The world of cryptocurrency is constantly evolving, and new coins are making headlines with their rapid rise in value. One such coin is SpongeBob, also known as $SPONGE. In just over 24 hours, one trader made a 10x return on investment after buying this new meme coin on Uniswap.
SpongeBob was listed on May 4th, opening at $0.00002749 and quickly reaching its current all-time high of $0.0006533. This impressive increase in value has caught the attention of many investors, with some early buyers of Sponge token purchasing 972 million SPONGE for 31.5 Ether, valued at just over $50,000 at the time.
According to Debank, the crypto wallet holding this investment now has a balance valued at $500,000, including 0.45 ETH. The trader has taken profit on 2.5% of their position by selling 25 million $SPONGE, indicating confidence that the value of this coin will continue to rise.
SpongeBob’s live market cap is currently $19 million, with a fully diluted valuation of $21 million according to CoinMarketCap. It was among the top crypto gainers on its launch day, ranking in the top 2-3 coins over a 24-hour period, and outperforming leading meme coins like $PEPE, $WOJAK, $BOB, and $TURBO in percentage gains.
Following Uniswap DEX, two centralized crypto exchange (CEX) platforms – CoinW and Toobit – have listed $SPONGE. This is faster than PEPE at launch, leading some analysts to predict the coin’s success. The project has even hinted at a top ten exchange announcing their listing of the new meme coin soon.
Speaking of PEPE, it was making headlines last month after one unknown meme coin investor swapped 0.125 ETH for 5.9 trillion PEPE tokens, worth $250 at the time. That position was later valued at just over $1 million in late April, and since then, Pepe has rallied even further, increasing over 6x from that date. With a market cap of $1.2 billion after a correction, the Pepe price is consolidating around the $0.000003 mark, having spiked over $0.000004 this week.
If you’re interested in investing in SpongeBob, you can find links to the DEXTools trading pair, a Uniswap widget, and the coin’s social media channels on spongebobtoken.io. Alternatively, you can visit the CoinW or Toobit exchange.
In conclusion, SpongeBob and Pepe serve as yet another example of how quickly the world of cryptocurrency can change, with some coins rising in value at unprecedented rates. It’s important to do your research before investing in any new coin, but with the right strategy, you may just be able to ride the wave of success.
