Popular memecoin Sponge is making a comeback with Sponge V2, with an all-new roadmap, fundamentals, and a novel staking model, giving memecoin investors the biggest APY in the memecoin space.
“We’re excited to announce that Sponge is bridging from V1 to V2”, the Sponge devs posted on Twitter yesterday.
With this bridge, investors can stake their Sponge tokens to earn an equivalent amount of Sponge V2. Long-term stakers will also have the opportunity to earn additional rewards.
Sponge – A Memecoin That Went Viral Due to Memecoin Mania
Investors first came across Sponge shortly after Pepe took the market by storm to create a memecoin mania. Multiple TV show-based memecoins came afterwards, with Sponge being inspired by the popular character Spongebob Squarepants.
The project’s unique artwork and style captured investors’ attention, pushing its market capitalization to go beyond $100 million in Q2 2023.
This bullish price action also led Sponge to go live on multiple exchanges, including Bitget, BingX, CoinW, MEXC, Poloniex, and more.
The Sponge price then corrected to $0.000095 and accumulated around that level until Bitcoin made a comeback in October and November 2023.
When Bitcoin surpassed the $40k mark due to the community becoming optimistic about the positive impact of upcoming halving and spot Bitcoin ETF applications, Sponge experienced a rise of 400%.
Currently, the meme coin project has market cap of $10 million, and the announcement of bridging to Sponge V2 has attracted more investors.
What is Sponge V2?
Sponge V2 is touted as the ‘bigger and better’ version of Sponge, with a mission to ‘absorb all the damp.’. With the introduction of Sponge V2, Sponge is introducing a novel staking mechanic, rewarding users with a high APY.
Acquiring Sponge V2 requires staking Sponge V1. Existing $SPONGE token holders can visit the official website and choose the staking option. And for those who are yet to buy the token can buy Sponge V1, which will automatically stake it.
Staking Sponge V1 tokens will bring APY rewards in terms of Sponge V2. So far, more than 433 million $SPONGE have been staked, and the current reward rate stands at over 3000%.
Furthermore, those who stake more Sponge V1 tokens and those who stake it for more time will earn more Sponge V2 once it lands.
Sponge P2E Game
The announcement of Sponge V2 is accompanied by the release of a whitepaper that highlights a new utility – a P2E game. Playing this game will allow players to earn more $SPONGEV2 tokens.
According to the Sponge whitepaper, there will be two versions of the game. The free version will be for Web 2 players, introducing them to the fun gameplay. But those looking to add an earning mechanic to the game can use Sponge V2 tokens to buy game credits, which will allow them to earn more $SPONGEV2 tokens.
This utility gives the Sponge ecosystem a circular economy, bringing more utility to a memecoin that only had short-term upsides in the past.
Sponge V2 Roadmap
Sponge V2 aims to absorb all the damp, meaning that seeks to absorb all the liquidity from the competition. For that purpose, it has established three stages.
The current announcement is part of the first stage, at which the team are also developing the Sponge game app.
With stage 2, Sponge V2 will be claimed, and efforts will be made to list this token on bigger exchanges. The team also seeks Sponge V2 to reach at least 10,000 holders during this stage.
The final stage will arrive when Sponge V2 gets picked up by tier-1 exchanges. Sponge Game app will be launched, and the token will potentially move towards a $100 million market cap.
Sponge V2 Tokenomics
When it comes to tokenomics, Sponge V2 has taken a community-centric route. With 150 billion Sponge V2 tokens in total, 51% of the total supply is reserved for staking and P2E rewards. 10% goes to liquidity, close to 27% goes into bridging, and 7.5% has been dedicated to marketing.
Sponge Gaining More Attention
Due to the recent bridging news, Sponge has caught the attention of many crypto industry elites. Pow’s Gem Calls, one of the leading crypto Telegram channels, recently mentioned the meme coin.
Insidebitcoins has tipped Sponge V2 to have up to 100x potential.
With the end of 2023 full of surprises already, Sponge V2 has come as another one. Its staking utility gives it long-term upsides, and the current marketing hype gives it the leverage to grow. That could make Sponge a top cryptocurrency to watch heading into 2024.
Stay up to date with Sponge V2 by following its official Twitter, Telegram and Discord.
