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It’s a meme season with new meme tokens $SPONGE pulling weight against established coins in the market.
The meme coin market has witnessed a fantastic performance over the past few weeks, rising by over 1000% with new incoming tokens.
Although Dogecoin and Shiba Inu remain the meme coin forerunners, $SPONGE stole the spotlight alongside PEPE and Milady Meme Coin.
🧽The $SPONGE pump, that everyone wants! 💪💰 pic.twitter.com/KGnVY3j8fl
— $SPONGE (@spongeoneth) May 15, 2023
These meme tokens saw tremendous price performances within their short time of existence. Even more remarkable is $SPONGE performance, as it outdid itself in just a few days of launch.
$SPONGE Price Explodes, Overturning the Meme Coin Market With over 1000% Increase Few Days After Launch
$SPONGE is a SpongeBob SquarePants-themed community-driven meme coin that has rewarded investors with massive gains.
SpongeBob ($SPONGE) is an ERC-20 token with a circulating and maximum supply of 36.36 billion and 40.40 billion $SPONGE, respectively.
$SPONGE launched on the Uniswap exchange on May 4, 2023, and produced an over 300% price increase a few hours after launch.
The meme token met an unexpected reception in the market, considering the little to no PR and no presale phase.
According to DEXTools data, after only four hours of trading live on Uniswap, $SPONGE’s price surged by more than 138%.
It didn’t stop there, as the token price continued rising in the days following its launch, adding over 1000% to $0.00053930 in the last seven days.
$SPONGE hit an all-time high price of $0.001420 on May 8. The increased interest in the token boosted its market cap and trading volume, even securing a listing on leading coin tracking platforms.
At the time of writing, $SPONGE has experienced a 90% boost in market capitalization and trading volume.
According to Coincodex data, the meme coin now has a market cap of over $18.93 million and a trading volume of over $10.75 million.
It’s safe to infer that $SPONGE has outpaced most coins with crazily unbeatable momentum only within ten days of launch.
What Factor Are Pushing $SPONGE?
Meme Coin Virality and Community Hype
All new meme coins, including SPONGE, leverage hypes gained from “meme coin potential and virality.” Most meme coins derive their market exposure from social media-driven hype.
Moreover, investors who missed out on Dogecoin and Shiba Inu’s explosive four-figure price increase want to make up with upcoming meme coins.
The FOMO became even higher after PEPE’s explosive price gain in the weeks before SPONGE’s launch.
The FOMO and hype around the meme coin potential became a powerful propelling force for SPONGE. As such, the token didn’t need any more publicity to break records.
In addition, often featuring in several viral crypto memes, SpongeBob SquarePants’ much-beloved character also influenced people’s interest in $SPONGE.
The project’s Twitter account even touted SPONGE as the Krabby Patty of meme coins.
SPONGE Riding on PEPE’s Popularity
As of now, SPONGE has no utility. Therefore, the price actions are mainly community-driven and based on the hype from social media.
Investors only banked their hopes that SPONGE would follow DOGE and PEPE’s paw prints to produce four-digit returns.
Recall Pepe Coin price rapidly skyrocketed shortly after its launch in mid-April 2023. Like SPONGE, PEPE has no built-in use case and only depends on community-driven hype to grow its price. The Pepe Coin website even noted the meme coin has no inherent value.
But this fact has not deterred bullish investors from spending thousands of dollars to buy SPONGE and PEPE tokens.
The bullish sentiment around meme coins has helped PEPE to amass over $665 million in market cap.
As PEPE’s momentum started dwindling, investors moved to the next big project in the meme space.
And judging by SPONGE’s recent spike in market cap and trading volume, investors found their guy.
$SPONGE Price Outlook, What’s Next?
SPONGE price has increased rapidly over the past few days. However, the token has lost a little momentum since the price declined by 8% over the past 24 hours.
But as of May 13, SPONGE closed with a 20.85% price increase at $0.00056895. Its price again rose by 7.5% to $0.00061151 on March 14.
According to Coincodex data, SPONGE’s price is 63% down from its all-time high of $0.001420, recorded on May 8.
Despite today’s bearish price trend, SPONGE maintains a bullish sentiment with nearly 12,000 holders.
The increased 24-hour trading volume and market cap confirm it. As of May 14, SPONGE had a trading volume of approximately $1.9 million but rose to over $4 million on May 15. The token is currently trading at $0.000521
SPONGE Price Prediction—How High Will The Token Rise?
Investors may wonder what becomes of SPONGE in the coming days, considering the chaotic price growth in these early days. But it’s uncertain how far this token can go, given it is only a few days old.
However, the community sentiment and bullish momentum of SPONGE’s progress raises hopes that it could copy or outdo its predecessors.
SPONGE token is trading bearish at $0.00052. Having lost over 10% in the last 24 hours, the token’s recovery and further price rally depend on how fast the bulls can knock the bears out of the market.
Top-Tier DEX Listings Could Propel SPONGE Price
Notably, crypto assets often experience a boost in price when they secure top exchange listings due to increased exposure to new users.
That was the case with SPONGE after securing a listing on top centralized exchanges. The token recently secured listings on top crypto exchanges, such as Bitget, Gate.io, MEXC, BTCEX, and Poloniex, pushing its price by several percentages.
However, SPONGE is yet to secure a listing on top decentralized exchanges (DEXs) like Binance.
SPONGE could see a massive price increase in the coming days should top-tier DEXs like Binance support it on their platforms.
For instance, the PEPE price surged 126% in one day after Binance announced a plan to list it on the Binance platform.
PEPE’s listing on Binance secured it more exposure and more price gains. SPONGE will likely mirror PEPE’s price behavior if listed on top DEX exchanges.
Expert Short and Long-Term SPONGE Price Prediction
Like all cryptocurrencies, SPONGE price follows high and low patterns, usually influenced by the market, industry events, and economic conditions.
Experts often analyze coin prices based on industry events, with macroeconomic and technical factors to predict an asset’s possible future price movements.
These price analyses could guide short and long-term investors in investment decisions.
Experts in crypto price analysis have already dropped SPONGE price predictions for 2023 to 2026. Let’s see what to expect from the SpongeBob coin in the coming months.
Coincodex SPONGE Price Prediction
According to Coincodex SpongeBob price prediction, SPONGE’s price will drop by 42.85% and reach $0.000291 by May 20, 2023.
Although the outlook is bearish, Coincodex predicts a bullish long-term price action for SPONGE.
Digital Coin Price $SPONGE Price Prediction
According to the Digital Coin Price SPONGE price forecast, SpongeBob coin price will reach a maximum of $0.00112 by the end of 2023 and $0.00132 in 2024.
The experts also predicted that SPONGE’s price will increase to a maximum of $0.00183 by the end of 2025, $0.00235 by 2027, and $0.00538 by 2030.
$SPONGE Price Prediction By PricePrediction.net
PricePrediction forecasted that SPONGE price would reach $0.001 by the end of 2023 and $0.002 by 2024.
The price prediction site also predicted that SPONGE will trade at a maximum of $0.003 by 2025, $0.006 by 2027, and $0.020 by 2030.
SpongeBob ($SPONGE) Price Prediction Based On Technical Analysis
SPONGE is in a sideways trend today on the hourly chart. Its upper wick is above the 9-day and 20-day Exponential Moving Average (EMA), showing that the bulls are pushing for an uptrend.
Also, the Relative Strength Index (RSI) is 43.81 in the neutral zone. However, the indicator is pointing downwards and moving in a zig-zag pattern, indicating price volatility in the market.
SPONGE’s Moving Average Convergence/Divergence (MACD) is slightly above its signal line and shows a negative value. Also, the histogram bars are fading off, hinting at a bearish trend ahead for the asset.
SPONGE may continue in the red if the bears mount more pressure and drive it below its nearest support.
$SPONGE’s Support And Resistance Levels
SPONGE is trading above the $0.000501 support level, seeking to reclaim its former price gains.
However, it must overcome the bearish pressure at the $0.00538 resistance level to record further price increases.
If the bulls fail to support its rally before a decline to the $0.000470 level remains possible. However, if it can rally from its current level, expect a retest of the $0.000588 resistance level soon.
It is worth noting that meme coins are highly volatile and largely influenced by trader and community sentiment.
Other Trending Meme Coins To Watch Out For In 2023
There are several new tokens in the market. However, the meme coins are topping charts among trending cryptos, amassing thousands of percent for investors.
Here are the meme coins to watch out for impressive price gains in 2023.
AiDoge ($AI)
Amazing news #AiDogeArmy! 🔥
Stage 9 has sold out and we have raised over $6.2 million! 🤯
You guys are absolutely amazing 😎❤️
Don’t miss your chance to grab $AI before the next price increase!📈🚀
👉 https://t.co/5j5tt4smcs#Memecoin #Airdrop $PEPE $FLOKI $ELON $BONE pic.twitter.com/BO6sflevP1
— aidogecrypto (@aidogecrypto) May 12, 2023
AiDoge is an AI-powered meme-generating tool poised to revolutionize meme creations with advanced machine-learning techniques. This AI-powered meme coin project aims to incentivize creators to monetize their creativity.
Most meme coins lack intrinsic values and solely depend on the community hype and buzz for their price actions. But it is different with AiDoge, as the meme token has a value-based utility.
The project allows users to create conceptual memes with rich datasets formed based on trends and real-time crypto news.
AI token, the native meme coin that will power this activity, will grow exponentially as the AI narrative and meme concept gain more traction.
AiDoge is still in the presale stage and has raised over $6.2 before completing its presale stage 9.
The $AI token trades at $0.00003 in the presale stage 10, and the price increases with each passing phase and will reach $0.0000336 on the exchange listing.
The momentum with which investors rush to join the AiDoge community shows AI will be a force to reckon with in the crypto market.
This project could be the next big name in the crypto space that will give investors quadruple returns in the coming days.
Pepe Coin
Pepe Coin is a Pepe the Frog-themed meme coin that has created a buzz in the crypto market over the past few weeks.
Launched in Mid-April, PEPE price surged by over 1000% in the first two days, building high FOMO among investors.
PEPE continued adding impressive gains, and by May 1, the meme coin had reached $0.000001377, a 2200% increase from the $0.0000000578 recorded on April 17.
PEPE has given investors massive returns with over 2800% price increase in the past 30 days. No wonder the coin quickly attracted Binance’s attention a few days after its launch.
Although PEPE has seen some pullbacks, its market cap remains high at ~$648.45 million. At press time, PEPE maintains the number one trending crypto on CoinMarketCap.
PEPE Price Moves Based On Technical Indicators
The Pepe price is $0.000001642, representing a 9.77% price decline in the past 24 hours. Based on PEPE 15-minute chart above, the meme coin depicts more bearish signals than bullish ones.
PEPE trades below its 50-day and 200-day Simple Moving Averages (SMA), depicting bearish price trends in the short and long term.
Also, the Moving Average Convergence Divergence (MACD) is below the signal line, indicating a bearish price trend.
Notably, the Relative Strength Index (RSI) shows 45.52 (neutral) at the time of writing, indicating that the PEPE market has no significant pressure from the bears or bulls.
DogeCoin
Doge Coin remains the forerunner of the meme coin space and the overall number 8 crypto on CoinMarketCap, with a $10.12 billion market cap.
Since its launch DOGE has had an over 83,649.22% price increase, setting the pace for incoming meme coins.
The meme coin price gained slightly over the past week. Over the past 24 hours, DOGE price has increased by 0.1% and could be gearing up for more gains.
DOGE Technical Analysis Based On Indicators
The price trend of DOGE on its 1-day chart shows bearish trends for the meme coin.
As of the time of writing, DOGE currently trades below its 50-day Simple Moving Average (SMA), signaling a bearish price move in the short term.
The asset also trades below the 200-day Simple Moving Average (SMA), indicating it still has a bearish momentum in the long term.
DOGE’s Relative Strength Index (RSI) at 38.52 suggests a weak momentum which can translate to a long-term bearish price trend.
Also, the Moving Average Convergence Divergence MACD is below the signal line, confirming the bearish DOGE market.
DOGE primary support and resistance levels are at $0.069 and $0.082. A break below the first support will move to the next at $0.055.
But if the price breaks the first resistance of $0.082, DOGE could record an uptrend.
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