After Pepe and Turbo - Is New Meme Coin Spongebob Price Next to Explode 600x?
May 4, 2023 (Investorideas.com Newswire) Launched today, straight to decentralized exchanges (DEXs), the new Spongebob token ($SPONGE) is already trading up 149%, according to Dextools data.
Crypto traders who missed out on meme coins $PEPE and $TURBO are sure to want to know about this latest hot crypto.
Those who jumped into the market now could be in line for huge profits. For example early Turbo buyers were sitting on gains of $2,600% yesterday.
At this time it is not known what if any utility the coin currently has or what the plans are for the future.
Over the next few hours and days traction will likely grow for this latest meme coin, given that it has gained the backing of a number of alpha callers in the crypto space on Discord and elsewhere.
More on who those tipsters are may become available on the Spongebob token's recently created Discord server.
$SPONGE trading volume spikes to $1 million in an hour
Barely an hour into trading and $SPONGE has already racked up volumes of nearly $1 million. Three quarters of market participants are buyers at that point, suggesting the strong upward momentum is likely to continue.
That's an impressive number for a coin that is less than two hours old. Liquidity for new coins is always an issue unless the project has backers with deep pockets.
So far the biggest trade has come in at 252.5 ETH – worth $476,467 and the ninth trade to be placed in the order book, executed at 13:36:59 UTC.
A new trend to launch coins direct to DEX is partly being fueled by crypto traders turning their collective backs on centralized exchanges in the wake of the FTX collapse.
As regulatory troubles engulf the likes of Coinbase, the largest exchange in the US market, an increasing number of market players have turned to DEXs.
But there is also another element at work – the ease with which coins can be launched in the age of artificial intelligence.
This was demonstrated most notably perhaps by Turbo Toad Token ($TURBO). In the space of a week a coin had been created all by using the OpenAI chatbot ChatGPT.
From smart contract to mascot, everything was built with minimal human intervention, courtesy of AI.
The liquidity pool for $SPONGE was created at 13:22 UTC today and total liquidity stands at $2.13M
Is Spongebob price set to blast 6,000% like PEPE?
The total supply of the token is 40.4 billion and at a price of $0.00006818 equates to a market capitalization of $2.75 million.
So far there have been 104 transactions but that is sure to leap as news spreads of the latest meme coin to be birthed.
To find out more about the spongebob token, visit its website. You can also trade direct on its website at spongebobtoken.io using the Uniswap widget available there.
$SPONGE also has a Twitter account it is probably worth keeping an eye on for upcoming developments. At the time of writing there are 103 followers.
With PEPE up more than 6,135% since its launch 17 days ago on April 17th it is easy to see why those in the know may be tempted to dip a toe in the water. PEPE is gaining 85% today as the hype continues for the DEX-only meme coin priced at $0.000001731.
Put that another way, $1,000 invested in PEPE on April 17th would now be worth $60,000 today.
Returns like that are what drives the speculative frenzy often associated around crypto assets.
Expect to hear a lot more about Spongebob and the $SPONGE token in the coming days.
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