SPONGE, the SpongeBob token, surged to 73x its launch price on Uniswap last week, reaching a peak on May 7, before dropping 75% to $0.0024.
However, SPONGE still stands 7x higher than its launch price.
Joining the meme coin ranks
SPONGE is a meme-inspired cryptocurrency that draws inspiration from the beloved animated series, SpongeBob SquarePants.
However, the token is said to have no affiliation with Nickelodeon, as emphasized on SPONGE’s website. Recently, there has been a surge in the value of new wave meme coins such as pepe (PEPE) and floki (FLOKI).
The trend seems to be driven by investors seeking to capitalize on exponential gains, similar to what was witnessed with dogecoin and shiba inu during the last cryptocurrency bull market.
The spike in SpongeBob’s value over the last few days is also a part of this broader trend, as investors are looking for the next big meme coin to invest in.
SPONGE currently has a market capitalization of $14 million at its current trading price of approximately $0.00062.
With a fully diluted market capitalization of roughly $25 million, the trading volume over the last 24 hours has been astonishing, reaching around $105 million, a volume more than four times the fully diluted market cap of the cryptocurrency.
New listing announcement
According to a tweet, SPONGE is set to be listed on a top 10 exchange. This announcement has been received with enthusiasm from the crypto community, who are interested in the meme token.