The Sponge token ($SPONGE) has been the talk of the meme coin town, thanks to its explosive bull rally in December and January.
According to data from CoinMarketCap, the Sponge price has climbed up 300% over the past 30 days, making it one of the best performing tokens since the start of 2024.
The viral meme coin has appreciated close to 12% over the past week, hitting a high of $0.001. After a marginal pullback alongside Bitcoin and Ethereum dipping, $SPONGE is currently trading at just under $0.0009 with a market capitalization of $25 million.
$SPONGE was launched in May of 2023 during last year’s meme coin mania in the aftermath of Pepe’s meteoric rise. The meme coin turned out to be an instant hit, reaching a market capitalization of over $100 million, generating close to 100x returns for early buyers.
Sponge is now making a strong comeback in 2024, fuelled by the highly anticipated launch of its sequel – Sponge V2.
Sponge V2 – Best Crypto To Buy Now?
Sponge V2 is the second iteration of the original Sponge meme coin, backed by a new unique staking model, a play-to-earn game and a substantial marketing budget. This newest crypto coin is aiming to outperform its predecessor and offer another 100x opportunities to investors, especially for those who missed out the first time around.
The development team behind the project has launched an innovative Stake-to-bridge model, through which existing $SPONGE holders can stake their tokens and receive $SPONGE2 tokens at the end of the staking period. Alternatively, new investors can simply head to the Sponge website and purchase the meme coin through a bank card or by swapping ETH or USDT tokens using the given widget.
The newly purchased tokens will automatically be staked, which will allow investors to accrue passive income as well, currently at an APY of 287%.
Meme coins with an excellent staking program are in high demand and Sponge V2 is no different. Over 5.6 billion worth of $SPONGE tokens have already been staked, worth over $5.12 million – in a short span of just a few weeks.
To garner even more community engagement, Sponge V2 has launched a new Play-To-Earn racer game, allowing players to compete against each other and potentially win $SPONGEV2 tokens as rewards.
Could $SPONGEV2 List On Binance?
The original Sponge meme coin was an instant hit, scoring listings on popular Tier-1 crypto exchanges just days after its launch. CEXs and DEXs such as Uniswap, Gate.io, LBANK, MEXC, Bitget, etc. all launched the meme coin on their respective platforms, resulting in hundreds of millions in daily trading volume.
Sponge also garnered over 13k token holders and 30k social media followers due to the strong hype and FOMO.
However, the development team behind the project believes that Sponge V2 could go a step further, potentially landing “bigger and better” crypto exchange listings. This could be a hint towards Binance, considering that the world’s largest crypto exchange has shown an affinity towards listing popular meme coins in recent times such as Bonk (BONK) and Dogwifhat (WIF).
Crypto Whales Rush To Purchase Sponge V2
The hype surrounding the new Sponge V2 meme coin is not limited to small-scale investors. Justin Sun, the founder of Tron blockchain and the Poloniex exchange, has over $4 million worth of $SPONGE holding, which he intends to stake and bridge into Sponge V2.
Similarly, Michael Wrubel, a popular crypto influencer with over 300k subscribers on YouTuber, has revealed to have purchased a sizable amount of $SPONGEV2. As it turns out, Wrubel was one of the early buyers of the original Sponge meme coin, which paid extremely lucrative dividends. Despite investing just $1k during the ICO, Wrubel saw 100x growth on his investment, profiting over $100,000.
Other analysts such as Crypto Gains, Cilinix Crypto and Jacob Bury are also bullish on the token’s price potential, highlighting the possibility of 50x – 100x returns. In fact, Cilinix Crypto goes as far as to say that Sponge V2 is the best presale token to buy right now.
If these bullish price predictions turn out to be true, Sponge would easily emerge as one of the best crypto to invest in 2024. After all, the meme coin is inspired by the popular cartoon show, SpongeBob SquarePants, which lends it a strong community backing. Its robust tokenomics, P2E game and staking program make it that much more lucrative.
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