SpongeBob (SPONGE) is making waves in the crypto world as the newest meme coin to keep your eye on, following in the footsteps of Pepecoin’s (PEPE) recent price explosion.
With its cheerful and whimsical mascot, this cryptocurrency is capturing the attention of investors and meme enthusiasts alike, bringing a bit of fun to the often-serious world of digital assets.
SPONGE has struck a chord with numerous crypto traders, tapping into a cultural phenomenon that has remained popular for decades. It’s no surprise that the token has rapidly climbed the ranks and currently holds the coveted top spot on the DEXTools hot pairs list.
SpongeBob Token Gains Traction Despite Recent Price Dip
The SpongeBob token, created to capitalize on the success of Pepecoin, has been gaining traction in the cryptocurrency market. Crypto market tracker CoinMarketCap is now monitoring the value of SPONGE.
SPONGE price has mostly been up in the 1-day chart. Source: CoinMarketCap
Although the value of SPONGE has recently taken a somber dip, decreasing by 15.04% in the past 24 hours to $0.000924, it has also been listed as one of the top trending projects on DexTools. At times, it has even claimed the number one spot for hot pairs alongside PEPE in the number two spot.
Furthermore, trading volume for SPONGE has been spiking, with more than $100 million worth of the token being traded. At the time of writing, its fully diluted market cap stands at just over $40 million, up from $3 million on May 4, but still under 5% of Pepe’s market cap.
Crypto total market cap currently at $1.113 trillion. Chart at TradingView.com
SPONGE launched on the Uniswap decentralized exchange on May 4 and experienced a pump of over 30x at its peak. However, following the news of Binance pausing BTC withdrawals on May 8, the wider market experienced a correction, causing the value of SPONGE to dip.
Despite this setback, the SpongeBob token continues to make waves in the crypto world.
SPONGE: Momentum Despite Lack Of Presale, Social Media Campaign
The https://sponge.vip/$SPONGE token has caught the attention of the cryptocurrency community, despite being launched straight to exchange trading without a presale and with little social media promotion leading up to its launch. Its speed of gaining attention is a notable feat for the SpongeBob project.
Some analysts have already identified SPONGE as the potential next explosive meme coin. One analyst predicts that the SpongeBob SquarePants universe’s popularity and meme potential could generate returns of up to 1,000 times.
It is evident that traders are keeping an eye out for new meme coins in the aftermath of the success of Pepe token. To many, the SpongeBob token appears to be an exciting opportunity.
-Featured image from Spongebob Squarepants/Viacom