Trending meme coin Sponge has added another 10% to its price after a monumentally successful month. But as it reclaims the $0.001 mark, the possibility of a new all-time high (ATH) surges.
Its recent pump is led by a new initiative where the Sponge token will be bridged to Sponge V2, a next-generation meme coin with Play-to-Earn (P2E) utility.
Market participants can buy Sponge V2 from the Sponge.vip website, with the token currently undergoing a prelaunch Buy and Stake campaign.
Investments will be locked in the project’s staking contract until the event ends, where they will earn an additional staking yield. Currently, Sponge V2 staking offers a 294% APY, but this will decrease as the staking pool grows, incentivizing early investors.
Will Sponge V2 100X Like the First One Did?
The original Sponge meme coin carved a prosperous reputation in the summer of 2023, riding Pepe’s hype to a $100 million market cap and netting early investors 100x gains.
Sponge also garnered exchange listings on over ten prominent exchanges and amassed 30K social media followers and 13K holders.
Its accolades were driven by a combination of general meme coin euphoria and a nostalgic allure thanks to the token’s homage to SpongeBob SquarePants.
Unorthidox investors saw Sponge as an asset outside the traditional realms of financial markets, holding a broader mass market appeal and tremendous upside.
One of these savvy traders was YouTuber Michael Wrubel, who announced making 100x returns on the original Sponge.
In a recent video, Wrubel explained the profits to his 310K subscribers, also stating his significant bullishness on the V2 rendition.
He explained that when the original Sponge did a 100x, “things were not rallying. We did not see a lot of activity.”
But with market conditions improving and new liquidity flooding in, the trader has high hopes for Sponge V2.
Another analyst bullish on Sponge V2 is Crypto Gains. The YouTuber boasts 117K subscribers and recently made a video speculating if Sponge V2 “could 100x as the first one did.”
While there is no guarantee of Sponge V2’s potential, instrumental factors like improving market conditions, its team’s track record, and the token’s newfound utility all hint at a bright future.
Sponge V2 Tokenomics and Utility
According to its website, 43.09% of its supply is allocated to staking rewards, 26.93% will be bridged, 7.5% for marketing, 4.47% for game development, 8% for P2E rewards, and 10% for centralized exchange liquidity.
An essential consideration in the Sponge ecosystem is the bridging between V1 and V2 tokens. Following the launch of Sponge V2, the original token will no longer be supported.
As such, holders must stake their Sponge V1 tokens in the Sponge.vip staking contract, where they will receive an equivalent amount of Sponge V2 tokens in return. Additionally, the tokens will earn an additional staking yield until the campaign ends.
However, the project’s staking mechanism features a 4-year vesting schedule with a minimum APY of 40%.
Another important factor regarding Sponge V2 is its new utility. Sponge V2 will feature a Play-to-Earn racing game, enabling holders to earn free crypto.
The game will feature free and paid versions. Anyone can play the free version, but the users will buy credits with $SPONGEV2 for the paid version, adding utility and a natural demand stream. The paid version will enable users to earn more $SPONGEV2, creating an innovative in-game economy and stimulating community participation.
Is Sponge V2 the Next Pepe or Bonk?
Both Pepe and Bonk have experienced meteoric rises across the past 12 months, reaching multi-billion dollar market caps at their peaks. But these projects fell as quickly as they rose.
Traders are now seeking the next Pepe or Bonk, with Dogwifhat and Myro continually creeping up in conversation.
Yet, the unassuming Sponge V2 could be set to catch the market by surprise, being a true under dog with immense growing momentum.
Having already secured listings on over ten prominent exchanges, the Sponge.vip website explains that Sponge V2 will get “bigger and better” exchange listings. Rumors are circulating that this could include a Binance listing.
Such listings were the catalysts behind Pepe’s and Bonk’s unprecedented trajectories, illustrating the massive potential for Sponge V2.
However, having raised over $5.7 million in its Buy and Stake campaign, time is quickly running out to buy Sponge V2 before it launches on exchanges.