The SpongeBob-inspired token, SPONGE, made a remarkable surge of 73 times its initial launch price on Uniswap just last week, before experiencing a massive drop of 75%, plummeting to a price of $0.0024 on May 7th. This price fluctuation can be attributed to the cryptocurrency’s recent entry into the meme coin space, joining the ranks of other new wave meme coins such as pepe (PEPE) and floki (FLOKI).
It should be noted that despite its inspiration, SPONGE does not have any association with Nickelodeon, a fact that is emphasized on the cryptocurrency’s official website. Investors have been drawn to the meme coin trend due to the potential for exponential gains, similar to the success of dogecoin and shiba inu during the last cryptocurrency bull market.
As such, the surge in SPONGE’s value over the past few days can be seen as a reflection of this larger trend, as investors search for the next promising meme coin to invest in. At present, SPONGE’s market capitalization stands at $14 million, with a current trading price of approximately $0.00062. However, the trading volume over the last 24 hours has been nothing short of astonishing, reaching around $105 million, more than four times the cryptocurrency’s fully diluted market capitalization of roughly $25 million.
In light of this, the crypto community has been buzzing with anticipation over the announcement that SPONGE is set to be listed on a top 10 exchange, as revealed in a recent tweet. It remains to be seen how this listing will impact the future value of the meme token, but for now, SPONGE’s rise to fame is a testament to the unpredictable and rapidly changing nature of the cryptocurrency market.
