As the Dogecoin price consolidates near $0.15, not far below the recent multi-year highs it hit earlier this month, members of the Dogecoin community are targeting a new ICO called Sponge (SPONGE) in search of 1000% gains.
Dogecoin’s market cap is currently around $22.6 billion, marking it out as still the clear king of meme coins.
But its high market cap has some concerned that the room for further upside is becoming increasingly limited.
Can a utility-lacking meme coin really command a market cap of much more than $50 billion?
Some fear that Dogecoin’s upside prospects may be limited to a maximum of 5x from here.
In the meme coin world, traders tend to look down their noses at the prospect of 7-8x gains.
Meme coin traders often prefer targeting coins that offer potential gains in the region of 100x or more.
One such coin they are likely taking a look at include a hidden crypto ICO called Sponge (SPONGE).
Dogecoin Community Targets New ICO Sponge (SPONGE)
Legendary meme coin Sponge (SPONGE), which hit a market cap of $100 million back in 2023 to hand investors 100x gains at the time, is once again in the spotlight in wake of its migration to Polygon.
Last at $0.00268, $SPONGE is up around 400% since its February 5 Polygon launch.
That gives the token an impressive market cap of just under $110 million, as per DEXTools. And Sponge isn’t just any old utility-lacking meme coin.
The new ICO offers a passive income opportunity and also functions as the native token of a play-to-earn (P2E) racing game.
Sponge buyers who stake their tokens can secure yields of up to 175%, as per the official Sponge website.
Meanwhile, the P2E game will see players competing against each other for ranks on a global leaderboard. Racing rewards are paid out in SPONGE V2.
But perhaps the most exciting thing about Sponge is that it’s still super early to get into the coin.
Meme coins like Bonk, Dogwifhat, and Pepe have shown how an upstart meme coin can reach a multi-billion-dollar market cap.
The meme coin’s website is also teasing that it will soon launch on bigger and better exchanges, which could bring a wave of new buyers to $SPONGE.
Given its low market cap of $110 million, Sponge could be looking at 100x gains from here.
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