$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.


Articles You May Like

Launchpad XYZ: The All-In-One Platform for Web3
South Korean Crypto Lending Firm Delio Faces Investigation for Alleged Fraud and Breach of Trust
The Digital Assets Financial Technology Inclusion Committee Discusses Stablecoin Policy
Trezor offers discount amidst Ledger controversy

Leave a Reply

Your email address will not be published. Required fields are marked *