Maximizing Your Gains: Why the Aftermarket Dip is a Great Opportunity to Invest in $SPONGE
The market has been in a little bit of a tailspin this morning after Binance twice stopped Bitcoin (BTC) withdrawals for a number of hours. There was a fair amount of panic as the reason was at first unknown and as Binance is now under investigation for allegedly flouting the Russian sanctions the price of Bitcoin took a hit.
However, we now know that the issue was simply congestion which still does not reflect great on the platform but those only interested in how it affects Bitcoin and other cryptos can take a deep breath. So, savvy investors should now be looking for an opportunity to take advantage of the aftermath of this brief panic.
As we know with crypto once the storm clouds clear there is generally a pretty nice rainbow waiting for investors in the form of a recovery. So, buying certain cryptos at this time can see a huge return for those investors that are clever enough to act quickly and also bet on the right horse.
The buying the dip' strategy is nothing new, in fact, it has been a tactic since the very beginning of the stock change. It is the process of buying a stock as what is perceived at a low point before it experiences a period of growth.
In the crypto market, this can happen quite frequently which makes it more challenging. In most cases investing in volatile coins may not be the best strategy but for buying the dip it is actually the ideal strategy.
The crypto market is notoriously volatile itself so you need to just focus on currencies within to garner what counts as volatile and what doesn't. For example, Bitcoin (BTC) the market's biggest coin would not be considered volatile within the crypto community as it typically experiences fairly small and consistent spurts of growth or decline when viewed in a macro sense. The same goes for Ethereum (ETH) and a lot of the bigger altcoins.
So, where we want to focus is meme coins. These are traditionally the most volatile subsection of the crypto world and we are currently going through one of the most volatile periods the market has ever seen mostly due to the success of Pepe Coin (PEPE).
PEPE literally came out of nowhere after some investors bought a significant amount of the tokens and after a market-wide case of FOMO set in the coin pumped by 10,000%! This incredible movement has caused a chain reaction as investors search for the next meme coin that could make them rich overnight.
Wojak (WOJAK) and some other coins have experienced some success but most of them are now tanking in price as the search goes on for the next big flash-in-the-pan meme coin. We think this market dip has thrown up an opportunity that investors can't miss.
One look at the price chart of Spongebob token ($SPONGE) and you can see that the coin was just starting to make serious gains before the market dip occurred. There are significant indications that $SPONGE can regain lost ground and pump way past its previous highs.
First, let's look at the most important factor for any of these meme coins that have overnight success, and that's their virality capabilities. We have noticed that the trend that has hit the market over the last couple of weeks is that the meme coins experiencing success are all based on classic internet memes.
PEPE and WOJAK are both ancient artifacts when it comes to memes and they have been very successful so the hunt is on for the next one. $SPONGE represents a meme that when you see it your first thought is how has this not already been done?
The meme is notorious in internet culture but specifically with crypto enthusiasts on Twitter and Reddit who are poking fun at someone that has said something they perceive as not very intelligent. The buzz was already building around $SPONGE across social media right before the market dip so investors have been thrown a lifeline as now they have another chance to get involved before the next.
Besides virality and market sentiment, there is also some very storing underlying data that suggest the Spongebob token can be the next Pepe coin. For example, PEPE was slow when it came to platforms picking it up for CEX listings whereas $SPONGE had Uniswap almost straight away and has since announced LBank CoinW and Toobit will be listing it.
Uniswap is a key player when it comes to the growth potential of $SPONGE. The liquidity-locked advantage it brings is twice as high as PEPE so there is clear room for Spongebob token to experience exponential growth.
Bulls were circling $SPONGE and will likely be looking at its buy the dip' potential, what they will see will please them as the meme coin has not violated its 4-hour trend line. At the time of writing its current market cap is $53 million so again these are really positive signs for the token.
We think that there are more than enough reasons in the above piece to suggest that $SPONGE is currently in the perfect buy the dip' spot. There are reasons to believe that it was about to be the next Pepe coin right before the Binance news this morning briefly turned the market on its head.
Now, we have some clarity and the time to act is now before it is too late. If sentiment isn't enough there are also clear underlying statistics that indicate $SPONGE is the next meme coin that is going to pump into the big time. The low price also eliminates a lot of the risk involved so really what is there to lose?
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