Why is $SPONGE so well-known in the bitcoin market? What is it?
The meme coin $SPONGE has become more well-known in the cryptocurrency industry as it was recently listed on a number of centralized exchanges, including the top 7 CEX MEXC. The coin has also been the most actively traded coin on the leading decentralized exchange Uniswap for the last two days. Additionally, meme currencies are presently the best-performing category of coins, outperforming all other categories of cryptocurrency, according to statistics from CoinMarketCap.
Compared to Pepe, another well-known joke currency, which took three weeks to receive its initial CEX listings, $SPONGE has accomplished its aim of being listed on several CEXs in less than 48 hours. According to 7-day returns, $SPONGE is presently the highest returning meme currency, up 1,290%, while Pepe is down 18% over the last 24 hours.
The fact that $SPONGE is also backed by sizable interests and has a high percentage of locked liquidity to market cap implies that the currency is less likely to be affected by short-termist whale behavior. With more than 9,500 $SPONGE holders and a rising presence on social media, including 18,000 members of its Telegram channel and 36,000 followers on Twitter after only four complete days, the currency has also amassed a wide spectrum of investors across several buyers.
Due to $SPONGE’s popularity, there have been allegations that it was created by the Shiba Inu team or that Elon Musk, a fan of meme coins, was involved. But there is no actual proof to back up these claims.