Bikini Bottom’s Secret Meme Coin Set to Outshine Dogecoin – Spongebob

The memecoin season seems to be slowing down compared to the early stages in May 2023. However, Spongebob remains one of the most lucrative crypto projects this year.

Mimicking the early success of Dogecoin, it enjoyed a positive price outlook since it started trading on May 4, 2023. 

Spongebob is a community-based memecoin project that gives investors a fun way to earn in the crypto market while unveiling an exciting roadmap. 

SPONGE is the native token that powers the ecosystem and is available on several exchanges, such as Uniswap, LBANK, Bitget, and MEXC.

Spongebob The Memecoin Revelation

SPONGE is a decentralized cryptocurrency built on the Ethereum network making it ERC-20 compliant. Since its launch on Uniswap DEX on May 4, it has moved progressively as more investors adopt the project. 

SPONGE set a phenomenal record when it secured its first centralized exchange listing (CEX) within 48 hours of its launch. This achievement outstrips even the early progress of PEPE, leading to massive investors’ interest in the token.

Spongebob has an exciting roadmap, including CEX listing by top exchanges. Currently, the network is holding an airdrop event for its users in the ecosystem.

According to the announcement on Twitter, users earn rewards by holding and trading the $SPONGE token. The higher the volume of transactions and tokens, the greater the rewards

How To Buy $SPONGE

Users can purchase $SPONGE tokens in a few easy steps.

1. Install a Wallet: download a secure crypto wallet such as MetaMask or Trust Wallet from Apple App Store or Google Play. Also, Desktop users can install a Chrome extension from MetaMask.io.
2. Send ETH To Your Wallet: ETH is vital for swapping SPONGE tokens. Purchase ETH tokens directly from MetaMask or transfer from another wallet or exchange using the ERC-20 network.
3. Connect To Uniswap: Go to the official Uniswap site, select the token, and paste the $SPONGE token contract address:  0x25722Cd432d02895d9BE45f5dEB60fc479c8781E. 
4. Swap ETH For Sponge: With ETH tokens in your wallet, you can swap for a desired amount of $SPONGE tokens. Reserve some ETH for gas fees, review transaction details, and confirm. 

Sponge Price Action Since May Till Date 

SPONGE traded at $0.00009321 on May 4, 2023, then spiked to $0.000453 on May 5. It attained its all-time high value of $0.002394 on May 7, 2023, before closing at $0.001835 the same day.

SPONGE’s price showed volatility from its launch as traders accumulated the tokens. However, by May 22, the bears seized control of the market, driving the asset’s price down to $0.0003974.

Also, SPONGE dropped to the $0.0002 price level on May 24, declining even further to $0.0001797 on June 5. Currently, it is trading at $0.0001768, a 92.63% decline from its all-time high value. However, it is still 142.91% above its all-time low. 

Spongebob Price Outlook Today

SPONGE is volatile on the 15-minute chart as the bears mount pressure on its price today. It is trading below its 50-day and 200-day Simple Moving Averages (SMA), with bearish sentiment in the long and short-term for the token.

It implies that its price could decline even further in the coming days, reflecting the state of the general crypto market. 

Also, its Relative Strength Index (RSI) is 42.33, dropping to the oversold region 30. It also confirms the prevalent bearish trend in this time frame. SPONGE’s Moving Average Convergence/Divergence (MACD) is moving to cross below its signal line, which is also a bearish sentiment.

The MACD’s negative values and the histogram bars confirm that the bears have control over their price. It will likely record further price drops before rallying again once the market conditions are favorable.

SPONGE is trading above the $0.00015 support level. As long as this level holds, a price recovery is likely. However, a decline below this level will push the asset to lower lows.

Its closest resistance level is $0.000169, and a break above this level will see the asset reclaim the $0.000184 price level.  However, the technical indicators imply that further price decline is ahead for the asset. It will likely remain in a downtrend shortly before the next rally. 

Conclusion

Spongebob is an exciting memecoin project with massive potential and an interesting roadmap. It surpassed DOGE and PEPE’s early success to create a name for itself in the memecoin niche.

Despite the crypto market downturn, SPONGE retains most of its initial gains after launch and will likely enjoy another rally soon. Also, Spongebob is hosting its season 1 giveaway of SPONGE tokens confirming its status as a community-focused token.

Although memecoins are highly volatile, early investors in SPONGE have earned impressive rewards as it achieves new milestones.

Spongebob has a solid social media presence on channels like Twitter, keeping its community updated on events. The tokens are available for purchase and trading across several top-rated exchanges boosting their market value. SPONGE will likely continue its phenomenal rise as more investors join the platform and trade the tokens.

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