Spongebob Squarepants-themed meme coin $SPONGE exploded 3,300% within 72 hours after launching earlier this week before pulling back more than 35%.
That has created an opportunity for traders to buy the dip as $SPONGE sets up for another pump and aims to break through the $100 million market cap threshold. Trading volume in $SPONGE is higher than ever before, with more than $100 million in 24-hour volume.
$SPONGE also listed on centralized exchange Poloniex, with more listing announcements planned for the coming days.
$SPONGE sets up double bottom, shows signs of a surging to $100m market cap
$SPONGE experienced one of the fastest price increases of any meme token over the past several days. It launched on Uniswap on Thursday, May 4 at a price of $0.000070, then climbed more than 3,300% to an all-time high of $0.002402 in less than three days.
At its height, $SPONGE ranked in the top 275 cryptocurrencies by market cap and came just shy of reaching $100 million in market cap.
The token’s meteoric rise was cut short by problems at Binance, the world’s largest crypto exchange. The exchange halted Bitcoin withdrawals, upending the market and sending multiple meme coins – including competitors like PepeCoin, Turbo, and Pooh – crashing.
$SPONGE tumbled 36% over the past 24 hours, setting a short-term low at $0.0008541 before rising sharply.
Now, $SPONGE is retesting the $0.00085 price level, setting up a double bottom pattern. This technical pattern is commonly seen among explosive assets that need time to consolidate before making another move higher.
Trading volume has been climbing even as the price $SPONGE fell and is now over $100 million. This suggests that $SPONGE could see a sustained pump to a new all-time high and a $100 million market cap once it bounces back from the $0.00085 support level.
At its current price, $SPONGE has earned early investors a return of 1,150% since launch.
$SPONGE lists on Poloniex, suggests more CEX listings coming soon
Centralized exchanges (CEXs) have been quick to take notice of $SPONGE. This meme coin was listed on CoinW and Toobit on Saturday, less than 48 hours after $SPONGE launched on Uniswap.
Then, on Sunday, $SPONGE listed on LBank. LBank is ranked #15 in trading volume among exchanges according to CoinMarketCap.
$SPONGE listed on Poloniex today at 11:00 UTC. Deposits open at 10:00 UTC. This new listing could be the bullish catalyst that helps $SPONGE break out and begin its surge to a new all-time high.
The $SPONGE team has suggested that this meme coin will list on more CEXs soon. The next listing could be announced as soon as later today.
Few other coins have achieved so many CEX listings in so short a time. PepeCoin ($PEPE), which exploded more than 6,000% since launching in April, took more than three weeks to list on its first CEX.
$SPONGE is the top trading coin on Uniswap
$SPONGE launched on the decentralized exchange Uniswap on Thursday with no presale and no significant launch campaign. Despite the organic nature of the listing, $SPONGE quickly attracted attention and became the most heavily traded token on the exchange.
As of 9:10 UTC, $SPONGE had more than $100 million in 24-hour trading volume on Uniswap alone. Excluding wrapped Ethereum pairs, it was the most-traded coin on the exchange yesterday.
$SPONGE outpaced even $PEPE, which has dominated the attention of meme coin traders for the past week.
Trading in SpongeBob token contributed $10.8 million in liquidity on Uniswap, more than one-eighth of the total on the exchange. For comparison, $PEPE, which has a roughly 20 times greater market cap than $SPONGE, contributed $11.9 million in liquidity.
$SPONGE is also rated as the top trending project on Dextools. It has held the #1 spot since launching on Thursday.
$SPONGE builds online community, rewards early followers
As the value of $SPONGE has grown, so too has the community around this meme coin.
$SPONGE now has more than 8,500 token holders, including at least some long-term investors. The largest wallet holding $SPONGE owns 29% of the circulating supply and is vested for two years.
The project’s Telegram group has grown to more than 17,000 members, up from only several hundred on Thursday. It has also built an active Twitter account with more than 27,000 followers.
One of the followers is Matt Wallace, a crypto influencer with nearly one million followers. Wallice is rumored to be close to Elon Musk, whose involvement in a meme coin could potentially send it soaring.
$SPONGE has even attracted attention from BlockBeats, the largest crypto news outlet in China. BlockBeats covered the token’s impressive 72-hour rise.
To grow its community further, $SPONGE is holding a contest to see who can produce the best Spongebob Squarepants memes. There are 50 prizes to give away, each worth $100 in $SPONGE.
The $SPONGE team is also planning an airdrop that will reward early investors in the project. Details about the airdrop will be announced soon.
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