The meme coin mania of 2023 saw projects like Pepe and Sponge (SPONGE) make exponential gains. Although it still fell short of Pepe’s meteoric rise, $SPONGE returned over 40x within just a few days for early buyers.
The project quickly gained popularity among fans of the SpongeBob SquarePants show. Subsequently, it was quickly listed on multiple CEXes after its initial Uniswap listing – including MEXC, Bitget, Gate.io, and others. However, it corrected after reaching its all-time high, leaving investors anticipating more.
The V2 version of the token is now set to be introduced, reigniting traders’ attention on Sponge. Over $3.5 million in V1 tokens have been staked and bridged for Sponge V2, causing an over 50% rise in the value of Sponge V1 in the past month.
Can New Meme Coin Sponge V2 Repeat The Success of V1
The Sponge project describes its Sponge V2 token launch as a chance for investors to make massive profits. Indeed, this is similar to what happened in 2023 when the Sponge V1 token gained popularity.
SPONGEV2 is an upgraded version of the original SPONGE meme coin. Yet, it features unique tokenomics compared to its V1 counterpart while maintaining overall similarity. Both tokens fall under the categories of meme and ERC-20 tokens, contributing collectively to the expansion of the Sponge ecosystem.
However, the primary objective of SPONGE V2 is to eventually supersede V1 rather than coexist with it. Investors can exclusively obtain V2 tokens by locking their V1 tokens into the V2 smart contract.
This exclusive mechanism has attracted a substantial number of investors eager to acquire SPONGE tokens, as it ensures an equivalent number of SPONGEV2 tokens in their wallets post-launch, corresponding to the number of V1 tokens staked.
By engaging in this token-locking process, investors become eligible for staking rewards, paid in SPONGEV2 tokens, with a variable Annual Percentage Yield (APY) set for a 4-year duration. As of the current writing, this APY stands at just over 250%.
Developments Catching Traders’ Attention
Anticipated developments and forthcoming announcements are poised to serve as potential catalysts for the upward momentum of the SPONGEV2 token, a trend witnessed in the growth of numerous other tokens in the past. The launch of the SPONGEV2 token is expected to generate heightened demand, swiftly attracting the attention of multiple exchanges upon listing.
This potential surge in exchange listings could also contribute to the token’s appreciation in value, further fortifying the Sponge community. The original Sponge meme coin garnered recognition from some of the most prominent crypto media channels in the space.
The impending launch of the P2E game emerges as a key factor that could positively impact the token’s growth. Although specific details remain undisclosed, there is strong speculation that the project will unveil its Sponge P2E racer game shortly.
This move is anticipated to bring significant utility to the project, aligning with the preferences of the broader community. Taken together, these factors may synergistically propel the token to new heights upon its launch, positioning SPONGE V2 as a compelling investment choice for all investors.
To learn more about Sponge V2, visit spongetoken.vip here.