The top trending meme coin, $SPONGE, is showing strong recovery after the recent crypto crash affected meme coins across the board. The coin’s bounce back is partly attributed to its introduction on the Poloniex centralized exchange (CEX) at 11:00 UTC. This marks the fourth CEX listing for $SPONGE, following its debut on LBank, CoinW, and Toobit.
With more listings potentially on the horizon, $SPONGE’s recent dip is seen as an opportune moment for investors to buy. As the token establishes itself as a leader among the new generation of meme coins, the downward market movement provides a window for profitably buying the dip. Market experts recognize that retracements are essential for healthy and sustainable price formation.
At the time of writing, the coin’s price stands at $0.001338, a significant bounce from its near-term bottom of $0.000.8541. Coinmarketcap data reveals that $SPONGE is up 90% on a 24-hour basis, although still shy of its all-time high recorded yesterday at $0.002402. In comparison, Pepe coin experienced a 15% decline over the same period.
With a current market cap of approximately $50 million, $SPONGE is ranked as the fourth-best performing meme coin on a 24-hour basis. Over seven days, its return rate is an impressive 1,561%, according to coinmarketcap data.
The token is also the most traded coin on decentralized exchange Uniswap, projecting the possibility of hitting a $100 million market cap in the near future. This rapid success outpaces even that of Pepe, a token that took three weeks to launch on its first CEX compared to $SPONGE’s two-day rollout.
Centralized exchanges are increasingly eager to onboard $SPONGE liquidity, as the token dominates the decentralized Uniswap V3 exchange, totaling an eighth of its total liquidity. Additionally, $SPONGE’s locked liquidity of $10.8 million on Uniswap is double that of Pepe, which holds a market cap nearly 20 times greater.
$SPONGE’s expanding community serves to bolster trading volumes and strengthen bullish sentiment. Boasting over 8,500 holders, 27,000 Twitter followers, and a highly active Telegram group with 17,000 members, the community is thriving. High-profile supporters, such as crypto influencer Matt Wallace, and rumored connections to the Shiba Inu team only serve to fuel the hype.
The number one wallet holder, owning 29% of the total supply, has vested their holdings for two years, offering further confidence in the project’s stability. Moreover, Chinese crypto news site BlockBeats has recently mentioned $SPONGE, standing as a testament to the project’s growing influence.
Source: Cryptonews
