Tuesday Might ninth 2023 – Pepe challenger, meme coin $SPONGE, begins buying and selling on eleventh Might at high 7 ranked centralized exchange (CEX) MEXC from 10:00 UTC.
This newest itemizing will imply that from this Thursday $SPONGE will likely be buying and selling on six CEXs. It took Pepe three weeks to get its first CEX listings, however $SPONGE achieved that aim in lower than 48 hours.
The recent new meme coin for the previous two days has been essentially the most traded coin on No.1 decentralized change Uniswap.
Speak of the meme coin frenzy cooling after yesterday’s crypto crash is proving untimely. Based on CoinMarketCap knowledge, meme cash are the top-performing class of cash as we speak – their common worth is up 51%, beating all different classes of crypto.
Though it is just getting into its fifth day of buying and selling, $SPONGE remains to be the highest returning meme coin, ranked by 7-days, up 1,290%. Pepe, in distinction, is down 18% prior to now 24 hours.
Knowledge web site CoinGecko ranks MEXC 7th with a belief rating of 9 out of 10 and notes it has a 24-hour buying and selling quantity of $777 million.
Meme cash Pepe and Turbo each function in MEXC’s high 5 buying and selling pairs and they’re going to quickly be joined by $SPONGE.
MEXC has markets in 180 spot buying and selling pairs and 125 futures. The favored change relies within the Seychelles.
Different CEXs itemizing $SPONGE are Poloniex, the place the coin began buying and selling yesterday (Monday eighth), LBank, CoinW, Toobit and BTCEX.
Listed here are the complete particulars of the MEXC World Kickstarter and itemizing schedule for $SPONGE:
Deposit opened: Tuesday Might ninth 10:00 (UTC)
Voting Interval: 2023-05-09 10:00 to 2023-05-10 09:50 (UTC)
Voting end result: 2023-05-10 10:20 (UTC)
Buying and selling: Thursday Might eleventh 10:00 (UTC)
Withdrawal: Friday Might twelfth 10:00 (UTC)
Take a look at the tweet from MEXC World and share it:
$SPONGE is prepared for 147% upsurge
The crypto market has calmed over the previous 12 hours or so, with the Asian session seeing Bitcoin maintain its worth above the $27,500 degree.
This comparatively benign background will favor the likes of $SPONGE, the place buying and selling historical past remains to be in its exceedingly early days.
Close to-term upside for $SPONGE bulls is 147% motion, set on Sunday by the all-time excessive of $0.0024.
New patrons and bulls will likely be inspired to take new positions on the present worth degree of $0.001053 as $SPONGE consolidates whereas eyeing a breakout.
Draw back threat is proscribed by robust assist at $0.0006513.
On the time of writing, $SPONGE is the No.4 trending coin on the main decentralized change buying and selling knowledge web site Dextools.
Elon Musk shopping for $SPONGE, Shiba Inu group concerned?
There proceed to be rumors that the Shiba Inu group could also be behind the coin or that meme coin lover Elon Musk could have a hand in $SPONGE’s beginning.
There’s definitely important whale curiosity within the coin, which helps to elucidate its wholesome buying and selling volumes.
Nonetheless it also needs to be famous that the coin has constructed up its variety of holders throughout a broad vary of patrons.
There are at the moment greater than 9,500 holders of $SPONGE.
The coin’s footprint on social media continues to develop aggressively. It has amassed 18,000 members on its Telegram group, for instance.
On Twitter a tweet from The Toriant describes $SPONGE as “the most popular meme coin that’s taking the market by storm”:
The tweet has been retweeted 2,909 instances and considered by 49,000. The Toriant has 1.2 million followers.
Even Elon Musk buddy Matt Wallace has began following $SPONGE on Twitter.
After solely 4 full days, $SPONGE has 36,000 followers on its Twitter account (@spongeoneth).
$SPONGE nonetheless has essentially the most strong liquidity on Uniswap
$SPONGE continues to have essentially the most strong liquidity of all cash buying and selling on high decentralized change Uniswap.
Throughout Uniswap V2and V3 Pepe, with a market cap that has slipped again to $800 million, has complete locked liquidity of $17 million, whereas $SPONGE, on a complete market cap 5% ($42 million) the dimensions of Pepe’s, has $11 million of locked liquidity.
$SPONGE’s a lot greater proportion of locked liquidity to market cap signifies that the coin is backed by substantial pursuits.
It additionally signifies that the value is far much less more likely to be moved by the exercise of short-termist whales, which, sadly for Pepe holders, is what could also be coming to move in that market.
Excluding Wrapped ETH and stablecoins, $SPONGE has the third highest buying and selling quantity on Uniswap V3 decentralized change, as proven within the chart under.
Many extra CEX listings coming for $SPONGE means extra worth pumps
Robust buying and selling quantity is watched for by exchanges seeking to listing new cash. Sturdy quantity means exchanges could be assured that their prospects can execute orders on the anticipated worth with out slippage.
And naturally a coin that’s buying and selling at excessive volumes means there’s extra order circulation and, due to this fact extra charge income for the centralized change.
On each of these counts $SPONGE is a winner for CEXs so many extra listings will likely be forthcoming from exchanges of all sizes, with minimal slippage.
And extra CEX listings in flip means extra liquidity for a buying and selling pair, offering a stable platform for the value to advance in speedy vogue.
