$SPONGE, the #1 meme coin on Uniswap in trading volume, listed on Poloniex yesterday at 11:00 UTC after its huge growth over the past week. It’s now set to list on MEXC on 11th May from 10:00 UTC.
Poloniex is the fourth centralized exchange (CEX) to list $SPONGE and is ranked 53rd in trading volume according to CoinMarketCap. $SPONGE is also available on LBank (15th in trading volume). CoinW (23rd in trading volume), and Toobit (32nd in trading volume).
The team behind Spongebob has hinted that more CEX listings are in the works, and could be announced as soon as later today.
$SPONGE dominates meme coin trading volume on Uniswap
$SPONGE token has already cemented a legacy as one of the most successful meme coins of all time.
The token launched on decentralized exchange Uniswap on Thursday, May 4, and listed on CoinW and Toobit within 48 hours. By comparison, PepeCoin ($PEPE) took three weeks to list on its first centralized exchange.
Following those listings, $SPONGE came incredibly close to reaching a $100 million market cap. It was ranked in the top 275 cryptocurrencies by market cap, according to CoinMarketCap data.
On Uniswap, 24-hour trading volume in $SPONGE exceeded $100 million, outpacing trading in $PEPE by a wide margin as of 9:10 UTC. Excluding wrapped Ethereum, $SPONGE was the most-traded coin on Uniswap – just four days after the token launched.
In addition, trading volume in $SPONGE made up one-eighth of the total liquidity on the world’s largest decentralized exchange. $SPONGE has $10.8 million in locked liquidity on Uniswap, compared to $11.9 million for $PEPE – which has a roughly 20 times higher market cap.
$SPONGE has been the #1 trending project on Dextools since it launched and continues to hold that position.
$SPONGE community responds to the coin’s fast rise
Trading volume doesn’t happen in a bubble. A devoted community has quickly grown up around $SPONGE as trading in the coin exploded.
As of today, $SPONGE has more than 8,500 token holders, a Telegram group with 17,000 members, and a Twitter account with 27,000 followers. The social media accounts are only four days old, making these numbers even more impressive.
There are some celebrities among $SPONGE followers, including influencer Matt Wallace. Wallace has nearly one million followers and is close to Elon Musk.
$SPONGE has also been noticed abroad. China’s top crypto news site, BlockBeats, covered $SPONGE:
BlockBeats news, on May 8, according to Dextools data, Meme Coin SPONGE broke through $0.0009, and the current price is $0.000985, a 24-hour increase of 48%. There are more than 8,000 Token holders.
https://www.theblockbeats.info/flash/137304 (Google Translate)
Another positive sign for $SPONGE is that it has significant long-term support. The largest wallet, holding 29% of the $SPONGE supply, is vested for two years.
To grow its community even further, the team behind $SPONGE is holding a meme contest. The 50 best Spongebob memes shared with $SPONGE can win $100 prizes.
The $SPONGE team is also planning an airdrop for early investors in the project.
$SPONGE pullback offers opportunity to buy the dip
As hot as $SPONGE has been, it wasn’t completely immune from yesterday’s crash in the broader meme coin market. In the past 24 hours, $PEPE is down 29%, $TURBO is down 56%, and $POOH is down 35%.
$SPONGE has fallen 36% in the past 24 hours, although trading volume has been steadily building and remains over $100 million.
The crash has been widely attributed to problems with Bitcoin withdrawals at Binance, rather than any slowing of excitement around $SPONGE. Binance has now restarted withdrawals, so $SPONGE could see its price begin to climb again.
$SPONGE set a bottom at $0.00085, which the token is retesting now. Many traders are anticipating that $SPONGE will bounce off this price level as a sign of consolidation before surging to a new all-time high and a $100 million market cap.
The Poloniex listing and the MEXC announcement could also serve as a bullish catalyst for $SPONGE.
The dip could represent an opportunity for traders who missed the first surge in $SPONGE to get in on the explosive price action of this token. It also offers traders who bought at the token’s current all-time high of $0.0024 to average down their position cost.
Since launching, $SPONGE has delivered a total return of 1,150%. The all-time high reached yesterday represented a gain of 3,300% from the $SPONGE listing price.
MEXC Listing This Week
Despite entering just its fifth day of trading, $SPONGE is still the best returning meme coin, ranked by 7-days, up 1,290%. In contrast, Pepe is down 18% in the past 24 hours. $SPONGE will now list on MEXC on Thursday 11th May.
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.
Pepe and Turbo both feature in MEXC’s top five trading pairs, with $SPONGE set to join them when it lists on the popular exchange this week.
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