In just over 24 hours, a trader who invested in the newly launched meme coin $SPONGE on Uniswap made a whopping 10 times return on investment. The coin, which was listed on May 4th, opened at $0.00002749 and quickly rose to an all-time high of $0.0006533.

According to Etherscan.io, an early investor purchased 972 million SPONGE for 31.5 Ether, equivalent to just over $50,000 at the time. Although the investor did not capture the entire move, the crypto wallet now holds a balance worth $500,000, including 0.45 ETH. The trader has sold 25 million $SPONGE, equivalent to 2.5% of their position, but remains confident that the coin will continue to rise in price.

$SPONGE currently has a live market cap of $19 million, with a fully diluted valuation of $21 million, and was among the top gainers in the crypto market on its launch day. It outperformed other leading meme coins like $PEPE, $WOJAK, $BOB, and $TURBO in percentage gains. The coin has also been listed on two centralized crypto exchange platforms, CoinW and Toobit, within its first two days, faster than $PEPE at launch. Analysts predict that $SPONGE could be successful, given the speed of its exchange listings.

The project has also announced that a top ten exchange will be listing $SPONGE on Tuesday, May 9th. As of writing, the coin's future looks promising.

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