One adventurous trader discovered what dreams are made of in the volatile world of cryptocurrency when they bought a new meme coin, $SPONGE, on Uniswap and made a 10x return on investment within just a little over 24 hours. SpongeBob (SPONGE) was listed on May 4th, opening at a modest $0.00002749 and then skyrocketing to $0.0006533 shortly after, reaching its current all-time high.
Although this early investor didn’t reap the full 10x return, they still managed to purchase a substantial 972 million SPONGE for 31.5 Ether, which at the time was worth just over $50,000. Fast forward a short period later, and their wallet now has a balance valued at $500,000, according to the crypto portfolio tracker, Debank.
The trader has only taken profit on about 2.5% of their position so far, selling 15 million $SPONGE. This demonstrates their confidence that the coin will continue to rise in price. It seems that confidence is well-founded, as Debank records show that the investor’s net worth has increased by over 50,000% since buying into the Sponge token.
Market data reveals that the current live market cap of $SPONGE is $19 million, with a fully diluted valuation of $21 million. The token’s rapid growth placed it amongst the top crypto gainers on its launch day. It ranked in the top 2-3 coins over the 24-hour period, outperforming other meme coins like Pepe (PEPE) in terms of percentage gains.
Following its Uniswap listing, two centralized crypto exchange (CEX) platforms, CoinW and Toobit, have also listed $SPONGE at the time of writing. This speed of listing outpaces PEPE’s launch, leading some analysts to predict future success for the fledgling meme coin. There are also whispers of MEXC planning to announce their listing for the new meme coin soon.
While the story of this early investor and the rapid success of $SPONGE is certainly attention-grabbing, it’s essential to approach such situations with caution. The cryptocurrency market is known for its volatility and unpredictability, and not all stories have such happy endings. As always, it’s important to conduct thorough research, consult experts, and assess personal risk tolerance before investing in any new venture.
To learn more about SpongeBob Token and explore trading options, interested parties can visit the official spongebobtoken.io website, which offers links to the DEXTools trading pair, Uniswap widgets, and the token’s social media channels.
Source: Cryptonews
