SpongeBob Token ($SPONGE) Price Prediction – Is This the Latest Meme Coin to Skyrocket?
The crypto market is back with a bang in 2023, driven by cooling global inflation rates and an increased desire from investors to test out decentralized assets in the rapidly-growing world of Web3.
SpongeBob Token ($SPONGE) is the latest crypto project to benefit from the market’s resurgence and has produced returns of over 1,200% for investors since going live on May 4th.
With that in mind, this article takes a deep dive into what $SPONGE is, why it’s going viral, and where the token’s price could go in the coming days and weeks.
$SPONGE Token – What Is It & Why Is It Trending?
So – what is $SPONGE, and why has it made such an impression on the investment community?
In simple terms, $SPONGE is a brand-new meme coin modeled after the much-beloved SpongeBob SquarePants character. Per the project’s website, $SPONGE has “no intrinsic value or expectation of financial return” – yet this hasn’t stopped investors from swarming to buy it.
Like similar projects, such as Pepe Coin and Papa Coin, $SPONGE appears to be solely being used to pay homage to a popular meme figure. Aside from that, the token has no use cases or built-in utility.
Investors have been opting to buy SpongeBob Coin as an alternative to PEPE and PAPA, which have seen their price momentum slow in recent days.
— $SPONGE (@spongeoneth) May 5, 2023
Those who feel they have “missed the boat” with these meme tokens have looked to $SPONGE as a way to continue the current crypto market frenzy.
At present, the only way that eager investors can acquire $SPONGE tokens is through the Uniswap DEX. Per CoinMarketCap, this is the largest DEX globally and controls nearly a quarter of the DeFi trading market – making it the ideal foundation for a price pump.
However, given $SPONGE’s remarkable rise, many investors are wondering whether the coin will soon be listed on additional DEXs (or even CEXs), which would undoubtedly be a catalyst for further upside.
The Incredible Rise of $SPONGE Highlights Power of Meme Coin Traders
The SpongeBob Token project was only launched on May 4th, yet within 24 hours, the token’s price had skyrocketed over 1,200%.
At the time of writing, $SPONGE has just breached the $0.00041 level. This has given the token a market cap of over $14.5 million, according to CoinMarketCap.
Not only that, but Etherscan reports that there are now over 1,900 unique token holders. Nearly 5,000 individual transactions have occurred since the token launched, with new buy orders coming in every few minutes.
There have even been rumors that “crypto whales” want to get involved in the $SPONGE hype. Per DEXTools.io, several wallet addresses have purchased over $50,000 worth of $SPONGE – and one address invested $98,000.
These data points serve to highlight the growing investor momentum behind $SPONGE, which is now made up of retail and high-net-worth individuals.
Looking at the price chart, it’s been smooth sailing for $SPONGE since it launched. The only minor hiccup was a 33% pullback on the morning of May 5th – although this pullback has immediately retraced, and a new leg up has begun.
With $SPONGE looking likely to return to $0.0004757, its all-time high, investors are gearing up for what could be yet another bout of explosive upside.
Could SpongeBob Token 1,000x? $SPONGE Analyzed
But where could the $SPONGE price go if the buying momentum continues?
Like with all new meme coins, price movements are being driven by hype from social media channels. SpongeBob Token’s official Twitter account has already seen over 2,200 join in the past 24 hours, while the project’s Telegram community has quadrupled in size.
Given the token’s low price, large buy orders can have an outsized effect on $SPONGE’s value – as has been seen over the past day.
As such, many $SPONGE price predictions speculate that the token could hit $0.00080 through the weekend. This would represent a 100% increase from the current price.
Assuming the bullish moves continue, there’s even scope for $SPONGE to hit $0.001 by next week. Although this may seem like a bold claim, similar price increases have been seen before – with PEPE and WOJ being two prime examples.
As with any investment, investors must also be aware that upside moves aren’t guaranteed. Cryptos can be highly volatile, especially meme coins, so investors must do their own research before entering the market.
Ultimately, it’s an exciting time to be a $SPONGE investor – and with meme coins continuing to receive plenty of attention from the masses, the stage is set for a continuation in the token’s current trajectory.
Those looking to learn more about $SPONGE can join the project’s official Discord server.