One of the most successful meme coins of 2023, Sponge ($SPONGE), is back to absorb the damp and has announced new roadmap updates for its community in 2024.
The official Twitter handle @spongeoneth broke the news today that Sponge is bridging from V1 to V2, and that $SPONGE can now be staked to earn $SPONGEV2 with a special bonus for early movers.
Staking is now live on the project’s website sponge.vip, where an upcoming play to earn crypto game has also been teased.
Sponge Crypto Project History
Listed on Uniswap on May 4, 2023, $SPONGE went on to rise close to 4,000% and hit a $100 million market cap at its peak, even making mainstream media headlines in outlets like New York Magazine.
Amid Bitcoin’s bull run to over $40,000 and the recent success of meme coins such as Bonk (BONK), Sponge has also bounced with an over 400% rise so far this quarter, spurred on by a successful $100,000 airdrop campaign and trading competition for its holders.
The self-styled ‘Krabby Patty of meme coins’, Sponge V1 has now been listed across many of the top CEX and DEX platforms, including MEXC, Gate.io, Bitget, Poloniex, CoinW and others.
View all of the Sponge markets on CoinMarketCap.
As its CMC description reads, Sponge is a ‘zero tax memecoin derived from, but not affiliated to, the beloved cartoon character SpongeBob SquarePants. The coin is focused entirely on the community, and its goal is to increase its market cap to $1 billion, have 100,000 holders and be listed on tier 1 exchanges.’
That goal was recently achieved by Bonk following its listings on Binance and Coinbase, and Memecoin (MEME) following its own Binance listing.
According to DEXTools, Sponge currently has a relatively low market cap in the $10 million region ($16 million fully diluted) and 11,600 holders.
Sponge V2 Launch
Aiming to be ‘bigger and better’, Sponge V2 once again has no transaction taxes, will power the Sponge Game app, and comes replete with some of the highest staking rewards of any meme coin on the market.
At press time the Sponge V2 yield is just under 20,000% and over 88 million Sponge tokens have already been staked.
Existing Sponge V1 holders have the option to seamlessly stake their V1 for V2, and new entrants into the Sponge ecosystem can also buy to stake, swapping ETH or USDT to automatically stake V1 and receive the equivalent amount of V2 tokens as a starting bonus. Using a bank card is also accepted.
The more Sponge V1 tokens are staked, and for longer, the more $SPONGEV2 is earned before launch.
Read the full details on how to buy and stake at sponge.vip, and take a look at the upgraded roadmap heading into 2024.
Part of Sponge V1’s success was its liquidity – at one point having a higher liquidity than Pepe (PEPE) – and 10% of the $SPONGEV2 supply has been set aside for CEX liquidity.
Of the 150,000,000,000 total supply, 43.09% has been dedicated to staking rewards for its community, 7.5% for marketing, 4.47% for game development and 8% for P2E rewards.
$SPONGE has previously caught the attention of some of the top traders and influencers in cryptocurrency, including a recent mention in Pow’s Gem Calls, one of the most popular crypto Telegram channels with 36,000 members.
Some early investors made upwards of $100,000 publicly trading Sponge V1, including Michael Wrubel, a YouTube analyst with 310,000 subscribers.
With meme coins being the standout performers heading into 2024, $SPONGEV2 may be one of the best cryptos for your watchlist.