New Meme Coin $SPONGE to List on MEXC Exchange After 3,000% Pump

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The cryptocurrency market is taking a major toll as bearish sentiments are turning crypto assets red. The largest cryptocurrency Bitcoin shed close to 4% and fell below the $28K mark. Similarly, ETH lost all gains from its recent rally and fell by 2.5%.

Top meme coins are performing even worse as their usual volatility has been exacerbated by the negative sentiments around the crypto market. $DOGE corrected by over 5% in the past week and $SHIB fell by a disastrous 10% over the same period.

Despite the crypto market being in the doldrums, investors are finding incredible profitability in certain tokens with exciting growth potential. The SpongeBob token ($SPONGE) is one such meme coin, having seen a rise of over 3,000% over the last week and with the token now set to list on the MEXC exchange this Thursday.

$SPONGE Surges 3,000%, Outperforms The Crypto Market

Despite the negative outlook of the crypto market, $SPONGE continues to defy expectations with a sustained bull rally. While BTC and $DOGE plummeted, the SpongeBob token has surged as high a 3,000% in the last 7 days.

It is currently priced at $0.001033 and is showing every indication to continue the bullish momentum. $SPONGE continues to perform above the 4-hour trend line which is a major bullish indicator. It is the 4th best-performing meme coin in the last 24 hours.

Over the last 48 hours, Bitcoin fell below the $28K mark as the largest crypto exchange Binance stopped BTC withdrawals due to network congestion. The market panicked as the memory of recent crypto bankruptcies is still fresh in the mind of investors. Despite Binance resuming the BTC withdrawal, the largest cryptocurrency continues to struggle.

Investors are also concerned by the impact of macroeconomic conditions on the crypto market. The US Bureau of Labor Statistics will release the Consumer Price Index for the month of April in 2 days.

The CPI indicates the current level of inflation in the market. Central banks employ restrictive monetary policy to curb inflation which has an adverse impact on the crypto markets. The Federal Reserve will decide on the next interest rate hike based on this data. A bad inflation could result in a massive correction in the crypto market.

Therefore, $SPONGE’s rally is baffling investors as meme coins are usually considered the riskiest investments with incredibly high volatility. These tokens react heavily to the price movement in Bitcoin.

Recent meme coin phenomenon $PEPE has slipped by over 30% in the last 24 hours alone with bears betting for more negativity. However, a closer inspection of the SpongeBob token reveals what separates it from other crypto tokens.

During a bear market, crypto assets depend upon positive developments in their ecosystem to surge their prices. $SPONGE is receiving this boost from various centralised exchanges that are listing the token on their platform.

$SPONGE outperformed Pepecoin by getting listed on a centralized crypto exchange within two days, much quicker than PEPE. The SpongeBob token is currently available on CoinW, LBank, Toobit and Poloniex, with the newest listing to be on MEXC on 11th May from 10:00 UTC.

CoinGecko ranks MEXC 7th with a trust score of 9 out of 10 and notes it has a 24-hour trading volume of $777 million, so the listing comes as a big boost to the already-flying $SPONGE token.

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$SPONGE Set to Replace $PEPE as the Next Great Meme Coin Phenomenon

Interest in meme coins resparked as Pepecoin, a token based on Pepe The Frog, delivered incredible returns on investments. The token surged by as much as 8000% and provided excellent growth prospects for investors. Traders generated as much as 5,000,000% profit worth over $12 million by investing a mere couple of hundred of dollars. The meme coin reached incredible heights, breaching the $1 billion market cap within a month.

However, the token is taking a heavy toll due to the bearish conditions and is seeing a major correction. The token has fallen by over 30% over the last 24 hours and continues to shed on an hourly basis. Its market capitalization also fell all the way to $825 million.

Funding rates for PEPE perpetual futures remain negative as short sellers continue to bet against the token. There are also concerns regarding the security of the token. Reports suggest that certain members of the Pepecoin project were able to buy 7% of the entire token supply within minutes after the Token Generation Event.

Like Pepecoin, the SpongeBob token is a community driven project that grew its hype through memes on social media platforms without any presale. The project pays homage to the beloved kids’ show SpongeBob SquarePants. The popularity of the show will certainly play a key role in delivering excellent results for $SPONGE investors.

Traders and other key players are beginning to catch on to the unrealised potential of the token. Matt Wallace, a known $DOGE supporter and Elon Musk associate, heavily invested in the SpongeBob token. The LBank exchange is offering 10% cash back to users who are purchasing the token through its platform.

The token already has close to 30k followers on Twitter and is nearing 1000 followers on TikTok within 3 hours. It is also extremely popular on Telegram. The project will reward 200 USDT to 5 TikTok followers and $500 to winners of its SpongeBob meme contest.

Despite the enormous popularity, investors may still be early to the $SPONGE hype train. The token was extremely close to breaching the $100 million market cap with only 8000 users. Users can simply connect their wallets to the Uniswap portal on the sponge.vip website and purchase the token by swapping ETH or USDT.

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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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