"Every day there's a new memecoin, so what's the point."
After memecoin PEPE, this time SpongeBob (SPONGE) managed to attract the attention of cryptocurrency investors following his cheerful and strange mascot can bring some fun to the world of digital assets.
Although the price of SPONGE recently decreased by 15.04% to $0.000986 in the last 24 hours after crossing $0.001647, the memecoin is still listed as one of DexTools' top projects.
SPONGE's trading volume also increased by more than $100 million while $40 million of its market capitalization was fully liquidated, recording a jump compared to $3 million on May 4, 2023, but still below 5% of PEPE's market capitalization.
In context, SPONGE launched on Uniswap crypto exchange on May 4 last week climbed over 30% but slipped again when Binance reportedly stopped issuing Bitcoin (BTC) on May 8, 2023.
Despite that, SPONGE still attracted the attention of the crypto community even though the memecoin did not do any pre-sale or promotion on social media before its launch on the following crypto exchange.
According to some analysts, the price of SPONGE has the potential to soar so high in the near future that an investor can generate a 1,000-fold return following the popularity created by SpongeBob SquarePants long ago.
Clearly, investors became interested in the new memecoin right after PEPE saw its success and SPONGE is said to be quite an interesting opportunity.
