Tuesday 9 May 2023 – Pepe Challenger, Meme Coin $spongeStarts trading on 11th May in top 7 position Centralized Exchange (CEX) MEXC From 10:00 UTC.
This latest listing will mean that starting this Thursday $SPONGE will be trading on six CEXs. It took Pepe three weeks to get its first CEX listing, but $SPONGE achieved that goal in less than 48 hours.
The hot new meme coin has been the most traded coin on the No. 1 decentralized exchange Uniswap for the past two days.
Talk of meme coin mania cooling down after yesterday’s crypto crash is proving premature. According to Coinmarketcap data, meme coins are the top-performing category of coins today – their average price gain is 51%, outpacing all other categories of crypto.
Although it is only entering its fifth day of trading, $sponge Still the top returning meme coin, ranked on a 7-day basis, it is up 1,290%. Pepe, in contrast, is down 18% over the past 24 hours.
data site coingeco MEXC ranks 7th With a trust score of 9 out of 10 and notes that it has a 24-hour trading volume of $777 million.
Meme Coins Pepe and Turbo are both among the top five trading pairs on MEXC and they will soon be joined by $SPONGE.
MEXC has markets in 180 spot trading pairs and 125 futures. The popular exchange is based in Seychelles.
Other CEXs that list $SPONGE are poloniexWhere the coin started trading from yesterday (Monday the 8th), lbank, coinw, tobit And BTCEX,
Here are the full details of the MEXC Global Kickstarter and $SPONGE listing schedule:
Deposits opened: Tuesday 9 May 10:00 (UTC)
Voting period: 2023-05-09 10:00 to 2023-05-10 09:50 (UTC)
Voting result: 2023-05-10 10:20 (UTC)
Trading: Thursday 11 May 10:00 (UTC)
Withdrawal: Friday 12 May 10:00 (UTC)
Check out MEXC Global’s tweet and share it:
$SPONGE poised to soar 147%
The crypto market has calmed down over the past 12 hours, with bitcoin price trading above the $27,500 level in the Asian session.
This relatively benign background would favor the likes of $SPONGE, where trading history is still in its early days.
$SPONGE is a 147% move on the near-term upside for bulls, which was set on Sunday at an all-time high of $0.0024.
Fresh buyers and bulls will be encouraged to take new positions at the current price level of $0.001053 as $SPONGE consolidates while tracking the breakout.
Downside risks are limited by a strong support at $0.0006513.
At the time of this writing, $SPONGE is the number 4 trending coin on leading decentralized exchange trading data site DexTools.
Elon Musk Buying $SPONGE, Shiba Inu Team Involved?
Rumors persist that the Shiba Inu team may be behind the coin or that meme coin lover Elon Musk may have had a hand in the birth of $SPONGE.
There is certainly significant whale interest in the coin, which helps explain its healthy trading volume.
However, it should also be noted that the coin has built up its number of holders across a wide range of buyers.
There are currently over 9,500 holders of $SPONGE.
Coin’s footprint on social media continues to grow aggressively. For example, it has 18,000 members in its Telegram group.
A tweet from The Torrent on Twitter described $SPONGE as “the hottest meme coin taking the market by storm”:
The tweet was retweeted 2,909 times and viewed by 49,000 people. Torrent has 1.2 million followers.
Even Elon Musk’s friend Matt Wallace has started following $SPONGE on Twitter.
After four full days, $SPONGE’s Twitter account has 36,000 followers (@spongeoneth,
$SPONGE still has the strongest liquidity on Uniswap
$SPONGE continues to have the strongest liquidity of all coins trading on top decentralized exchange Uniswap.
Uniswap V2 and V3 Pepe, with a market cap that has dropped to $800 million, have total locked liquidity of $17 million, while $SPONGE, Pepe’s sized total market cap at 5% ($42 million) is $11 million. Million is off Liquidity.
$SPONGE’s very high ratio of locked liquidity to market cap indicates that the coin is supported by substantial interests.
This also means that short-term whale activity is likely to drive the price very low, which is unfortunately for Pepe holders, which may happen in that market.
As shown in the chart below, $SPONGE has the third highest trading volume on the Uniswap V3 decentralized exchange, excluding wrapped ETH and stablecoins.
Many More CEX Listings Coming For $SPONGE Means More Price Pump
Strong trading volumes are seen by exchanges wanting to list the new coins. Strong volume means that exchanges can be confident that their clients can execute orders at the expected price without slippage.
And of course a coin that is trading in high volume means that there is more order flow and therefore more fee revenue for the centralized exchange.
In both of those cases $SPONGE is a winner for CEX, so more listings are to come from exchanges of all sizes with minimal slippage.
And more CEX listings mean more liquidity for the trading pair, providing a solid platform for rapid price moves.
