Meme coins have been among some of the best-performing tokens of the year and have enjoyed a recent rejuvenation as wider market conditions have improved.
The likelihood of spot Bitcoin ETFs by Fidelity and BlackRock being approved has boosted the whole market with a healthy Bitcoin driving volume as large-cap investors take profits and cycle into more speculative investments.
Having struggled with the rest of the market from July to October, Sponge Token ($SPONGE) is suddenly 300% up in a month and has added major utility to its ecosystem.
With a crypto bull run expected in 2024, $SPONGE could yet reach new highs in the coming months.
$SPONGE Price History
$SPONGE was listed straight-to-DEX on Uniswap in early May with little to no hype or preamble – yet this didn’t stop the price from immediately pumping.
Within the first hour of going live, the $SPONGE price had rocketed over 138%, according to data from DEXTools.io, and the token did not stop there.
Within a week the token had made gains of more than 3,200% and hit $100 million trading volume – making it one of the top trending tokens in the whole space and a must-buy for several days for meme speculators.
The token was quickly listed on the likes of CoinMarketCap and CoinGecko as it reached a peak price of $0.0024.
However, momentum then slowed heading into June with the token dropping back below $0.0001. Although the token never dipped below its launch price, it was way off its all-time highs and struggled to attract trading volume throughout the summer months.
With the market picking up in late October and November, however, $SPONGE has once again become one of the hottest tokens on the market.
Currently trading 300% above where it was a month ago, $SPONGE is priced at $0.003, although it has been as high as $0.0006 this week.
Why Are Investors So Hyped About $SPONGE?
Naturally, investors have been buzzed about $SPONGE not only because of its meme coin potential but because it has shown huge added utility in recent weeks.
While many of the best meme coins occupy a unique position in the market because they rely on “hype” driven through social media sites like Twitter and Reddit, $SPONGE has now added two major features that have seen investors flock back to the token.
At the start of November, the project announced that it would open a staking pool and allow those who lock their tokens inside the pool to generate rewards.
At the time of writing, more than 350 million tokens have been locked inside – worth around $140,000 – with the annual yield percentage currently sitting over 250%.
Staking has proven to be an extremely successful method to incentivize holding and reduce selling pressure over the long term.
$SPONGE also revealed the winners of its first airdrop – with 747 holders earning a share of $100,000 after earning reward points for holding and trading. The top winner bagged more than $6,000 worth of $SPONGE.
The project also benefits from the token being styled after the much-beloved SpongeBob SquarePants character, often featured in viral crypto memes.
As noted on the official Sponge Token Twitter page, the project aims to be the “Krabby Patty of meme coins” – the most addictive item in the show. Investors also hope that $SPONGE can follow in Pepe Coin’s (PEPE) footsteps and produce quadruple-digit returns.
$SPONGE Price Prediction – Is the Sponge Token Set to Explode?
If you’re considering buying Sponge tokens today then this next section covers the meme coin’s upside potential. Given the crazy start to its life cycle, many investors are already wondering where the $SPONGE token price could go in the coming months.
Given the bullish momentum in the wider crypto market and the expected crypto bull run in 2024, there is huge optimism that $SPONGE could continue to show upward movement in the coming weeks and months.
The next Bitcoin halving is expected in April 2024 and that, plus a huge expected increase in institutional investment, should push the whole market to new highs.
Bitcoin has been predicted to reach six figures and the rest of the market should follow.
$SPONGE has also added utility through its staking pool and airdrop system – two major utilities it didn’t offer when it first launched.
The increased utility and wider market upturn could potentially help $SPONGE reach new all-time highs in the next 12 months.
Welcome to $SPONGE
The Krabby Patty of #memecoins!
Absorb the damp! pic.twitter.com/I18I61qpM2
— $SPONGE (@spongeoneth) May 4, 2023
However, as with all new meme coin projects, there’s also risk to the downside. As such, investors must complete their own research and decide whether $SPONGE is an asset that aligns with their unique risk tolerance level and trading goals.
Interested investors can learn more about the $SPONGE project by joining the official Telegram channel.