The memecoin mania is still in full effect. Popular cryptocurrency projects like PEPE and TURBO continue gaining mainstream popularity as normies and professionals rush to get involved in the surging markets.
PEPE has surged by an impressive 4000% over the past fortnight and is already up by a total of 80,000% since launching, putting its returns in the same league as top-tier memecoins such as Dogecoin and Shiba Inu. However, with the token recently listed on Binance, many traders expect a market crash as whales start to exit their positions.
Luckily, there’s a new memecoin in town that many analysts believe is a much safer investment than PEPE. Spongebob Token only launched a few days ago and has managed to produce a 4000% price surge in just four days. Additionally, analysts believe SPONGE is less prone to whale movements because it has a higher level of locked liquidity than PEPE. Keep reading to find out why.
SPONGE vs. PEPE: Who’s Leading the Race?
With PEPE stealing mainstream headlines in finance, you might think that PEPE is leading the race against SPONGE – but you might be wrong.
PEPE launched a few months ago, giving it an extraordinary head start. However, it took weeks before PEPE could produce the multiple thousand percent returns it has provided for early-stage buyers, and it seems like the hype behind the token is already starting to die down with it reaching the top-50 ranked projects. In addition, the market cap for PEPE is already well above $1 billion, meaning it would need to increase by another $1 billion for investors buying the token today to earn a measly 2x return.
On the other hand, Spongebob Token only launched on May 4th, when the team added liquidity to the pool on the Uniswap DEX. In just four days, the market cap for SPONGE surged from as low as $2 million to reach above $90 million after a 4000% price surge;
The growth rate of SPONGE is truly exceptional as it looks to replicate the meme FOMO created by PEPE. Spongebob Token describes itself as the Krabby Patty of memecoins as it takes references from the legendary TV show that inspired the memecoin. The project is designed for those that missed out on the PEPE and TURBO price surges – and it’s living up to its mission after an incredible weekend performance.
SPONGE Safer? More Locked Liquidity Available to Trade With
Analysts believe that SPONGE is a much safer investment relative to PEPE because it has more locked liquidity available to trade with. The team injected around $2 million in liquidity on the starting day and then proceeded to lock the liquidity with a third-party provider – making the project entirely rug-proof;
$SPONGE ownership is renounced 🧽✅https://t.co/T0ltgRNWkR pic.twitter.com/p8yqH9hcQ4
— $SPONGE (@spongeoneth) May 5, 2023
After the team locked the liquidity, a wave of whales started to enter as they had the confidence to invest in the project without the fear of the team pulling the rug on them. As the SPONGE market grew, so did the locked liquidity. Now, SPONGE ($12 million) has more liquidity in its DEX liquidity pools than PEPE ($10 million).
However, it doesn’t stop there. We need to remember that the market cap of PEPE is over $1 billion. As a result, if just a couple of millionaire whales decided to leave PEPE, it would send the market crashing down. On the other hand, the market cap of SPONGE is just getting started and is nowhere near $1 billion. As a result, SPONGE is a much safer investment as it’s less prone to market swings than PEPE due to the locked liquidity and the higher market cap-to-liquidity ratio.
Exchanges Rush to Increase Bottom Line Revenues – Is Binance Next?
With the overwhelming FOMO for SPONGE, it’s not surprising to see the 24-hour trading volume stretch beyond the $90 million level. As a result of high liquidity, it seems that exchanges are eager to list SPONGE on their exchanges to take advantage of the trading revenue they would receive.
Over the weekend, CoinW and Toobit added SPONGE to their exchanges – ranked 23rd and 32nd, respectively. The token was also added to LBank, a top-10 industry-ranked centralized exchange;
💫New #listing
🌟 $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
With the high volume, many industry experts anticipate the world’s largest exchange, Binance, to list the token. If that does happen, SPONGE is about to see returns that will eclipse PEPE over the coming weeks.
The latest pullback in the market has provided you with a remarkable opportunity to get involved at discounted prices. However, you’ll need to act quickly because the FOMO will likely push the market higher again. SPONGE can be purchased on Uniswap like any other token. You’ll need to add the contract address for SPONGE into the platform to buy the token. However, the easiest way to invest is to head directly to the Spongebob Token homepage and use the Uniswap interface integrated there.
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