Sponge is Returning As Sponge V2 Token – Is $SPONGEV2 The Best Meme Coin To Invest In?
In Brief
Sponge V2 is introducing a new staking model and multiple novel utilities to the Sponge ecosystem.
Sponge was one of the leading tokens that rode the wave of memecoin mania to climb up the price charts in early 2023.
However, unlike other memecoins that got lost in obscurity after making quick gains, Sponge is making a return as Sponge V2.
Available only through staking, Sponge V2 is introducing a new staking model and multiple novel utilities to the Sponge ecosystem.
Due to this comeback, many are touting it as the best meme coin to invest in for 2024.
Sponge – A Memecoin Different From the Rest
Sponge, now Sponge V1, took the market by storm when it landed on Uniswap in the first week of May 2023. While the token didn’t have any pre-marketing measures backing it, crypto enthusiasts, who were still in the throes of the memecoin mania, rallied together to pump its value.
Within four days (from May 4th to May 8th), the token’s price went up by 3200%, turning it into one of the most successful memecoins of this year. Its market capitalization went from $1 million to $100 million at its peak, and multiple early investors, including popular crypto influencer Michael Wrubel, were able to make profits in the triple digits.
Even though the token experienced a downturn because of the memecoin mania subsiding later, it continued to boast a strong community. Sponge V1 has more than 11.5k holders currently, and on Twitter, it has more than 23k followers.
Also, since the token has now been listed on multiple exchanges, such as Gate, MEXC, Bitget, Poloniex, and CoinW, it has a lot of liquidity in the market.
Furthermore, Bitcoin’s recent pump has proven good for the entire cryptocurrency ecosystem, leading to Sponge experiencing more than a 500% increase in November of this year. Currently, its market capitalization sits at around $10 million.
What is Sponge V2?
Sponge V2 describes itself as a novel version of Sponge V1 – a “bigger and better” iteration that comes packed with unique staking mechanics and a high APY.
Currently, Sponge V2 can’t be bought. Existing users can stake their Sponge V1 tokens, and new users can buy and stake Sponge V1 tokens in order to gain an equivalent number of Sponge V2 tokens after the token’s launch.
In the “fine print” of the official whitepaper, project devs have stated that staked Sponge tokens will be locked up permanently, and will be phased out once Sponge V2 arrives.
However, those who choose to hold their Sponge tokens even after launch will earn a hefty APY over a period of four years. The minimum APY that can be earned is 40%.
This factor makes Sponge V2 the best token to earn interest on as no cryptocurrency in the current market is offering as high of an APY as this one.
So far, more than 479 million Sponge tokens have been staked, and the current reward rate stands at 3,300%.
What Else Is Sponge V2 Bringing Besides Staking Rewards?
A new staking system is not everything that Sponge V2 is bringing to the table. A new P2E utility is also coming. There is a bespoke Play-to-Earn game in the works that the whitepaper states will add “more fun and addictiveness to the Sponge ecosystem”.
There will be two versions of the game. One will be playable for free, and the other will have the P2E mechanic. To interact with the Web 3 (P2E) variant of the game, players would need to spend Sponge V2 tokens to earn playing credits.
The details about the game are yet to come. Those interested should stay tuned to Sponge V2’s Telegram, Twitter, and Discord channels.
Can Sponge V2 Become the Biggest Meme Crypto of 2024?
Multiple memecoins arrived during the memecoin mania, and surprisingly, most of them grew parabolically. However, many among them retraced, and there is no trace of their existence anywhere online.
Sponge has taken a different route. Being a token that already has a large following to boot, it is introducing a new mechanic to its ecosystem. The staking model it is bringing will motivate long-term holding. And with P2E, the Sponge V2 token will gain more utilities.
When we consider these factors, Sponge V2 has the potential to become the next big crypto of 2024.
Visit sponge.vip to find the full roadmap for $SPONGEV2.
Disclaimer
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About The Author
Gregory, a digital nomad hailing from Poland, is not only a financial analyst but also a valuable contributor to various online magazines. With a wealth of experience in the financial industry, his insights and expertise have earned him recognition in numerous publications. Utilising his spare time effectively, Gregory is currently dedicated to writing a book about cryptocurrency and blockchain.
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Gregory, a digital nomad hailing from Poland, is not only a financial analyst but also a valuable contributor to various online magazines. With a wealth of experience in the financial industry, his insights and expertise have earned him recognition in numerous publications. Utilising his spare time effectively, Gregory is currently dedicated to writing a book about cryptocurrency and blockchain.
