarkable as analysts across the industry compare the growth rate to that of PEPE. The latter has been making mainstream headlines as it surged by over 80,000% from its launch price, creating a new wave of memecoin millionaires in the process.
Unfortunately, most traders missed out on the majority of the gains and will be very lucky to earn a 2x return at the current levels. Nevertheless, traders who missed out don’t need to worry because Spongebob Token has provided them with another opportunity that shouldn’t be missed.
The SPONGE token launched directly on the Uniswap DEX on May 4th without any presale. The team behind the memecoin project injected $2 million into the market’s liquidity pools and then proceeded to lock the liquidity;
$SPONGE ownership is renounced 🧽✅https://t.co/T0ltgRNWkR pic.twitter.com/p8yqH9hcQ4
— $SPONGE (@spongeoneth) May 5, 2023
As soon as the liquidity was locked, whales became confident that the team couldn’t rug the project and started investing huge amounts. In fact, lots of the early-stage buyers were constantly dropping over $20,000 (10 ETH) each into the project;
Taking things one step further, the team locked the coins in the top SPONGE wallet into a vesting contract. The top wallet held more than 30% of the token supply, which made whales uneasy as the owner could dump the tokens at any moment. To ease their concerns, the team announced that the tokens are officially locked with a 3rd party provider, making them untouchable for at least two years;
🧽$SPONGE #1 wallet vested for 2 years🧽 pic.twitter.com/HyOSdDYiE8
— $SPONGE (@spongeoneth) May 5, 2023
As a result, SPONGE managed to explode by over 4000% from the moment the liquidity was added into the pool, pushing the market cap for the token above the $90 million level;
As you can see in the chart above, the market has somewhat cooled off slightly, providing an opportunity for those on the sideline to finally get involved at discounted prices if they buy the dip. A market retracement is always expected after a parabolic move higher, and the current pullback provides the best entry opportunity into the project since its launch.
Spongebob Token Trends as Number 1 on DexTools and CoinMarketCap
The FOMO behind the token has officially kicked in after SPONGE started to trend on the hottest cryptocurrency outlets. For example, the token spent the majority of the weekend as the number one trending token on DexTools;
It didn’t stop there. SPONGE started to trend on Twitter, reaching the top-3 trending topics in India. It was also one of the top-performing tokens on CoinMarketCap, providing exposure to the platform’s millions of users;
$SPONGE 🧽 = One of the Top Gainers on @CoinMarketCap 👀😄 pic.twitter.com/IMzEfHKRNO
— $SPONGE (@spongeoneth) May 5, 2023
Next PEPE? SPONGE Has More Locked Liquidity
With the incredible growth numbers, analysts are quickly beginning to realize that SPONGE is indeed the next PEPE in the market. In fact, some analysts believe that SPONGE is a safer option for investors because it has a higher level of locked liquidity for traders to exit if needed.
The market cap for PEPE is well above one billion, but the liquidity pool barely has $10 million to trade with. As a result, a small number of whales exiting their positions in PEPE could send the market tumbling just as fast as it increased.
On the other hand, SPONGE actually has more liquidity than PEPE as it sits above $10 million. However, the part that’s getting whales involved is the fact that the liquidity locked in SPONGE is much higher than the liquidity locked in PEPE – making it a much safer investment for traders.
With all that being said, the latest pullback for SPONGE provides the perfect entry for those waiting on the sidelines. You can purchase SPONGE on the Uniswap DEX by inputting the contract details into the platform. Alternatively, the easiest way to purchase the token is through the project’s website, which has an integrated Uniswap interface with the token attached, so you don’t end up buying a copycat SPONGE token.
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