With Shiba Inu ($SHIB ) consolidating its price level between the 21-day and 50-day moving averages at around $0.000027, after falling more than 40% from last month's peak, Shiba Inu investors are shifting their focus to a new meme coin. An exciting one called Sponge (SPONGE) where they target returns of up to 1000%.
Shiba Inu remains one of the leading crypto memes, second in market cap after Dogecoin.
This meme issued by the Ethereum blockchain debuted in 2021 as an alternative to Dogecoin. This currency was able to briefly surpass Dogecoin when it reached its peak market value above $40 billion in late 2021.
While SHIB may be 40% below its recent highs, it is still 3x higher than the levels it reached in mid-February.
It has regained its market value and reached $16.2 billion, which indicates that the scope for further gains is somewhat limited.
Sure, a Shiba Inu can achieve a 5x or more increase in this bull market, but many meme investors will target a higher increase of 1000%, 20x or more.
These investors should look for exciting new meme coins with lower market caps and high spread potential.
A meme called Sponge ($SPONGE) fits this description perfectly. After the market cap of the original Sponge token reached nearly $100 million last year, $SPONGE was relaunched on the Polygon blockchain.
Polygon has much lower trading fees and faster transactions than Ethereum, where Sponge was originally released. This migration process has given this meme currency a new opportunity.
This exciting new meme, Sponge (SPONGE), has fallen by 50% from its recent highs, offering investors a compelling opportunity to buy the dip / Source: DEXTools $SPONGE reached a market cap of $160 million in March. It has since fallen to a market cap of around $80 million, giving investors the opportunity to buy the dip.
$SPONGE – Exciting New Meme Coin Targeting 1000% Returns
Sponge is not just an ordinary useless meme coin.
This exciting new meme coin provides a passive income opportunity and also acts as a native token in the Play to Earn (P2E) race.
Sponge buyers who stake their tokens can secure returns of up to 368%, according to the official Sponge website.
Meanwhile, P2E will see players competing against each other for spots on the global leaderboard. Race rewards are paid in SPONGE V2.
But perhaps the most exciting thing about Sponge is that it's still too early to get into the coin.
Meme coins like Bonk, Dogwifhat, and Pepe have shown how a start-up meme coin can reach a multi-billion dollar market cap.
The website also hints that this exciting new meme will soon be launched on bigger and better platforms, which could bring a wave of new buyers to $SPONGE.
With a market capitalization of just $67 million, Sponge can deliver a 1000% ROI in terms of price upside.