Shiba Inu Investors Shift Focus to Exciting New Meme Coin, Targeting 1,000% Returns / Source: TradingView
As Shiba Inu (SHIB) consolidates between its 21 and 50DMAs in the $0.000027s, having pulled back over 40% from last month’s highs, Shiba Inu investors are shifting their focus to an exciting new meme coin called Sponge (SPONGE) as they target 1,000% returns.
Shiba Inu remains one of the leading crypto meme coins, second in market cap only to Dogecoin.
The Ethereum blockchain-issued meme coin first emerged in 2021 as an alternative to Dogecoin. At its market cap peak above $40 billion in late 2021, it even managed to briefly surpass Dogecoin.
While SHIB might be 40% down from recent highs, it’s still 3x above its mid-February levels.
Its market cap has recovered to a monstrous $16.2 billion. That suggests the scope for further gains is somewhat limited.
Sure, Shiba Inu could still 5x or more this bull market. But many meme coin investors will be targeting higher upside, of 1,000%, or 20x or more.
Such investors should search for exciting new meme coins with much lower market caps, and a lot of viral potential.
A meme coin called Sponge ($SPONGE) fits this bill perfectly. After the original Sponge token nearly hit a market cap high of $100 million last year, $SPONGE has since relaunched on the Polygon blockchain.
Polygon has much lower trading fees and faster transactions than Ethereum, where Sponge was originally issued. And the migration breathed a new lease of life into the meme coin.
Exciting New Meme Coin Sponge (SPONGE) has fallen back 50% since its recent highs, offering investors a compelling opportunity to buy the dip / Source: DEXTools
$SPONGE hit a market cap of as much as $160 million in March. It’s since fallen back to a market cap of around $80 million, offering investors the chance to buy the dip.
$SPONGE – Exciting New Meme Coin Targeting 1000% Returns
Sponge isn’t just any old utility-lacking meme coin.
The exciting new meme coin offers a passive income opportunity and also functions as the native token of a play-to-earn (P2E) racing game.
Don’t forget, #SPONGERS! #SpongeV2 is bringing exciting utility through our upcoming #P2E game!
Get ready to earn $SPONGE tokens by playing the game and ranking on the leaderboard.
Stay tuned for more info! #MemeCoin #Crypto #Alts #100x pic.twitter.com/5aaLxGz8N1
— $SPONGE (@spongeoneth) March 22, 2024
Sponge buyers who stake their tokens can secure yields of up to 368%, as per the official Sponge website.
Milestone alert, #SPONGERS!
There are now over 9.5 billion $SPONGE tokens staked with a value of $20,333,984.53!
Our holders are enjoying an impressive current APY of +150%.
Join us and absorb the damp!! #SpongeV2 #Crypto #Web3 #Alts pic.twitter.com/fIDwcuk26c
— $SPONGE (@spongeoneth) April 2, 2024
Meanwhile, the P2E game will see players competing against each other for ranks on a global leaderboard. Racing rewards are paid out in SPONGE V2.
But perhaps the most exciting thing about Sponge is that it’s still super early to get into the coin.
Meme coins like Bonk, Dogwifhat, and Pepe have shown how an upstart meme coin can reach a multi-billion-dollar market cap.
The exciting new meme coin’s website is also teasing that it will soon launch on bigger and better exchanges, which could bring a wave of new buyers to $SPONGE.
At just $67 million, Sponge could be looking at a 1,000% ROI in terms of price upside.
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