$SPONGE token has recently experienced a surge of 1,500% in the last 48 hours, leading many investors to speculate that it could be the next $PEPE coin. As a newly launched project, $PEPE debuted in mid-April and quickly gained a market capitalization of over $1 billion, making it one of the fastest-growing projects in the crypto space. With $SPONGE following a similar trajectory, many market commentators are eager to see if it will outperform other tokens in terms of price growth.
The SpongeBob Connection
$SPONGE token is a crypto meme adaptation of the popular children’s animation series Spongebob Square Pants, which premiered in 1999. The show follows the adventures of a sponge-like character who lives at the bottom of the sea in a pineapple-shaped house. Despite not being an instant success, the animated series has earned $30 billion in merchandising revenue and has over 50 million monthly viewers. The popularity of the show’s memes has helped $SPONGE gain massive acceptance across the crypto space, resulting in listings on CoinW and Toobit platforms within a week of its debut.
Higher Liquidity for a Promising Candidate
One of the critical issues with meme coins is their apparent lack of liquidity and utility. However, $SPONGE has almost the same liquidity as $PEPE while having a market cap that is 100 times less than the frog-themed meme coin. This makes it a more promising candidate for a meme project wave storm. With its high liquidity-to-market cap ratio, crypto whales can easily buy into the token and withdraw their winnings without directly affecting the asset’s price, which is not possible with $PEPE due to its low liquidity.
Despite having zero utility, $SPONGE has already attracted over 1,000 hodlers within 24 hours of being listed on CoinMarketCap. It has surpassed the $18 million market cap milestone and recorded over $20 million in fully diluted market valuation. With a surge of 68.41% to a current price peg of $0.0005125 in the last 24 hours, $SPONGE has the potential to hit the $100 million-plus market cap or even scale to $1 billion in the coming weeks.