It’s been an exciting week in the world of meme coins.
Shiba Inu-themed ArbDoge ($AIDOGE) and meme tokens like $WOJAK, $TURBO and others have been exploding in price as altcoin season is well underway. All were eclipsed by Pepe ($PEPE), which hit almost a $2 billion market cap on news of its Binance listing, followed by a pullback.
The explosive gains seen in the meme crypto space could be dwarfed by the latest meme coin to drop, SpongeBob Token ($SPONGE).
SpongeBob hits a cultural touchpoint for many crypto traders and the token has already made it to the #1 spot on the DEXTools hot pairs list.
Pepe Coin Pump Delivers 100x Returns, $1.5 Billion Trading Volume
Pepe coin launched on April 17 and almost immediately delivered 10x returns for traders who bought the coin early. However, it’s the more recent pump that has everyone watching $PEPE.
Over the past few weeks, the Pepe price rose as high as just over $0.000002. Since trading in $PEPE started, the coin has gained more than 100,000%.
At the same time, trading volume in Pepe coin is breaking records. The coin surpassed Dogecoin and Shiba Inu, the two leading meme coins by market cap, in 24-hour trading volume on May 1. Since then, volume in $PEPE has increased further to over $1 billion.
What Next for Pepe?
Many traders predicted that the Pepe coin pump was over on May 2, when the coin’s price and trading volume temporarily declined. However, traders who exited the coin during that pullback are likely kicking themselves now.
The coin’s momentum isn’t likely to stop anytime soon. When it was announced that the world’s largest centralized crypto exchange, Binance, would list Pepe coin in its Innovation Zone, the Pepe price pumped another 100%.
Pepe coin is already listed on OKX, the world’s second-largest crypto exchange.
The new listing has now made Pepe coin available to more traders as well as casual crypto investors. While the Pepe price is now consolidating, It could potentially fuel another leg higher and push trading volume over $2 billion. That would put Pepe coin in the ranks of Binance USD (BUSD) in terms of volume.
It’s difficult to say with any certainty what comes next for $PEPE. The coin is in uncharted waters with no previously established support or resistance levels. Pepe coin has no utility, so the coin’s price depends entirely on the degree to which traders remain excited about this new meme coin.
Pepe’s Success Points to Opportunity for Other Meme Coins
Notably, Pepe coin is one of the first meme coins not based on the Shiba Inu meme to generate a 100x return. To date, nearly all major meme coins are based on the same meme. Examples include Dogecoin, Shiba Inu, Baby Doge Coin, Floki Inu, ArbDoge, Tamadoge, and Baby Inu.
Pepe coin is based instead around Pepe the Frog, a cartoon frog first introduced in the early 2000s and claimed as a symbol by many different online groups. Pepe the Frog has featured in numerous memes, including in the crypto niche, but it never had a dedicated meme token – until now.
Alongside Wojak, Pepe’s success suggests that there’s room for memes other than the Shiba Inu meme to catch traders’ attention. It also points to nostalgia for the early 2000s, when many of today’s crypto traders were children.
$SPONGE Gains 550% in 24 Hours
The new Spongebob token ($SPONGE) looks to capitalize on the opportunity that Pepe coin created.
$SPONGE token launched on the Uniswap decentralized exchange on May 4th. Since then it pumped over 30x at its peak, before a wider market correction following the news of Binance pausing BTC withdrawals which broke on May 8th.
Trading volume has been spiking as well. More than $100 million worth of $SPONGE has been traded. At the time of writing its fully diluted market cap is just over $40 million – up from $3 million on May 4th – which is under 5% of Pepe’s market cap.
CoinMarketCap, one of the leading crypto market data platforms, is now tracking $SPONGE. The project has also been listed as a top trending project on DexTools, at times the #1 hot pair alongside Pepe in the #2 spot.
The speed with which $SPONGE has attracted attention is especially impressive considering that the token went straight to exchange trading with no presale. The Spongebob project also had little in the way of a social media campaign leading up to its launch.
Clearly, traders are on the lookout for new meme coins in the wake of Pepe token. Spongebob token looks to many like an exciting opportunity.
In fact, some analysts are already pointing to $SPONGE as the next explosive meme coin. One analyst believes that $SPONGE could potentially generate 1,000x returns considering the popularity and meme potential of the Spongebob Squarepants universe.
$SPONGE has a fixed supply of 40,400,000,000 tokens and it is structured with no transaction tax to promote maximum liquidity. Traders and investors can buy $SPONGE now on Uniswap via the sponge.vip website.
This new meme coin is based on the incredibly popular Spongebob Squarepants television show. Calling itself the ‘Krabby Patty of meme coins’ – a reference to the burger in the show that the characters have an insatiable appetite for – Spongebob token aims to be the next meme coin to explode.
The choice of Spongebob Squarepants as the token’s theme is a huge factor in this token’s potential success. Spongebob was the most-watched children’s television show of all time, according to Guinness World Records.
Many of the children who watched the show when it aired in the early 2000s are now in their late 20s and early 30s. That’s the same demographic that dominates crypto trading today.
On top of that, Spongebob memes frequently go viral. Some of the most popular memes on crypto Twitter feature scenes from the show, including characters like Spongebob, Squidward, and Plankton.
Spongebob token can be found on Twitter at @spongeoneth.
Disclaimer
This article is sponsored content and does not represent the views or opinions of BeInCrypto. While we adhere to the Trust Project guidelines for unbiased and transparent reporting, this content is created by a third party and is intended for promotional purposes. Readers are advised to verify information independently and consult with a professional before making decisions based on this sponsored content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
