The meme coin frenzy seems to be continuing unabated, with $SPONGE, the latest challenger to Pepe, already making a splash in the market. In contrast to Pepe, which took three weeks to get listed on its first centralized exchange (CEX), $SPONGE achieved this feat in under 48 hours. The coin is already trading on six CEXs, and with a CoinMarketCap data showing it as the top-performing meme coin (up 1,290% over 7 days), the enthusiasm for $SPONGE appears to be on the rise.
The recent addition of $SPONGE to the MEXC exchange, ranked 7th with a trust score of 9 out of 10, should quell any doubts about the legitimacy of the burgeoning cryptocurrency. Other CEXs listing $SPONGE include Poloniex, LBank, CoinW, Toobit, and BTCEX. The strong performance of meme coins in the market, with an average price increase of 51%, demonstrates that the appetite for these digital assets is as strong as ever.
However, skeptics might question the rapid rise of $SPONGE and other meme coins, especially in the wake of recent crypto crashes. The surge in popularity could be attributed, in part, to rumors of the Shiba Inu team being behind the coin, or even Elon Musk having a hand in its creation. Most agree that the key to $SPONGE’s success has been its appeal to a broad range of buyers, with over 9,500 unique holders to date.
The high liquidity of $SPONGE in comparison to its market cap also indicates that it is backed by significant interests, which could mitigate the risk of price volatility from short-termist whales. With more CEX listings on the horizon, it’s natural to expect more liquidity and trading volume for the coin, potentially paving the way for rapid price growth.
As the noise surrounding meme coins like $SPONGE and Pepe shows no signs of letting up, it appears that the market for these unpredictable digital assets is still very much alive. Whether this trend will prove sustainable in the long term remains to be seen, but for now, the excitement around $SPONGE and others in its category, continues to grow.
Source: Cryptonews
