Dogecoin Community Targets New ICO in Search of 1000% ROI Tokens
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).
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
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