Justin Solar Simply Moved $14.7m in ETH – Is He Snapping Up Extra Meme Coin SPONGE V2 After Its Worth Skyrocketed 178%?  


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Evaluation of wallets related to the high-profile crypto entrepreneur means that tokens like $SPONGE, which has simply embarked upon an improve to remodel it right into a video games platform, will probably be in his sights.

Savvy crypto market individuals are turning to meme cash as a result of it’s a sector that has established itself as the world of alternative for merchants looking for eye-watering returns on funding. 

Justin Solar made it recognized again in Could 2023 that he was trying to purchase up engaging meme cash. He posted on X in Could that he was going to start out “buying and selling meme cash and promising initiatives”. Solar owns $43,000 price of $SPONGE. 

Now crypto watchers have noticed Solar making an enormous transfer, consistent with comparable transactions by different whales readying for the subsequent crypto bull run.

Which Meme Cash May Justin Solar Be Shopping for? 

New meme cash resembling BONK, GROK and WIF have all been within the limelight of late, so might Justin Solar be liberating up funds to purchase one or all of these cash? 

Or maybe he thinks this can be a nice time to be including to a few of his current meme coin positions? With that thought in thoughts, $SPONGE may very well be on the prime of his checklist.

In keeping with information from crypto safety agency PeckShield, a switch of 6,166 ETH went from the Binance change to a pockets considered related to Justin Solar. At present costs, the ETH switch is valued at $14.7 million.

Transfers out of exchanges are sometimes interpreted as indicative of hodling exercise. However on this case the switch might point out that the proprietor of the ETH is trying to make use of them to purchase ultra-low cap meme cash that aren’t listed on Binance.

The pockets handle – 0x9fcc67d7db763787bb1c7f3bc7f34d3c548c19fe – holds crypto valued at $273 million, most of which is in ETH. Only a small fraction of that quantity might purchase up cash at a scale that might transfer costs drastically, relying available on the market depth of specific buying and selling pairs.

However that’s not the one pockets handle considered related to Justin Solar. A second identifiable crypto pockets carries the general public title tag ‘Justin Solar’ on Etherscan: 0x3ddfa8ec3052539b6c9549f12cea2c295cff5296.

The pockets is valued at $21.6 million. 

One more pockets handle (0x176f3dab24a159341c0509bb36b833e7fdd0a132), this time tagged as ‘Justin Solar 4’ on Etherscan holds crypto to the worth of $530 million , and that is the place SPONGE is held. Justin Solar holds 108 million SPONGE V1 valued at $43,246. 

Different prime meme cash embrace SHIB ($6.2m), (FLOKI ($805k), BabyDoge ($524k) and PEPE ($76k).

It’s noteworthy that the highest holding by worth is Shiba Inu, suggestive of an intention to construct an obese place within the meme coin sector. The pockets holds 577 billion SHIB.

Head over to DeBank to see the full token portfolio:

Justin Solar Sees Probability For A 100x Achieve With SPONGE V2

$SPONGE, created as a homage to the Spongebob cartoon character however not related with Nickelodeon, was launched in Could 2023 and shortly ran up a value acquire of almost 100x for ICO consumers. The coin has a market cap of $10 million and no less than 11,800 token holders (excluding centralized exchanges the place information just isn’t accessible) and a stable social footprint, with 24,000-plus followers on X.

Earlier this month the venture introduced a brand new model 2 of the token. Present holders of $SPONGE can stake to earn V2 by heading over to the V2 dashboard and begin incomes yield. $SPONGE holders who’re already staking their V1 tokens have to unstake after which restake by way of the brand new V2 dashboard.

New consumers can merely buy $SPONGE utilizing the widget on the $SPONGE web site after which stake to earn V2. 

To be able to get the V2 token the V1 token have to be staked. As a part of the bridging course of the V1 token will probably be locked and the bridging to V2 will happen behind the scenes. After the bridging is full token holders will be capable of declare their tokens. As soon as claimed, tokens can stay on stake to proceed incomes yield.

The improve gives a welcome second chunk of the cherry for the likes of Justin Solar to seize these 100x returns once more. New Tier 1 change listings are additionally promised by the Sponge staff, alongside the pivot into the fast-growing gaming sector. 

Meme cash resembling $SPONGE maintain out the chance of bagging for traders positive aspects within the hundreds of %. Returns from bitcoin will pale by comparability, regardless of the incoming mega bull run anticipated when the US Securities and Alternate Fee approves a spot Bitcoin ETF, anticipated early in January.

$SPONGE Worth Soared 178% In 7 Days – And V2 Bridging Will Drive It Larger

The $SPONGE value is surging. Though the token has retreated from its all-time excessive above $0.0012 to at the moment commerce at $0.00040, the chance of it ‘killing a zero’ are excessive on the again of its venture roadmap information move.

Over the previous week alone $SPONGE has elevated in value by 178% as FOMO induced by the model improve, in addition to the broader rotation into meme cash, is fuelling speculative shopping for.

$SPONGE value chart, courtesy DEXTools

Nonetheless, speculative inflows shouldn’t be misinterpreted as sizzling cash that may solely be round for the short-term. Justin Solar, for instance, has been holding onto his $SPONGE. Certainly, astute traders ought to control the pockets holding his $SPONGE to see when he stakes to earn V2. 

Justin Solar is at the moment the 14th-largest holder of $SPONGE. If he decides so as to add to his holding of 108 million tokens forward of the bridge to SPONGE V2, then it can seemingly be extremely price-impactful, as a take a look at the market depth as reported by coinmarketcap reveals. 

To maneuver the worth by 2% requires a commerce within the mere tons of of {dollars}. A purchase order of say $50,000 price of $SPONGE might ship the worth to the moon, to make use of crypto parlance.

Such was the thrill – and value motion – across the $SPONGE launch, it even featured within the New York Journal’s Intelligencer part – extensively learn on Wall Road and past.


The article on the time commented: 

“Two meme-coin initiatives, one based mostly on the amphibian Pepe and the opposite on SpongeBob, are at the moment having fun with a significant speculative growth, each performing prefer it’s 2021 once more. The demand is so wild that meme cash like these did $2.3 billion in quantity final week.”

Rigorously chosen funding in cash firstly of what may very well be the mom of all crypto bull runs might ship life-changing returns. At occasions like this it pays to do in-depth analysis and due diligence to determine a diffusion of tokens and to spend a while on balancing current portfolios. 

The rotation from Bitcoin into ETH is one signal of the rebalancing and basic portfolio rejigs going down throughout the crypto area, as is the renewed curiosity in cash resembling Solana, as soon as considered on its final legs as a result of its affiliation with Sam Bankman-Fried’s failed FTX change.

Along with high- and mid-cap altcoins, low-cap meme cash ought to characteristic in a crypto investor’s portfolio. A few of these will probably be extremely speculative short-term holds whereas others, resembling SPONGE and PEPE may be longer-term performs due to a mixture of their model energy and market positioning regards utility providing.

As talked about earlier, $SPONGE may also be launching on “larger and higher exchanges” in response to its web site, making it an much more tempting purchase for outsized returns. The token can already be purchased on main centralized exchanges resembling Gate, MEXC, Bitget and Poloniex.

Purchase and stake $SPONGE at this time and it might arrange crypto portfolios for spectacular alpha returns.

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