Introduction: The reasons behind the popularity of Meme tokens

The popularity of Meme tokens signifies the overall bottoming out of the cryptocurrency market. The trading volumes of leading tokens like Bitcoin and Ethereum have significantly decreased, indicating a lack of hot money in the market. As a result, retail investors’ funds are drawn towards high-risk projects. The psychology of retail investors is to seek high returns with a small investment, making them susceptible to short-term projects. However, there are risks involved:

Retail investors don’t know when market manipulators will exit the market. When they withdraw, it leads to a substantial decrease in prices.

Retail investors often become aware of hot projects when prices are already high.

The ability to timely exit high-risk token investments and protect one’s capital is the primary value provided by QA.bingX.com. It differs from the current market practice of inflating token prices through Key Opinion Leaders (KOLs), which results in losses for retail investors. The content provided by QA.bingX.com helps users learn how to trade and avoid significant losses from high-risk trades.

What is Sponge Bob token?

Sponge bob token is a token initiated by the Sponge community and is mainly used for purchasing Sponge NFTs within the community and for community voting. Like all Meme tokens, it is a community-based token without any substantial project implementation. The Sponge brand itself has a market value of 13 billion USD. The total token supply is 40 billion. Therefore, the estimated highest value of the token is $0.325. However, this estimation is based on the complete linkage of the token’s value with the value of the entire Sponge intellectual property (IP). In reality, the token only uses the Sponge name. Its maximum value lies in Sponge Bob NFTs, so the value of the token theoretically approaches zero, just like other Meme tokens. This is the biggest risk associated with Meme tokens themselves.

Sponge Token Price Prediction: How to Determine the Exit Timing by Analyzing Meme Token Candlestick Charts?

For short-term trading, all meme tokens exhibit strong market manipulation by whales. The first peak indicates that the whales have already exited. After their exit, retail investors believe that the price has bottomed out, but it quickly rebounds and is driven higher. This results in two consecutive price highs. However, the second peak is lower than the first peak, signaling that the whales are withdrawing their funds. If the second peak is lower than the first one, it is crucial to exit quickly.

For example, let’s take Pepe token. On the 6th, it reaches the first highest price, but the second highest price on the 7th is lower than the price on the 6th. In the subsequent price decline, it is necessary to swiftly exit. In just six days, the price of Pepe token plummets by 300%. Retail investors’ funds are trapped without market manipulation by whales, and the price won’t rise without their involvement. Holding onto a losing token in the long term becomes pointless if you can’t manage your own finances. Therefore, I would like to remind traders once again: meme tokens carry high risks, and it is your responsibility to bear the profits and losses.

Pic 1: Pepe Live Price BingX

Another token, Cheems, is believed to have a stronger project direction, so its price is expected to rise, possibly surpassing Pepe. In the “Pepe Price Prediction,” it clearly predicts that there will be selling pressure on the Cheems token when its price reaches 10,000. It is the hot money, the market makers (whales), and not the project itself, that determines the price of meme tokens. It is important to emphasize once again that meme tokens have no inherent value. When the whales make their profits and exit the market, retail investors are left trapped.

Following the principle of two consecutive price peaks: the second peak is lower than the first peak.

Pic 2:Cheems Live Price BingX

Having a strong project direction does come with certain advantages. One advantage is the possibility of the price being pushed up again.

The price of Sponge Bob token currently follows the principle of two consecutive price peaks. Moreover, Sponge Bob’s token has already been listed on a centralized exchange (CEX), which means that it is easier for the market makers (whales) to manipulate the price. Therefore, the risk of buying Sponge Bob at the current price is quite high.

Pic 3: Sponge Bob Live Price

If a user asks how to buy Sponge Bob tokens:

The best time to buy any meme token is before it gets listed on a centralized exchange (CEX). Since meme tokens are usually based on the Ethereum protocol, you can purchase them on Uniswap. Here are the steps:

1. Register a Metamask wallet.
2. Deposit ETH into your Metamask wallet.
3. Visit the Uniswap website or launch the Uniswap app.
4. Select the Sponge Bob/WETH trading pair.

Important note: Decentralized exchanges primarily operate on the Ethereum protocol, and recently, Ethereum gas fees have been high. Purchasing tokens may involve significant gas fees.

Meme tokens carry very high risks, with over 90% of meme tokens experiencing rug pulls before being listed on centralized exchanges. Therefore, it is recommended that users DYOR (Do Your Own Research) before making any purchases.