One trader bought new meme coin $SPONGE on Uniswap and made a 10x return on investment within a little over 24 hours.
SpongeBob (SPONGE) was listed on May 4th, opening at $0.00002749 and reaching $0.0006533 shortly after, its current all-time high.
Early Buyers of Sponge Token
While he didn’t capture the entire move, one early investor bought 972 million SPONGE for 31.5 Ether, worth just over $50,000 at the time.
View that $SPONGE purchase here on Etherscan.
That crypto wallet now has a balance valued at $500,000, according to crypto portfolio tracker Debank, including 0.45 ETH.
The trader took profit on 2.5% of his position, selling 25 million $SPONGE so far – appearing confident that it will continue to rise in price.
A relatively new wallet, Debank records the investors’ net worth as having increased over 52,000%.
$SPONGE Market Cap
The $SPONGE live market cap is $19 million according to CoinMarketCap, with a fully diluted valuation of $21 million.
On its launch day Sponge token was among the top crypto gainers, ranking in the top 2-3 coins over that 24 hour period, outperforming leading meme coins like $PEPE, $WOJAK, $BOB and $TURBO in percentage gains.
Following Uniswap DEX, two centralized crypto exchange (CEX) platforms have also listed $SPONGE at the time of writing – CoinW and Toobit.
Two exchange listings within its first two days is faster than PEPE at launch, leading to some analysts tipping it for success. The project has stated a top ten exchange is also set to announce their listing of the new meme coin, on Tuesday May 9th.
Update – the traders’ wallet balance is now $1 million as $SPONGE went on to set new highs and become the #1 trending ‘hot pair’ on DEXTools.
Pepe Coin Mints New Multi Millionaires
With its explosive rally to an almost $2 billion market cap the day Binance announced they would list the meme token – alongside Floki Inu – $PEPE has created even higher sums of wealth for holders.
Last month it made headlines that one unknown meme coin investor swapped 0.125 ETH for 5.9 trillion PEPE tokens, worth $250 at the time.
That position was later valued at just over $1 million in late April – and since then Pepe rallied even further, increasing over 6x from that date.
Now with a market cap of $1.2 billion after a correction, the Pepe price is consolidating around the $0.000003 mark, having spiked over $0.000004 this week.
How to Buy SpongeBob
Find links to the DEXTools trading pair, a Uniswap widget and links to the social media channels on spongebobtoken.io.
Alternatively visit CoinW or Toobit exchange.
Update – $SPONGE is also now listed on LBank exchange.
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On Wednesday, one crypto user, Reddit username CryptoKid09, reported that he had made an enormous gain in under twenty-four hours by trading a new meme coin called $SPONGE. In a post shared on the popular cryptocurrency subreddit, CryptoKid09 shared the news that he had made a 500x return on his $50k investment in the new cryptocurrency.
The cryptocurrency, which was created in June 2020, has slightly more than 2,000 holders and just 692 transactions to date. Despite these low numbers, CryptoKid09’s post has been met with incredible excitement as the novelty of the coin has created a huge buzz among the crypto community.
The news caused the price of $SPONGE to soar tenfold to over fifty cents on the day of the announcement, before quickly falling back to its pre-announcement level. Not stopping there, however, CryptoKid09 made a series of more calculated trades in the following days, further improving his return on investment. On the following day, with his winnings, CryptoKid09 even made an additional investment in $SPONGE.
In addition to being extremely fortunate, CryptoKid09 was also undoubtedly savvy in taking advantage of the surge in popularity of the meme coin. He was able to quickly capitalize on the low liquidity and extremely high hype caused by the announcement of the coin, maximizing the upside benefit to his trades. His final return on the meme coin was a staggering 500x his initial investment.
CryptoKid09’s story has sparked a renewed interest in meme coins, and there have been a lot of posts regarding the power of low liquidity and high hype in the cryptocurrency markets. Whether others can replicate the success of CryptoKid09 or not, this story has certainly captured the attention of the crypto community.
