The post Spongebob Tokens Surges 4000+% and Creates New Wave of Memecoin Millionaires. appeared first on Coinpedia Fintech News
Spongebob Token is taking over the entire cryptocurrency market after surging over 4000% since its launch and creating a new wave of memecoin millionaires.
The market has seen some outstanding price hikes over the past few weeks, particularly in the memecoin sector. Projects like PEPE and Wojak have surged by multiple thousands of percent over the past fortnight, but Spongebob Token managed to catch up and reproduce a 4000% price surge just four days after launching.
The market has cooled off slightly, providing the perfect entry opportunity for those that weren’t invested during the first day. Keep reading to learn more about this new memecoin sweeping (or sponging) up the entire market.
Spongebob Token Explodes by Over 4000% in Just Four Days
Spongebob Token is the new memecoin sensation that’s been stealing all the headlines recently. The project is a memecoin with no utility that intends to follow the footsteps of popular trending tokens such as PEPE, and it’s most definitely on the right path after surging by over 4000% in the first few days of trading to push the market cap for the token above $90 million.
The Krabby Patty of memecoins didn’t have a presale. Instead, it launched straight onto the Uniswap DEX on May 4th at 13:22 UTC after the team injected over $2 million into the liquidity pool. Just four days and seven hours later, Spongebob Token went on to explode by an enormous 4000% as the token went from a low price of $0.00025 to reach as high as $0.002388;
The token has since cooled off slightly, which is expected after such a parabolic move higher. Nevertheless, the retracement provides the opportunity for those on the sidelines to finally get involved in the memecoin that’s starting to make PEPE look inferior.
SPONGE Printing Freshly New Minted Memecoin Millionaires
The incredible thing about the extraordinary price surge is that SPONGE is now creating a new wave of newly minted memecoin millionaires – who earned their profit from buying a token inspired by a cartoon character from a legendary TV show.
Of course, some whales have been putting their money where their mouths are by investing huge amounts into the project. For example, on the first day of trading, one whale injected $200,000 worth of ETH – almost 100 ETH – into the market;
This trader has, without a doubt, made a million or two from this risk. However, there have been a handful of newly birthed millionaires that weren’t so rich before SPONGE. For example, one small whale invested around $60,000 into SPONGE on the first day, and his investment is now worth more than one million dollars;
The trader has removed around $180,000 from his wallet, but his overall gain so far is well over a million dollars – and that’s after the retracement within the market.
Trending on DexTools With Near $100M Trading Volume
The momentum continues to grow for SPONGE after the token was trending on DexTools over the weekend, introducing the token to a new selection of degenerate traders that live on the platform. Traders who missed out on hot trends from PEPE, Wojak, and TURBO are scrambling to get a piece of the new memecoin in town – SPONGE.
With SPONGE trending on DexTools, we can expect more buying pressure to enter the market as traders enter on the pullback to buy the dip and get positioned before the next wave is higher.
In fact, the project has seen so much momentum that there has been almost $100 million in trading volume over the past 24 hours – which is an extraordinary achievement;
CEX Listings Incoming and Popular YouTubers Onboard
Taking the FOMO further, it seems that centralized exchanges want in on the action as they will benefit from the higher levels of trading volume surrounding the token. The token was recently listed on LBank, a popular tier-1 exchange that regularly facilitates over $1 billion in trading volume. LBank was extremely quick to list the token as it opened the doors to trading just four days after SPONGE was launched, showing a great deal of FOMO with the token;
It’s not just LBank that has gotten involved. CoinW and Toobit – ranked 23rd and 32nd, respectively – both listed SPONGE over the weekend.
SPONGE traders have welcomed the addition to centralized exchanges as it helps smaller fish get involved in the project. Before SPONGE was added to CEXs, traders had to pay exceptional gas fees above $100 to make a trade on Uniswap – making it impossible for smaller buyers to get involved. With the latest addition to centralized exchanges, smaller traders are now able to get invested.
With the market retracing, you now have the perfect opportunity to get involved in SPONGE and can buy it at a discounted price on the dip. You can purchase the token on the Uniswap DEX, but the best place to buy it is through the project’s website, which has a Uniswap integrated to make purchasing much easier with just one click.
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