Familiarity or recognizability is an important trait especially in the meme coin space, which is why the Spongebob meme coin caught our attention. Most of us who grew up watching cartoons or still do, are familiar with Spongebob and this means a similarly themed meme coin could easily gain traction.

It is thus judicious to explore what the Spongebob meme coin (SPONGE) is all about, and whether it has potential to join the list of the top meme coins.

Origins of the Spongebob meme coin

Like most meme coins, the individual or team behind the Spongebob mem ecoin is shrouded in mystery. While this may not be confidence inspiring, it is worth noting that this coin is aimed at leveraging the popularity of the character that fit is named after, hence a strong meme factor.

The team has also demonstrated desire to ensure that the Spongebob meme coin grows into a robust community. Also, the founders are keen on building an ecosystem that will add some level of utility for the meme coin.

Spongebob meme coin ecosystem and tokenomics

A glance at the Spongebob meme coin website reveals that it has a roadmap aimed at attracting liquidity to its ecosystem. Judging by that roadmap, one of its main goals is to absorb liquidity so as to compete more effectively with other meme coins. An emphasis is placed on early adoption.

Spongebob meme coin tokenomics are noteworthy. It has a maximum of 40.48 billion SPONGE tokens, out of which 61% of them were allocated towards decentralized exchange liquidity. 10% of the tokens have been set aside for centralized exchange liquidity and 29 of the tokens are set aside for the community.

The developers also locked the first wallet supposedly to boost holder security. SPONGE had a $2.66 million marketcap at the time of writing, which is still relatively low.

SPONGE trading and price history

The Spongebob mem ecoin is about to complete its 1 year since it was listed on Coinmarketcap. Its price action gained some excitement in November 2023, after previously going through a dormant phase during which it traded as low as $0.000093.

The meme coin peaked at $0.00107 in January 2024, after 2 months of bullish performance. This means those who purchased at its previous lows enjoyed a 1050% gain. In other words, if you had bought $100 worth of SPONGE at its historic low, it would have been worth $1,150. Spongebob has since tanked and traded at $0.0001082 at press time.

Spongebob meme coin accessibility and appeal

If you have reached this far, chances are that you are wondering whether to purchase the Spongebob meme coin or not. Here are some considerations:

  • Strong meme factor: Many people are familiar with the Spongebob cartoon and hence it can easily gain traction if properly marketed. Just like how PEPE swept across the meme coin space like a storm.
  • Discounted price: SPONGE is still at a discount hence its current price level is more attractive for those looking for a favorable entry point.
  • Accessibility: This might easily be one of the reasons why we have not seen a major rally from this meme coin. Its availability is quite limited to a few exchanges. This may bring up doubts about legitimacy but keep in mind that most of the Solana meme coins that have been rallying lately have done so despite the limited accessibility on exchanges.
  • Potential for growth: Meme coins have seen a lot of growth so far during the ongoing bull run. If the trend of investing in memecoins continues, then SPONGE has a chance for a major rally.

Conclusion

Although most factors currently point towards a potentially bullish future for the Spongebob meme coin, it is worth noting that it has been delisted from some exchanges such as Gate.io. Delisting could cast a shadow of doubt on the legitimacy of a crypto project.