It seems that memecoins are the hottest tokens in the industry these days, and they’re showing no signs of slowing down. Just this past week, a new memecoin inspired by the Spongebob Squarepants TV Show surged from a $2 million market cap to reach as much as $90 million – causing it to be one of the top gainers on CoinMarketCap on its first day. The market has retraced slightly, providing the perfect entry opportunity for those waiting on the sidelines.
At the same time, another memecoin project that combines memes and artificial intelligence recently crossed the $4 million milestone in its fundraising campaign. AiDoge allows its users to utilize artificial intelligence to generate new memes and get rewarded in a meme-to-earn ecosystem. Let’s take a look at both projects in a little more detail.
SPONGE Shakes up the Memecoin Sector and Becomes CoinMarketCap Top Gainer
The Spongebob Token has shaken up the entire memecoin sector by surging by over 4000% in its first four days, causing its market cap to rise from a measly $2 million to a stretch beyond $90 million in the process.
The token is standing in the footprints of its predecessor – PEPE – and is on a mission to replicate its success by producing outlandish returns for its investors – and is well on its way to achieving its goal. The project describes itself as the Krabby Patty of memecoins and is designed for those that missed out on the PEPE and TURBO price hikes, presenting them with another chance to get involved.
The token is a memecoin with zero utility, but that’s not stopping whales from getting involved with the project. In addition, a handful of analysts are expecting 100x returns from this project, with one popular YouTube analyst predicting a 1000x return;
The price explosion was so expensive that it caused Spongebob Token to be one of the CoinMarketCap top gainers on that day, an extremely impressive achievement;
$SPONGE 🧽 = One of the Top Gainers on @CoinMarketCap 👀😄 pic.twitter.com/IMzEfHKRNO
— $SPONGE (@spongeoneth) May 5, 2023
Exchanges Continue to Scramble to List SPONGE: LBank, Poloniex, and More
As a result of the overwhelmingly high volume, it’s not surprising to learn that exchanges are now rushing to get a piece of the action. Within the first weekend of trading, SPONGE was instantly added to CoinW and Toobit exchange. It then went on to be listed to LBank, one of the industry’s top-rated altcoin exchanges;
🌟 $SPONGE (SpongeBob) has been listed on LBank！@spongeoneth
👉Trade here: https://t.co/VSHvAzof9H
❤️ Details: https://t.co/V3i0sxYJ43 pic.twitter.com/VHqxmAFAOA
— LBank.com (@LBank_Exchange) May 7, 2023
It didn’t stop there. Just 24 hours later, SPONGE was listed on Poloniex;
📢 $SPONGE / $USDT is now live on @Poloniex 🧽
➡️ Absorb the damp now! 🧽
➡️ More CEX listings on the way ✅https://t.co/PNn3dHQK8n$PEPE $TURBO $MONG $HER $JEFF $RIBBIT $POOH $BOB pic.twitter.com/zMO6OR14A2
— $SPONGE (@spongeoneth) May 8, 2023
Exchanges love tokens like SPONGE because the huge trading volume brings in a great deal of revenue for the exchange. At the same time, with gas fees on Ethereum being so expensive, traders are likely happy to see SPONGE listed on centralized exchanges as they won’t have to pay $50+ for each trade.
With the FOMO continuing to spread through the internet like wildfire, many analysts believe that the next exchange to come knocking might be Binance – the world’s largest exchange. If that happens, we can expect SPONGE to surge on its announcement.
Why are Whales so Confident With SPONGE?
So, why are whales so confident with their SPONGE investment? Well, for the first few hours, whales were hesitant to get involved. However, once the team locked the initial liquidity into the pool through a third party – Team.Finance – a wave of whales started entering into the memecoin sensation;
$SPONGE 🧽 Liquidity Locked🔒 with Team Finance🧽https://t.co/SMEAwpLE9rhttps://t.co/oW0Izo9fIZ pic.twitter.com/gRXibnvPkF
— $SPONGE (@spongeoneth) May 5, 2023
The act of locking the liquidity for a certain period of time shows the dedication of the team behind the project. It means that the project is rug-proof, and the team can’t just sell their tokens. It also means that there will always be enough liquidity available for traders to trade with.
As a result of the team locking the liquidity into the pool, SPONGE now has more locked liquidity available for trading on decentralized exchanges than PEPE. At the time of writing, both projects have around $11 million worth of liquidity in their respective pools, but almost 95% of the liquidity in the SPONGE pool is locked.
In addition to the team locking the liquidity, they took the mattress one step further by vesting all of the tokens in the top wallet. The top wallet controlled around 30% of the token supply, giving whales another reason to keep out of the market. However, the team decided to vest these tokens for two years – meaning that the wallet won’t be able to sell the SPONGE there for at least two years;
🧽$SPONGE #1 wallet vested for 2 years🧽 pic.twitter.com/HyOSdDYiE8
— $SPONGE (@spongeoneth) May 5, 2023
Overall, SPONGE has definitely created a viral moment in the cryptocurrency market. The latest market retracement toward a $40 million market cap has provided the perfect entry opportunity for those sitting on the sidelines. You can purchase SPONGE on any of the exchanges mentioned above or use the Uniswap DEX to buy it. However, the easiest way to invest in the token is through the project’s website, which has a Uniswap interface integrated to let you buy the token in seconds.
AiDoge – Combining Memes and Ai for a Powerful Thrust
Another token that’s lined up to be next on the CoinMarketCap top gainer list is AiDoge – a revolutionary AI-powered meme creation platform. The project describes itself as the greatest meme-generation platform and is the first crypto project that uses artificial intelligence for the sole purpose of generating memes.
AiDoge combines two of the internet’s hottest trends – AI and memes – to create a groundbreaking AI-meme rewards ecosystem. The project is currently hosting a presale for its native token, $AI, and has raised over $4 million so far. The presale is currently in the seventh stage, selling the token for a price of $0.00002840. However, due to the increasing pricing strategy, it’s best to get invested earlier as the price for the token rises during each subsequent presale stage. As a result, those that invest earlier stand to benefit the most as they leave the fundraising with higher levels of unrealized gains.
Meme-to-Earn: Create Memes and Earn Rewards – Win-Win
The platform boasts a user-friendly interface where memes can be created in seconds by using text-based prompts. These prompts are short descriptions written by the user to describe to the AI what type of memes they want to generate. The artificial intelligence will use this description to then create the meme.
The great thing about the project is that the AI has been trained using an extensive dataset of memes and crypto news, so it knows exactly what types of memes users are hoping to generate.
Once a meme has been made, it’s sent to the Public Wall to be upvoted or downvoted by users. Memes that are upvoted to the top of the wall are eligible to receive rewards each month in the meme-to-earn economy.
Overall, AiDoge is on a mission to combine two of the hottest trends on the internet to give birth to an entirely new meme-to-earn ecosystem.