SPONGE Hits $20M Mcap Withinin First 24 Hours After Uniswap DEX Launch – New PEPE in Town?

The post SPONGE Hits $20M Mcap Withinin First 24 Hours After Uniswap DEX Launch – New PEPE in Town? appeared first on Coinpedia Fintech News

The Spongebob Token launch has been nothing short of spectacular after the cryptocurrency exploded by 900% in the first 24 hours to reach a market cap above $20 million. The token was launched straight onto the open market through Uniswap DEX on May 4th at 13:22 UTC and witnessed over $30 million in trading volume on its first day.

With such incredible growth, many analysts believe that SPONGE is on track to follow in the footsteps of PEPE and TURBO to provide investors with over 100x returns. The momentum is showing no signs of easing, leading many investors to believe that they’ve finally caught a competitor to the extremely successful PEPE project.

SPONGE Surges Beyond $20 Million Market Cap Milestone in 24 Hours After 900% Surge

There’s only been one direction for the memecoin since launching, as investors quickly scrambled to get in on the action during the token’s first day of trading. Within 24 hours of launching on May 4th, the market cap for SPONGE managed to surge well beyond the $20 million milestone as whales from a wide range of cryptocurrencies rushed to Uniswap to purchase the new memecoin sensation.

The following chart shows the epic 900% surge witnessed by $SPONGE within its first 24 hours of trading. The measurement is taken from the moment the liquidity was added to the liquidity pool on the Uniswap DEX – which was the first time traders could purchase the token;

SPONGE is designed for those who missed the ArbDoge and PEPE coin pumps, giving them another chance to get involved in a surging memecoin before the masses start to hear about it.

Described as the Krabby Patty of memecoins, the project takes inspiration from the legendary Spongebob Squarepants TV show that ran for 19 seasons starting in 1990. Paying homage to memes and cartoon characters, Spongebob Token combines both trends to create a memecoin based on meme culture itself. Spongebob memes have been known to circulate across the internet like wildfire – now there’s a memecoin to live alongside them.

Ownership Contract Renounced and Whales Continue to Flood In

The momentum continues to grow for SPONGE as whales flood into the memecoin in droves. The amount of whales purchasing the token is truly unprecedented, with many buy orders being above the 10 ETH level. The following screenshot puts this into perspective as it shows that the majority of buy orders were above $20,000;

In fact, one whale really believes SPONGE is the next PEPE and has invested a total of 100 ETH into the project – that’s worth almost $200,000;

Whales quickly flooded into the project the moment the liquidity in the Uniswap DEX liquidity pool was locked. The team announced that the liquidity was locked on Twitter with the following Tweet;

Locking the liquidity means that the project is rug-proof, as the team is unable to remove its liquidity from the pool. As a result, whales were confident enough to start investing in the token, knowing that the team was following the right path to make the project successful.

If that wasn’t enough, the team took things one step further by vesting the tokens in one of the top wallets, making them impossible to sell. The top wallet held almost 30% of the supply, making whales uneasy about the intentions behind the wallet. Nevertheless, the team went on to lock these funds into a smart contract for a period of two years, meaning that 30% of the overall supply has been removed from the market for that period of time;

Following these announcements, whales quickly piled into the project as they wanted to get positioned into the next memecoin sensation before the herd joined. As a result of the positive sentiment, many analysts are starting to expect the token to produce 100x returns. In fact, one popular analyst, Jacob Bury, believes that the token has the potential to provide a 1000x gain;

Coinmarketcap Listing Rolled Out With CoinGecko to Look Forward To

The traction was further propelled by Spongebob Token being added to CoinMarketCap on its first day of trading. The token had gained so much attention that it was listed as one of the top-performing tokens on the index.

With the token added to CoinMarketCap, investors are eagerly waiting for it to be added to CoinGeko in the coming days.

Overall, Spongebob Token has engineered a new memecoin viral moment in the market, providing the opportunity for those who missed PEPE and TURBO to get positioned in the next memecoin sensation. The token intends to follow in the footsteps of PEPE, meaning that a $20 million market cap is still the beginning of this project.

You can purchase SPONGE on Uniswap by adding the token contract to the platform. Alternatively, the best way to purchase the token is directly through the project’s website, which has a Uniswap interface integrated with the token, so you don’t purchase a copycat SPONGE project.

Buy SPONGE Today