SpongeBob Square Markets (SPONGS) Crypto is the biggest earner today, up 2,400%
As we watch which cryptos are making the biggest gains today, SpongeBob Square Markets (SPONGS) stands out as a top earner, jumping 2,414.17% over 24 hours. That’s where this digital asset was at the time of writing, and it could go much higher.
SPONGS is currently only $ 0.000000000060008, but it has the potential to change very quickly. Even if this crypto falls off a cliff, it will take some time for it to come back down from its massive gains. He is unlikely to suddenly stop making money, but will likely slow down considerably over the next few days as the buying frenzy sets in.
Follow a familiar path
This is what tends to happen with new cryptos like this bursting suddenly and unexpectedly. We’ve seen this with GamingShiba (GAMINGSHIBA), MetaPets (METAPETS) and more, where they rose quickly and dramatically, and then started to drop sharply shortly thereafter.
After hitting incredible highs in a short period of time, MetaPets has fallen steadily and sharply over the past week. GamingShiba grew suddenly and dramatically, and then fell sharply afterwards. It has been declining ever since.
When these low ranking cryptos break out like this, they get a lot of attention. Those who bought them can sell quickly when the rate is very high. Those who buy crypto for the first time once they have gained some notoriety can sell as soon as they start to make a profit, just in case the crypto starts to drop unexpectedly.
Looking at the history of smaller cryptos and how they are enjoying a surprising increase in popularity and higher rates over a short period of time, we see that the trend is that they often die out quickly. Something like Dogecoin (DOGE) would be the exception to this, but more often than not these tend to lose their massive gains quickly.
This is also what we expect from SpongeBob Square Markets. He is unlikely to continue to see these kind of huge price gains for very long. It will likely die out quickly, so those who are already invested may want to sell soon. Anyone looking to invest in this crypto may not want to wait long before their window of opportunity closes, or they may want to wait and see what they do first.
What are SPONGES?
This crypto was created with the idea of moving it beyond speculative decentralized currency. Each SPONGS transaction is accompanied by a 10% commission. Some of this goes to the token holders, and some goes into a PancakeSwap cash pool. This helps to create a sense of value for the crypto and to distinguish it from other digital assets which are only speculative.
SPONGS launched on Monday this week and is already making waves within the cryptocurrency industry, but it remains to be seen what kind of lifespan it will have.