Sponge Returns with Sponge V2 Token – Is $SPONGEV2 the Best Meme Coin to Invest in?
Published Date: December 19, 2023 4:10 PM Updated Date: December 19, 2023 4:11 PM
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Sponge V2 introduces a new staking model and several new utilities to the Sponge ecosystem.
Sponge was one of the major tokens that rode the wave of memecoin mania to climb the price charts in early 2023.
However, unlike other memecoins that made quick profits and then fell into obscurity, Sponge is coming back with Sponge V2.
Available only through staking, Sponge V2 introduces a new staking model and several new utilities to the Sponge ecosystem.
Due to this comeback, many people are touting it as the best meme coin to invest in in 2024.
Sponge – Memecoin different from other Memecoins
Sponge, now Sponge V1, took the market by storm when it launched on Uniswap in the first week of May 2023. Although the token had no prior marketing action to back it up, crypto enthusiasts still came together as memecoin enthusiasts to boost its value.
In just 4 days (May 4 to May 8), the token price rose by 3200%, turning it into one of the most successful memecoins of the year. Its market capitalization rose from $1 million to $100 million at its peak, enabling several early investors, including renowned cryptocurrency influencer Michael Wrubel, to earn triple-digit returns.
Even though the token later experienced a downturn as the memecoin craze died down, it continued to boast a strong community. Sponge V1 currently has over 11.5k owners and over 23k followers on Twitter.
Additionally, the token is currently listed on several exchanges such as Gate, MEXC, Bitget, Poloniex, and CoinW, so market liquidity is abundant.
Additionally, Bitcoin’s recent pump has proven to be good for the entire cryptocurrency ecosystem, boosting Sponge’s gains by over 500% in November of this year. The current market capitalization is around $10 million.
What is Sponge V2?
Sponge V2 is a new version of Sponge V1, described as a “bigger and better” version with a unique staking mechanism and high APY.
Sponge V2 is currently not available for purchase. Existing users can stake Sponge V1 tokens, and new users can purchase and stake Sponge V1 tokens to get the same number of Sponge V2 tokens after token launch.
In the “fine print” of the official whitepaper, the project developers stated that staked Sponge tokens will be permanently locked and phased out once Sponge V2 arrives.
However, those who choose to hold their Sponge tokens beyond launch will earn significant APY over four years. The minimum APY you can earn is 40%.
These factors make Sponge V2 the best token to earn interest, as there is currently no cryptocurrency on the market that offers this high an APY.
To date, over 479 million Sponge tokens have been staked and the current reward rate is 3,300%.
What else does Sponge V2 offer besides staking rewards?
The new staking system is not all that Sponge V2 has to offer. A new P2E utility will also be released. Custom Play-to-Earn games are in the works that will add “even more fun and addictiveness to the Sponge ecosystem,” according to the whitepaper.
There are two versions of the game. One is free to play, the other has a peer-to-peer mechanism. To interact with the Web 3 (P2E) variant of the game, players must use Sponge V2 tokens to earn play credits.
Details about the game are not yet available. If you are interested, please stay tuned to Sponge V2’s Telegram. Twitterand Discord channels.
Could Sponge V2 Become the Biggest Meme Cryptocurrency of 2024?
During the period of memecoin mania, several memecoins arrived and, surprisingly, most of them grew in a parabolic fashion. However, many of them have been traced back, and there is no trace of their existence anywhere online.
Sponge took a different path. Since it is a token that already has a large following, we are introducing a new mechanism to the ecosystem. The staking model it brings will incentivize long-term holding. And through P2E, Sponge V2 tokens gain more utility.
Considering these factors, Sponge V2 has the potential to become the next cryptocurrency in 2024.
To find the full roadmap for $SPONGEV2, visit sponge.vip.
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About the author
Gregory, a digital nomad from Poland, is not only a financial analyst but also a valuable contributor to various online magazines. With his extensive experience in the financial industry, his insights and expertise have been recognized by numerous publications. Making effective use of his spare time, Gregory is currently devoted to writing books on cryptocurrency and blockchain.
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Gregory, a digital nomad from Poland, is not only a financial analyst but also a valuable contributor to various online magazines. With his extensive experience in the financial industry, his insights and expertise have been recognized by numerous publications. Making effective use of his spare time, Gregory is currently devoted to writing books on cryptocurrency and blockchain.