The price growth of PEPE has been nothing short of spectacular over the past few weeks after the memecoin exploded by over 3000% to reach a $1.3 billion market cap and enter the top 50 ranked cryptocurrency projects.
The FOMO behind the frog-based memecoin has continuously accelerated over recent weeks, leading to the world’s top exchange, Binance, announcing that they would list the token. However, with the Binance listing on the horizon, many whales are starting to migrate away from PEPE into a new memecoin sensation as they believe the price of PEPE will drop as soon as it’s listed on the number one ranked exchange.
The token these whales are migrating to is Spongebob Token, a memecoin based on the Spongebob Squarepants TV show. The momentum for the project is genuinely outstanding after it surged over 900% in its first 24 hours of trading.
PEPE Graced With Binance Listing Following 3000% Surge
PEPE is up 3000% over the past couple of weeks and an exceptional 80,000% since the token launched. With such impressive growth figures, it’s not surprising to hear that Binance has officially announced that it would be listing PEPE on its global exchange;
We heard you asking.
Time to show us your best $PEPE and $FLOKI memes 👇 pic.twitter.com/snSNn0sCYz
— Binance (@binance) May 5, 2023
Interestingly, it seems that whales are starting to bank their unrealized gains on PEPE as they expect a price drop after the token starts to trade on Binance, leading to many whales beginning to migrate into a new token.
You see, the growth rate of PEPE has been truly unprecedented as it follows the footsteps of DOGE, which surged by 21,000% in 2021. However, most people, unfortunately, missed out on the exceptional returns provided by PEPE as they got invested after the price pump. As a result, the gains haven’t been quite as lucrative for those jumping on the PEPE bandwagon in recent weeks.
Fortunately, a new memecoin sensation in town is stealing all the headlines after it surged by an impressive 900% in its first 24 hours. So let us introduce you to Spongebob Token, the next memecoin tipped by alpha callers to give a 100x return.
Whales Jump Ship to Swim to SPONGE: $20 Million in 24 Hours.
SPONGE, the native token behind the Spongebob Token memecoin, was directly listed on the Uniswap DEX on May 4th without any presale. Following its listing, the team behind the project added over $2 million to the liquidity pool for trading. The token went on to surge by a total of 900% in the first 24 hours of trading, reaching a $20 million market cap in the process. The following chart shows the remarkable early growth from SPONGE, measured from the moment the liquidity was added into the liquidity pool;
The token climbed from the listing price of $0.00005844 to reach as high as $0.000625 just thirty hours later as whales quickly scrambled to invest. The best part about it all is that the whales aren’t small fish. Most of the buy orders that flood into the market are worth 10 ETH ($20,000) or more;
In fact, one mega whale really believes that the project will follow in the footsteps of PEPE and Wojak and has invested almost $200,000 into SPONGE;
Ownership Contract Renounced, Top Wallet Vested for 2 Years, Liquidity Locked
The epic 900% surge caused SPONGE to be listed amongst the top-performing cryptocurrencies on CoinMarketCap;
$SPONGE 🧽 = One of the Top Gainers on @CoinMarketCap 👀😄 pic.twitter.com/IMzEfHKRNO
— $SPONGE (@spongeoneth) May 5, 2023
The pace of growth was accelerated the moment the team announced that the liquidity in the pool was locked;
$SPONGE ownership is renounced 🧽✅https://t.co/T0ltgRNWkR pic.twitter.com/p8yqH9hcQ4
— $SPONGE (@spongeoneth) May 5, 2023
Locking the liquidity means that the team is unable to remove their tokens from the pool, preventing them from selling their SPONGE. As a result, the project became completely rug-proof, leading many whales to confidently enter the market.
To boost confidence further, the team took things one step further by vesting the tokens in the top wallet;
🧽$SPONGE #1 wallet vested for 2 years🧽 pic.twitter.com/HyOSdDYiE8
— $SPONGE (@spongeoneth) May 5, 2023
The top wallet caused some concern for investors as it controlled almost 30% of the total supply. In addition, the tokens in this wallet have now been vested for two years, meaning that the owner is unable to sell the SPONGE inside the wallet during that period. As a result, the total circulating supply has effectively dropped by 30% because the tokens are unable to be sold.
Overall, Spongebob Token has generated an exceptional level of FOMO for its project as PEPE whales leave the frog-bases meme to join the Spongebob-based meme. If you want to buy SPONGE, you can purchase it through the Uniswap DEX. However, the easiest way to buy the token is by purchasing it from the project’s homepage, which has a Uniswap interface integrated to ensure you buy the right token.
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