The meme coin market is heating up again with the launch of Sponge V2 (SPONGEV2), a second version of the popular Sponge (SPONGE) token, in early 2024.
Cryptocurrency traders are buzzing about the potential of SPONGEV2, with some predicting that the new coin could soar more than tenfold once it is listed on the decentralized exchange.
Sponge V2 aims to become the next big Meme Coin with gaming and marketing hype.
So what exactly is Sponge V2 and why are cryptocurrency traders so excited about its potential?
Sponge V2 builds on the success of the original SPONGE meme coin, absorbing the community with the goal of a “bigger and better” iteration.
Sponge V2’s core value proposition focuses on Play-to-Earn (P2E) racing games and staking rewards.
According to the project’s whitepaper, users can stake Sponge V1 tokens to acquire SPONGEV2 before its official launch.
Then, at launch, users can claim V2 tokens and use them to earn more rewards in P2E games.
The reward rate for stakers is set at 209% per annum and over 7.7 billion tokens have already been pledged.
This equates to a whopping $4.1 million worth of SPONGE locked up in the staking contract.
The Sponge V2 team is also planning an extensive marketing campaign, exchange listings, influential partnerships, and more to build on the success of the original token, including its peak market cap of $100 million.
Ultimately, Sponge V2 leverages the best aspects of V1 while improving and evolving into the next generation of meme coins.
With staking, P2E gaming, and a clear roadmap in place, it’s no wonder SPONGEV2 is being touted as a potential breakout star in early 2024.
Last chance to migrate as Sponge V1 snapshot countdown is ongoing
With the launch of Sponge V2 approaching, V1 holders have just a few hours left to migrate their tokens and receive additional rewards.
V1 snapshots close today at 11 PM (UTC). This means that the original SPONGE tokens will be discontinued.
This means SPONGE holders will need to act quickly to stake their tokens and receive the 209% APY staking rewards through the “Stake-to-Bridge” mechanism.
For centralized exchange users, trading will stop at 11:00 PM UTC, while decentralized exchange users will be able to continue staking until the snapshot.
With the finish line in sight, the Sponge community is coming together for this final staking push.
Currently, over 30,000 people are following this project. on twitterThe official Telegram channel has 10,200 active participants.
This tremendous community support combined with the added utility of Sponge V2 has resulted in the token being featured in major crypto publications such as Cointelegraph and BeInCrypto.
A cryptocurrency YouTuber has made a bold 10x price prediction for Sponge V2.
As the time for V1 migration dwindles, speculation is growing about how high Sponge V2 could go once it hits the market.
Several cryptocurrency YouTubers have recently released videos analyzing the potential of SPONGEV2, and there are some very optimistic predictions floating around.
Popular analyst Connor Kenny released a new video discussing how much the project has grown since the last update, and questioned whether there are bigger gains ahead.
Jacob Bury speculated that SPONGEV2 could soar tenfold (or more) if it catches the public’s imagination like other viral meme coins.
Meanwhile, fellow YouTuber FireHustle suggested that it could emulate coins like Myro (MYRO), which has surged more than 900% in the past month thanks to its fast-growing community.
It’s clear that these traders are seeing something special in Sponge V2’s combination of staking incentives, P2E gaming, and grassroots marketing hype.
If even some of these lofty predictions come true, early adopters stand to gain significantly, just like they did with the original SPONGE token.
Those who wish to purchase SPONGE tokens before migration can use the widget at sponge.vip.