Crypto traders have been watching in awe the past few days as PepeCoin ($PEPE) has exploded nearly 6,000% higher. Every time the pump appears to be exhausted, $PEPE makes another move higher.
But traders shouldnâ€™t let the excitement around $PEPE distract them from other new meme coins launching in its wake. A new SpongeBob Squarepants-themed meme coin, $SPONGE, has already jumped almost 550% since launching yesterday.
PepeCoin Continues to Move Higher, Defying Expectations
The price action in PepeCoin over the past several days has been nothing short of astounding. Since April 29, $PEPE has exploded from $0.00000032 to $0.0000034 - a gain of more than 10x.
During the first stage of the pump, PepeCoin saw gains of nearly 5x and trading volume of more than $500 million. For a short period, there was more trading in $PEPE than in either $DOGE or $SHIB, the two leading meme coins by market cap.
The coin appeared to be falling back to earth by May 3, losing nearly 25% of its value from its May 1 peak. However, increased media attention and a renewed push on social media turned the decline around and led to an even more volatile phase of the pump.
As of May 5, PepeCoinâ€™s chart has turned nearly vertical upwards. $PEPE has gained another 400% over the past 48 hours. 24-hour trading volume is in excess of $1.2 billion according to CoinMarketCap, making $PEPE the 8th-most traded cryptocurrency after Bitcoin, Ethereum, and stablecoins like Tether and USD Coin.
Is this the top? Itâ€™s impossible to say, but at these lofty heights traders certainly need to be wary that any fall could be steep. For more conservative traders, it may be too late to get into the PepeCoin explosion.
$SPONGE Builds on Meme Popularity of SpongeBob Squarepants
A new coin called Spongebob ($SPONGE) launched yesterday to capitalize on the current excitement around meme coins. Almost immediately, traders and analysts identified $SPONGE as the next potential meme coin to explode.
The SpongeBob meme has a lot of resonance within the crypto world. SpongeBob Squarepants was the most-watched childrenâ€™s television show of all time. It ran in the early 2000s, and many of the kids who grew up watching the show are now in their late 20s and early 30s. This is the same demographic that makes up the majority of crypto traders.
SpongeBob memes have also shown that they can go viral. Characters from the show like SpongeBob, Squidward, and Plankton routinely appear in memes on crypto Twitter and Reddit.
The new $SPONGE token describes itself as the â€˜Krabby Patty of meme coins.â€™ That description is a meme in itself. Itâ€™s a reference to the hamburger in the SpongeBob Squarepants television show thatâ€™s made with a secret recipe and that the characters canâ€™t seem to eat enough of.
$SPONGE Jumps 550% in 24 Hours, Lists on CoinMarketCap
Traders have been piling into $SPONGE since it launched on the decentralized exchange Uniswap yesterday morning.
Over the past 24 hours, $SPONGE has jumped 548%. Trading volume has also been steadily increasing, with more than $17 million worth of $SPONGE trading hands since the launch.
The token went straight to the exchange with no presale and little social media fanfare. Despite this, word has gotten around quickly that thereâ€™s a new explosive meme coin on the market.
The coinâ€™s success is evidenced in part by the fact that itâ€™s now listed on CoinMarketCap, one of the largest trading data sites for the crypto market.
Some analysts think that the return $SPONGE has delivered so far could be only the beginning. Analysts are comparing it to PepeCoin and other explosive meme coins like ArbDoge, Turbo, and Bonk. One analyst says that $SPONGE could deliver 1,000x returns for early investors based on the enormous meme potential of the SpongeBob universe.
$SPONGE has a fixed supply of 40,400,000,000 tokens. There are no taxes on trading and the coin is structured to promote liquidity. Investors can buy $SPONGE now on Uniswap via the spongebobtoken.io website.
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