The original Sponge (SPONGE) token saw its price surge over 20% in the past 24 hours, hitting $0.0010 and reaching a market cap of $25.6 million.
This latest price pump comes ahead of the hotly anticipated launch of Sponge V2 (SPONGEV2), which promises to bring new features and high staking rewards.
SPONGE Price Soars as Community Buzzes About Future Token Upgrade
SPONGE has caught the broader crypto market by surprise this week with its sharp price growth.
The 20% pump represents a significant recovery for SPONGE, which hit an all-time high of $0.0023 during the peak of its powers in May 2023.
Although SPONGE is trading 56% below that level, the token is an enormous 727% higher than in mid-December.
Trading volumes for SPONGE exceeded $1 million in the past 24 hours – a 176% increase from the previous day.
This indicates a massive uptick in interest in the former meme coin star.
For those unfamiliar, Sponge is a community-driven meme coin based on the iconic cartoon character SpongeBob SquarePants.
It initially generated hype when it was listed on Uniswap, around the same time Pepe (PEPE) coin generated colossal returns.
However, profit-taking took hold soon after launch, and SPONGE traded sideways for most of the second half of 2023.
The latest price surge suggests that meme coin enthusiasts are paying attention to SPONGE once more as investors bet on continued growth with the Sponge V2 upgrade on the horizon.
Staking & Gaming Bring In New Era for Sponge Token Ecosystem
Building on the bullish foundations of the original SPONGE token, the upcoming release of Sponge V2 is generating further hype and anticipation within the project’s community.
Sponge V2 introduces a unique Stake-to-Bridge mechanism that rewards SPONGE holders with the new SPONGEV2 tokens.
Users can either buy and stake SPONGE directly on the project’s website or stake their existing tokens ahead of the token swap.
Once staked, holders can claim their accrued SPONGEV2 tokens after the staking period concludes.
Importantly, once the period ends, the original SPONGE token will be discontinued.
This setup has created a substantial buzz around Sponge V2, with over $5.5 million worth of SPONGE tokens now pledged to the Stake-to-Bridge protocol.
Beyond staking, Sponge V2 also aims to provide greater utility to holders through play-to-earn (P2E) gaming integration and listings on major exchanges.
Sponge’s developers are in the process of creating a SpongeBob-themed racing game where gamers can earn SPONGEV2 tokens by winning races and ranking on leaderboards.
According to Sponge V2’s roadmap, the developers even aim to hit a $100 million market cap – highlighting their lofty ambitions.
Viral Hype Surrounds Sponge V2 as YouTube Influencers Take Notice
Due to the viral hype around the upcoming Sponge V2 release, influencers and crypto analysts have started taking notice of the project.
Several popular YouTube channels covering altcoins and meme coin gems have discussed the potential of Sponge V2’s staking rewards and future gaming utility.
For example, YouTuber Connor Kenny highlighted the project’s bullish potential in a recent video to his 178,000 subscribers.
Searches for “Sponge V2” and related terms have also spiked considerably on Google Trends, indicating growing retail interest in the token upgrade.
Most significantly, Sponge V2 grabbed the top trending spot on coin discovery site CoinSniper.net, beating out hundreds of other new cryptos.
This shows that its community-driven approach and ambitious roadmap are striking a chord with investors looking for innovation in the meme coin space.
With major exchange listings in the pipeline, the pieces are falling in place for Sponge V2 to make its mark in the coming weeks.
