The much talked about meme coin, $SPONGE, has made a remarkable entrance into the crypto market. Listing on Bitget and Gate.io, the token is now available for trade on eight exchanges, putting other meme coins to shame. In a market showing weakness, especially with Bitcoin being down 4%, $SPONGE has shown admirable strength, increasing its value by 67% at one point.
It’s important to note that while other meme coins such as Dogecoin and Shiba Inu are down by over 2%, $SPONGE ranks as the seventh-best gainer in the past 24 hours, according to CoinMarketCap. Even Pepe, a coin that $SPONGE aspires to surpass, is down by 51% as market participants search for fresh opportunities.
A vital factor contributing to $SPONGE’s impressive performance is the influx of new buyers continuously joining the platform. Most holders retain their tokens, which has led to a significant increase in overall trading volumes. This growing popularity has propelled $SPONGE into the top trending coins on Dextools, reflecting a growing global interest.
Another positive aspect is the significant exposure $SPONGE receives through Bitget and Gate.io. As top-ranked exchanges, they command a combined weekly visitor number of 5.2 million, providing considerable brand awareness. CoinGecko sites Bitget as having the seventh-highest visitor numbers among all exchanges.
On the other hand, one may argue that the impressive growth and increasing trading volumes may also attract negative attention, potentially posing a threat. Additionally, while the coin has so far displayed stable growth, there is still uncertainty about its future performance.
However, the team behind $SPONGE has strong industry relationships, which could provide the essential support the token needs for continued success. With a growing community of investors and increased presence on major exchanges, the potential for further growth is evident.
Moreover, $SPONGE’s performance on recently listed exchange MEXC Global, with a return of 279% for market participants, displays the appetite for the token. With trading volume growth being crucial in securing more top exchange listings, $SPONGE’s bearing within the market is likely to attract even more big-name listings soon.
It’s clear that $SPONGE is gaining traction and making waves in the meme coin space. With support from Twitter influencers and New York’s elite, the token’s reach is expanding rapidly. Additionally, partnerships with other coins such as Love Hate Inu further strengthen and diversify its growing presence.
While $SPONGE’s steady growth may be comforting to investors, there is still an element of doubt that lingers. The token’s future hinges on its ability to maintain its current momentum, and as always in the volatile world of cryptocurrencies, nothing is guaranteed.
Source: Cryptonews
