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Whereas the broader crypto market struggled to realize momentum, Sponge, an upcoming meme coin, stays agency. Sponge is trending larger, rising from $0.000403 to $0.0007217, a 79% improve inside a month. As of Jan. 24, it was up 100% throughout the identical timeframe.
The thrilling transfer comes following an announcement by the Sponge workforce that the token will bridge to Sponge V2, full of new utility and staking mechanics.
Current Sponge holders can deposit their tokens within the V2 staking contract to earn an equal quantity of SPONGEV2 plus a further yield relying on the variable staking APY.
New patrons should buy Sponge V2 from the continuing buy-and-stake marketing campaign on the Sponge.vip web site. Up to now, over $4.3 million value of Sponge has been staked and bridged.
Buyers assured in Sponge V2
Sponge launched in Could and shortly rose alongside Pepe Coin (PEPE), reaching a $100 million market cap and netting early patrons a 100x return on funding.
The token was additionally listed on over ten distinguished exchanges and amassed 30K social media followers and 13K holders in its first few days.
With this background, curiosity in Sponge V2 stays excessive.
Additional spurring demand is that the brand new model tags new innovation and techniques.
It’s also launching near the Bitcoin halving, creating a way more bullish local weather with extra liquidity available in the market.
New play-to-earn utility provides compelling distinctive worth proposition
The unique Sponge token noticed notable beneficial properties due to its relation to the beloved cartoon character SpongeBob SquarePants.
The meme coin group discovered it a relatable challenge, with its enjoyable attract and witty meme sport providing a refreshing various to conventional monetary devices.
Nonetheless, Sponge V2 integrates a play-to-earn (P2E) racing sport, aiming to engineer a strong token financial system. The sport has a free and paid model. Those that subscribe to the paid model may have an opportunity to earn crypto rewards. Subscription is paid utilizing SPONGEV2.
However apart from fostering extra token demand, the P2E sport rewards the Sponge group, encouraging lively participation that interprets to long-term, sustainable progress and rising model consciousness.
The transfer additionally presents a notable benefit over different meme cash, usually considered 2-dimensional, with most of their demand pushed by hypothesis and hype.
Is Sponge the Subsequent Bonk?
Whereas Sponge’s potential stays to be seen, a number of elements allude it could possibly be the subsequent Bonk.
First, main analysts and pundits, together with AMCrypto, count on the token to soar like Bonk.
Moreover, high crypto media retailers like crypto.information have featured Sponge, elevating its model consciousness.
Furthermore, the challenge has a comparatively low market cap of round $16 million.
Lastly, the Sponge value chart bears some semblance to BONK’s earlier than its main leg up.
The token is consolidating however printing larger highs.
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