The meme coin market remains as exciting as ever. Indeed, some legacy Shiba Inu (SHIB) holders now looking to chase the next hot token.
Sponge V2 (SPONGEV2) has emerged as the latest meme coin that’s gaining traction – and early backers are hopeful that it can emulate SHIB’s 1,200% returns from late 2021.
The Meteoric Rise & Fall of Shiba Inu Token
Shiba Inu took the crypto world by storm in late 2021 as the meme coin saw an enormous rise in just a few weeks.
Benefiting from the massive hype surrounding Dogecoin (DOGE) earlier that year, SHIB surged a staggering 1,200% from September to October. Thereafter, its price hit an all-time high of $0.000088.
This parabolic rally minted a new class of crypto millionaires and cemented SHIB as one of the world’s top meme coins.
However, the good times didn’t last long. After that colossal pump, SHIB has been on a gradual decline over the following years.
The hype and mania have cooled off significantly. Subsequently, SHIB now trades for just $0.0000098 – approximately 88% below its peak in 2021.
With SHIB now so far from its glory days, it’s no surprise that many holders are looking for the next hot meme coin in an attempt to recreate the magic.
Sponge V2 Aims to Be Polygon’s Hottest Meme Coin After Rising Over 100%
SHIB’s decline has left many holders disillusioned, yet a new meme coin has emerged. Moreover, it is gaining traction in the crypto community.
Sponge V2 is the second iteration of the popular Sponge (SPONGE) token that exploded last May before fading in the following months.
At its peak, SPONGE had a market cap of almost $100 million. Additionally, it produced nearly 1,000% gains for the earliest investors.
SPONGE was even listed on some of the world’s most-used crypto exchanges, including Gate.io and MEXC.
However, the token’s creators have now launched Sponge V2 on the Polygon network and are looking to stimulate the explosive hype once more.
In just one week since migrating to Polygon, SPONGEV2’s price has surged over 100%. Indeed, the token now boasts a market cap of $45 million.
There are also over 50,000 SPONGEV2 holders globally. Additionally, it boasts a circulating supply of 40.4 billion tokens.
Given the development team’s stellar track record and Polygon’s low fees, SHIB investors are hoping lightning can strike twice with SPONGEV2.
Moreover, with a solid community on Twitter already in place, SPONGEV2 seems well-positioned to be a top contender as the next meme coin star.
Why Are SHIB Holders Opting to Invest in Sponge V2 Instead?
So, what exactly is drawing long-term SHIB holders to SPONGEV2? For starters, the project has an exciting roadmap. This features a play-to-earn (P2E) racing game currently in development.
This racing game will allow gamers to earn more SPONGEV2 tokens by racing against others and ranking high on the monthly leaderboard.
SPONGEV2 also offers eye-catching staking yields as high as 1,184% annually for locking up tokens.
The development team has set an ambitious goal of reaching a $100 million market cap. It will be aided by aggressive marketing and influencer partnerships.
Leading crypto YouTubers like ClayBro and Conor Kenny have already given SPONGEV2 glowing reviews.
The token already has its proven staying power, experienced development team, and big plans ahead. Therefore, it’s easy to see why SHIB holders frustrated by declining prices might view SPONGEV2 as a top contender for growth.
Chasing the next explosive meme token is always risky. Yet, SPONGEV2’s enormous community and real utility give it a fighting chance of sustained success where many others have failed.