Just when everyone thought meme stocks were finally dead Spongebob Square meme coin showed us just how wrong we truly were.
Spongebob Square (SPONGS) was only released just a few hours ago on this Tuesday January 11th, 2022 with an opening listing price per coin of $0.000000000024 (10 zeros).
Now at the time of this writing is currently at $0.000000000761 (9 zeros).
This is an increase of 3,084% in the matter of a few hours.
If you would have invested just $500 that would have given you a return of $15,000 for half of a days wait.
The market cap of SPONGS is still very low, only at $655,944, but it would not be a surprise to see it hit over $1M by the end of the day if momentum keeps up.
But what exactly is the project? Does it have any use case or value, or is it simply an attempt for quick money based on a joke?
Below is a short description of Spongebob Square (SPONGS) written by its founders:
“SpongeBob Square is created, in fact, to be the very opposite of speculation: it is indeed a token by its nature deflationary based on the BSC, as each transaction is subject to commission of 10% so divided: 5% redistributed to all holders (in proportion to the amount of tokens in the wallet). 2.5% is sold in BNB and is combined with the remaining 2.5% of SpongeBob Square and deposited in PancakeSwap as liquidity pool. Obviously this discourages the use of SpongeBob Square as a speculative tool and makes it a true store of value. And this is only one of its many peculiarities.”– Spongebob Square founders
After such an explosion on day 1, there is sure to be a massive sell-off in the next day or so once excitement cools down, however regardless of where it ends up a week from now we are aware that meme coins are still alive and well.