(MENAFN- News Direct) The majority of the crypto market continues to struggle as investors grow weary of the major coins. Bitcoin and Ethereum remain sluggish with barely any growth over the past week, while major meme coins Dogecoin fell close to 5% over the past week and Shiba Inu shed 7.5% over the same period. However, over the last few days the new meme coin spongebob token ($sponge) has outperformed the crypto market and is being backed to be the next Pepe Coin after a huge rise of 1800%.
$SPONGE Surges 1800%, Trends 1st on Dextools The spongebob token is a brand new Ethereum-based ERC-20 meme coin that has showcased explosive price growth since launching on the Uniswap DEX earlier this week.
With a total supply of 40.40 billion, $SPONGE provides ample opportunities for traders to profit from its volatility. Just a few days after its launch, the token became the most trending asset on the dextools platform , highlighting its popularity.
Interest in meme coins recently spiked after the incredible success story of Pepecoin. While the crypto market and traditional securities remained uninteresting, $PEPE grew over 8000% and provided traders with an excellent opportunity for growth.
For example, an investor with the pseudonym dimethyltryptamine.eth accumulated over $12 million in profit by investing $263 into $PEPE. The meme coin surged over 300% in the last 7 days and is currently priced at $0.00000299 with a total market capitalization of $1.17 billion. It is currently the 42nd largest crypto asset by market cap.
Traders are now looking for coins with the same potential to generate thousands of percentages of profit. The SpongeBob token has surged 1828% in the last 4 days with no indication of any roadblocks to the bull rally. $SPONGE skyrocketed over 180% in the last 24 hours and over 15% over the last hour alone. It is currently trading at $0.001371, with a market cap of $55m.
The sustained rally of meme coins is baffling many traditional investors who consider these tokens as scams and rug pull. Pepe Coin short sellers lost over $11 million due to its continued growth and while $PEPE has slowed down, $sponge continues to outperform every expectation.
$SPONGE derives some of its value from its association with the popular kids' show SpongeBob SquarePants. Like $PEPE, the project hypes its token by posting high quality and entertaining memes on social media platforms such as twitter and telegram .
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SpongeBob Token Set To Overtake Pepe CoinThe SpongeBob token became popular in part due to its similarity to Pepecoin. Both are community driven projects that generated their hype through memes and without any pre-sale.
What is surprising however is that the SpongeBob token is thoroughly outperforming Pepecoin. While $SPONGE is trending anywhere between 1st and 3rd on Dextools, $PEPE continues to slip on the rankings.
Similarly, $sponge has seen a more bullish surge than $PEPE over the past week. While the former has surged over 1800%, the latter has seen a growth of just 300%. A closer inspection into the price movement of Pepecoin suggests that its rally may be slowing down.
The token price has fallen by 7% in the last 24 hours and is correcting rapidly on an hourly basis. Bears continue to bet against $PEPE as the funding rate of perpetual futures associated with the token remains negative despite losses. On the other hand, $SPONGE continues its bull run with a 180% surge over the past day.
SPONGE is also outpacing PEPE in terms of hitting important milestones. For example, the SpongeBob token became available on its first centralised exchange much quicker than Pepecoin. The token was listed on CoinW within two days after its launch. It is also listed on Uniswap, coinmarketcap and on Toobit and LBank centralized exchanges.
Within four days, Sponge has accumulated over $50 million in total market capitalization. Despite the incredible growth trajectory, investors currently purchasing the token may very well be early to the $SPONGE hype. Currently, the number of token holders is over 6000, though it is rapidly increasing. In a recent meme, the SpongeBob project claimed that it is absorbing the PEPE damp, referring to Pepecoin's slippage and its own bullish momentum.
How Can Traders Invest in $SPONGE?To invest into the SpongeBob token, firstly, users need to purchase the token by connecting their wallet to the Uniswap portal on the spongebobtoken.io website. They can easily purchase the meme coin by swapping popular crypto tokens such as ETH or USDT.
Furthermore, investors need to become more involved in the SpongeBob community to be aware of exciting rewards and fast-paced developments. The project announced its first airdrop on Twitter which will be an incredible opportunity for traders.
It also announced a meme contest where creators with the best SpongeBob memes will win thousands of dollars. Similarly lbank recently announced that investors who stake the $MONG token will be able to earn $5000 in $SPONGE tokens.
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DISCLAIMER: This is not to be taken as investment advice. Crypto is a volatile asset, do your own research before investing and only invest money you can afford to lose. We may receive commission for clicking links in this article.
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