The tremendous growth rate of SPONGE has shocked the entire cryptocurrency market as whales continue to scramble to get involved with the next memecoin sensation inspired by the legendary Spongebob Squarepants TV Show. The token was listed on Uniswap on May 4th and went straight to $90 million in its first four days of trading, setting a new standard for explosive growth.
With such incredible trading volumes, it’s unsurprising to see exchanges joining the rush as the exchange listing rampage continues. MEXC Global and Poloniex are the latest top-tier exchanges to list the token. So, why is everybody so confident with SPONGE? Why are so many whales willing to drop 200 ETH into the memecoin with no utility? To find out, keep reading.
Spongebob Token Shocks the Market With 3700% Surge
Spongebob Token has absolutely shocked the entire memecoin market with its 3700% surge in the first few days of trading. The project was listed on Uniswap DEX on May 4th with no presale and instantly started to explode as whales rushed to be a part of the next memecoin sensation.
Described as the Krabby Patty of memecoins – a reference to the legendary TV show that the memecoin takes inspiration from – Spongebob Token is designed for those who missed out on the ArbDoge and PEPE coin pumps – providing them with another chance for significant gains.
The following chart puts the initial price pump for SPONGE into perspective as it provided over a 30x return for early buyers;
As you can see, SPONGE went from a low price of $0.00025 to reach as high as $0.00238 before the price surge stalled. The subsequent drop after hitting its peak resulted in Binance announcing that it would need to suspend BTC withdrawals, spreading uncertainty throughout the entire market and causing all cryptocurrency projects to drop.
As a result, the latest pullback has provided a fantastic opportunity for those still sitting on the sidelines to get involved.
Exchange Listing Rampage: MEXC Global and Poloniex. Binance Next?
With the extraordinary FOMO behind the token, it’s unsurprising to see centralized exchanges rushing to list SPONGE to get in on the action. With over $50 million in trading volume each day – and $100 million at the peak – SPONGE would be a prolific source of revenue from the trading fees it generates for exchanges.
First CEX quicker than $PEPE…
— $SPONGE (@spongeoneth) May 6, 2023
The crazy thing is that it took PEPE three weeks to get listed on its first CEX. Conversely, SPONGE was listed on centralized exchanges 48 hours after going live. The token was listed on LBank Exchange first, one of the top-20 exchanges in the business;
$SPONGE has listed on @LBank_Exchange 🚀🚀🚀 https://t.co/mtm72E61Om
— $SPONGE (@spongeoneth) May 7, 2023
Next to knock on the SPONGE door was Poloniex, a legendary exchange in the industry that regularly facilitates over $200 million in trading volume each day;
📢 $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
Now, traders are looking forward to SPONGE being listed on MEXC Global, a top-10 exchange, according to CoinGecko, that regularly facilitates over $1 billion in trading volume each day;
🧽 $SPONGE will be listing on @MEXC_Global 🧽
🧽 Details: https://t.co/vA3HLoW0Jj
🧽 More CEX listings coming your way ✅#Memecoin #Memecoins $TURBO $MONG $HER $JEFF $RIBBIT $POOH $BOB pic.twitter.com/NQ4MpgUo5O
— $SPONGE (@spongeoneth) May 9, 2023
With top-tier exchanges scrambling to get a piece of the huge SPONGE daily trading volume, many analysts are expecting Binance to be the next one to come knocking on the door to list SPONGE. The exchange has been regularly adding memecoins to its portfolio after listing PEPE earlier this month. In fact, Binance has already taken notice of SPONGE and has released a “How to Buy SPONGE” guide for its users, which is what has got analysts speculating that Binance is about to list the new memecoin sensation;
Check out this article by @binance on how to buy $SPONGEhttps://t.co/P7Ga5NAxGY
— $SPONGE (@spongeoneth) May 6, 2023
10K Holders in Five Days – Why is Everyone so Confident About SPONGE?
The spread of FOMO for SPONGE has been truly exceptional, as the project attracted over 10,000 holders in its first five days of trading. With the FOMO spreading like wildfire, you might wonder why whales are so confident about investing in Spongebob Token.
Well, initially, whales were slightly apprehensive about investing in a token they knew nothing about. However, this all changed once the team injected $2 million into the Spongebob Token liquidity pools and then proceeded to lock the tokens – showing the commitment to the project from the team;
$SPONGE 🧽 Liquidity Locked🔒 with Team Finance🧽https://t.co/SMEAwpLE9rhttps://t.co/oW0Izo9fIZ pic.twitter.com/gRXibnvPkF
— $SPONGE (@spongeoneth) May 5, 2023
Locking the liquidity into the pool prevents the team from rugging the project, making it a safe investment for whales as they’re certain there will be enough liquidity to exit once they make their expected profits.
However, Spongebob Token took things one step further by vesting the funds in the top SPONGE wallet. The top wallet controlled around 30% of the circulating SPONGE supply, making investors slightly nervous as the owner could sell the tokens anytime. The team behind SPONGE eased their concerns by vesting the tokens in the top wallet for a period of two years, essentially locking them up and preventing the owner from being able to sell the tokens;
🧽$SPONGE #1 wallet vested for 2 years🧽 pic.twitter.com/HyOSdDYiE8
— $SPONGE (@spongeoneth) May 5, 2023
After this announcement, whales started to flood into the project, with some megalodon sharks investing 200 ETH each;
🧽 Whales are noticing $SPONGE, huge 200 $WETH buy! 📈#Memecoin #Memecoins $TURBO $MONG $HER $JEFF $RIBBIT $POOH $BOB $PEPE pic.twitter.com/u1JLx3a5V3
— $SPONGE (@spongeoneth) May 9, 2023
The result of this was that SPONGE started to trend all over the industry, hitting the top trending tokens on DexTools and CoinMarketCap;
$SPONGE goes #1 trending on @DEXToolsApp
LFG 🚀https://t.co/3fzuxZjOms$PEPE $TURBO $MONG $HER $JEFF $RIBBIT $POOH $BOB pic.twitter.com/ztWijSvfoe
— $SPONGE (@spongeoneth) May 7, 2023
$SPONGE is coming $PEPE $WOJAK $FLOKI #BABAYDOGE pic.twitter.com/hM7Zwjgceb
— $SPONGE (@spongeoneth) May 5, 2023
The recent market retracement has given everybody the perfect entry opportunity to finally get positioned into the next memecoin sensation before it starts to take off again. You can purchase SPONGE on any of the exchanges mentioned above. Alternatively, suppose you prefer to trade in a decentralized manner. In that case, you can head to the project’s website to buy the token using the integrated Uniswap interface – ensuring you purchase the correct SPONGE.
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