Investing.com – After the meteoric rise of the new cryptocurrency Sponge, a trader bought the cryptocurrency before it saw sharp rises over the past few days, resulting in huge profits. This comes at a time when digital currencies are witnessing significant declines in Friday’s trading.
The investor achieved tenfold returns within nearly 24 hours, after the “SPONGE” currency was listed for trading on May 4 at a trading price of $0.00002749 at the opening, and then it reached $0.0006533 shortly after.
According to the news, one of the early investors bought 972 million Sponge Coins for 31.5 ETH, worth just over $50,000 at the price at the time.
According to cryptocurrency wallet tracking site Debank, this cryptocurrency wallet now has a balance of $500,000, including 0.45 ETH.
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The immediate market cap of Sponge is $11 million according to CoinMarketCap, now down 7% in the last 24 hours to $0.000504.
On the day of its launch, meme ranked among the top gaining cryptocurrencies, taking first place among the top 2-3 coins within a 24-hour period, outperforming leading meme coins such as PEPE, WOJAK, BOB, and TURBO in percentage gains.
Having been listed on Uniswap DEX, Sponge has also seen two more listings on two centralized cryptocurrency exchanges (CEX) CoinW and Toobit at the time of writing.
Sponge’s inclusion on two platforms within the first two days – faster than PEPE at launch – prompted some analysts to tip it for further success.
The combined market value of the crypto market during these moments of today’s trading is about $1.1 trillion. The trading volume amounted to about 41.74 billion dollars.
Bitcoin fell by 3.7% in the last 24 hours, to now reach levels of $26,366, while recording weekly losses of 8.8%. Its market value is now $511 billion.
Ethereum, the largest digital currency by market value after Bitcoin, fell by 2.7% in the last 24 hours, to reach $1,767, with weekly losses of .2%, and a market value of about $215 billion.
While the price of Binance Coin decreased by 1.7%, to record $305.2. The price of the Ripple XRP currency increased by 1.5% from its value, to record $0.42818.
Cardano was seen rising to 0.3644, up 2%, with a weekly decline of 5.3%.
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