How This Crypto Wallet Turned $50k to $500k In a Day With New Meme Coin $SPONGE

Source – DEXTools.io

One trader bought new meme coin $SPONGE on Uniswap and made a 10x return on investment within a little over 24 hours.

SpongeBob (SPONGE) was listed on May 4th, opening at $0.00002749 and reaching $0.0006533 shortly after, its current all-time high.

Early Buyers of Sponge Token

While he didn’t capture the entire move, one early investor bought 972 million SPONGE for 31.5 Ether, worth just over $50,000 at the time.

View that $SPONGE purchase here on Etherscan.

That crypto wallet now has a balance valued at $500,000, according to crypto portfolio tracker Debank, including 0.45 ETH.

The trader took profit on 2.5% of his position, selling 25 million $SPONGE so far – appearing confident that it will continue to rise in price.

A relatively new wallet, Debank records the investors’ net worth as having increased over 52,000%.

$SPONGE Market Cap

The $SPONGE live market cap is $19 million according to CoinMarketCap, with a fully diluted valuation of $21 million.

On its launch day Sponge token was among the top crypto gainers, ranking in the top 2-3 coins over that 24 hour period, outperforming leading meme coins like $PEPE, $WOJAK, $BOB and $TURBO in percentage gains.

Following Uniswap DEX, two centralized crypto exchange (CEX) platforms have also listed $SPONGE at the time of writing – CoinW and Toobit.

Two exchange listings within its first two days is faster than PEPE at launch, leading to some analysts tipping it for success. The project has stated a top ten exchange is also set to announce their listing of the new meme coin, on Tuesday May 9th.

Pepe Coin Mints New Multi Millionaires

With its explosive rally to an almost $2 billion market cap the day Binance announced they would list the meme token – alongside Floki Inu – $PEPE has created even higher sums of wealth for holders.

Last month it made headlines that one unknown meme coin investor swapped 0.125 ETH for 5.9 trillion PEPE tokens, worth $250 at the time.

That position was later valued at just over $1 million in late April – and since then Pepe rallied even further, increasing over 6x from that date.

Now with a market cap of $1.2 billion after a correction, the Pepe price is consolidating around the $0.000003 mark, having spiked over $0.000004 this week.