What do you think would be the way to achieve this result?
Is it possible to create this type of character with this quality in Blender?
Yes.
Practice making characters in Blender. Improve slightly each time over the course of months or years
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With some help from some other apps…
But the particles are from blender… 
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I think it’s a question of whether it’s the ability to create rather than the function of the tool. The tool has enough functionality. 
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interesting procedure similar to the one adopted by yosef with the maya variant instead of blender, you will probably have a high definition using the blender node but I don’t know if you can get to the definition of zbrush, I hope so in the meantime I’ll roll up my sleeves and start to work on it
Ps spongebob bad version is stupendously awful 
Close enough?
Only spend like 15 minutes with the shader, so I guess with another hour or so of tweaking you might be able to get exactly the same as what Gal Yosef got 
Here’s the .blend file with the shader (suggest you uncheck “Load UI” under the cog wheel in the opening dialogue to not get my UI when you open it)
spongesuzanne.blend (1.3 MB)
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