SpongeBob Token Pumps 1,500% in 24 Hours - is it the Next Wojak & Pepe Coin?
New York, NY
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May 05, 2023 07:54 AM Eastern Daylight Time
New meme coin SpongeBob Token ($SPONGE) has exploded onto the scene in the past 24 hours – and is up over 1,500% from its initial launch price.
Eager investors have been coming in their droves to snap up $SPONGE, which looks to be the latest meme coin to go viral, following in the footsteps of Wojak and Pepe Coin.
The momentum shows no signs of slowing for $SPONGE, with many market commentators speculating as to whether the token could exceed the price growth of its ultra-successful peers.
$SPONGE Explodes onto the Scene; Hits $17m Market Cap
Since launching on May 4th, the only direction has been up for the $SPONGE token.
According to on-chain analytics platform DEXTools, SpongeBob Token now has a market cap of over $17 million – exceptional for a token launched less than one day ago.
In addition, more than 1,100 investors have opted to purchase $SPONGE, highlighting the tremendous buzz surrounding the project. One whale invested as much as $98,000 into the exciting new token.
These metrics are even more impressive, considering the SpongeBob token wasn't "pre-hyped" before making its Uniswap debut. On the contrary, the token was sneakily listed without any fuss.
However, $SPONGE couldn't remain incognito for long, as investors began piling in and forcing the price higher. The buying momentum has continued since the token launched, with the price now hovering around the $0.00044 level.
Interestingly, it's not just retail investors that have clamored to buy $SPONGE, but "whales", too. Over the past six hours, seven buy orders have been placed that value over $70,000.
One high-net-worth investor even purchased $189,000 worth of $SPONGE – showcasing the optimism the market's big hitters have for the token.
CoinMarketCap Listing Adds Much-Needed Credibility
Things just seem to keep improving for $SPONGE, with leading crypto analytics platform CoinMarketCap opting to list the token less than 24 hours after it first launched.
New crypto projects usually have to wait weeks to get listed on CoinMarketCap – yet SpongeBob Token’s positive impression on investors has fast-tracked this accolade.
Moreover, SpongeBob Token’s official Twitter page has seen its follower count quadruple in the past few hours as interested investors seek to learn more about the project’s prospects.
Prominent crypto analyst Jacob Bury has even had his say, posting a breakdown of $SPONGE to his 14,000+ YouTube subscribers.
Bury highlights that $SPONGE could be an excellent option for investors who missed out on Pepe Coin since the token has the potential to 1,000x in value.
Meme Coin Frenzy Reaches Fever Pitch
The exponential growth of $SPONGE over the past day hasn’t been a total surprise. A “meme coin frenzy” has been taking place in the crypto market since mid-April, driven by coins like WOJ and PEPE.
PEPE (Pepe Coin) was the frontrunner of this frenzy, with CoinGecko reporting that the token now has a market cap of over $838 million. The PEPE price is up 3,490% in the past 17 days alone – with things continuing to look positive for the project.
WOJ (Wojak) is another meme coin that has recently generated massive success. Although not as successful as PEPE, the WOJ price has rocketed 1,693% over the past 14 days – with Etherscan reporting that nearly 11,000 people now hold the token.
The incredible success of PEPE and WOJ appears to stem from a large percentage of investors feeling "burnt out" with the ongoing turmoil in the US banking sector. Recent reports have highlighted the dodgy dealings of leading financial institutions, leading many to consider alternative investment options.
In addition, Elon Musk's recent decision to change the Twitter logo to the DOGE logo prompted a massive uptick in meme coin momentum – highlighting the immense interest in these tokens.
Lastly, cryptocurrencies as a whole are primed to become a more attractive investment opportunity to the masses, given that the Fed has now reached its "terminal" rate.
This means that further rate increases are extremely unlikely, which is excellent news for the crypto market – and meme coins like $SPONGE.
What Does the Future Hold for SPONGE?
The SpongeBob Token Telegram community has grown tremendously in the past few hours as traders and investors climb in to learn more about the project's plans.
Right now, $SPONGE has no built-in use cases – it’s simply designed as a way to pay homage to the legendary SpongeBob SquarePants character.
This follows the setup seen with Pepe Coin and Wojak, both of which feature no inherent utility yet still produced quadruple-digit returns for early investors.
However, that’s not to say that $SPONGE will never have any use cases. In fact, popular meme coins like DOGE and SHIB only started developing utility after they achieved success – which then led to further price growth.
Thus, the $SPONGE community will be hoping that the token continues its current trajectory and compelling use cases are created that will spur long-term demand.
Given SpongeBob Token's growth, there's even scope for additional DEX and CEX listings soon. Currently, $SPONGE is only available on Uniswap, yet this is likely to change as more investors demand access to the token.
Ultimately, the future looks exceedingly bright for $SPONGE and its community of investors – meaning this could prove to be one of the biggest meme coin launches of the year.
DISCLAIMER: This is not to be taken as investment advice. Crypto is a volatile asset, do your own research before investing and only invest money you can afford to lose. We may receive commission for clicking links in this article.
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