Crypto billionaire and Tron founder Justin Sun recently transferred $14.7 million worth of ETH from the Binance exchange to a private wallet address, sparking speculation that he may be preparing to invest in the Sponge ecosystem.
Sun has previously invested in the original Sponge (SPONGE) token, so this latest transfer has fueled rumors that he may be considering a substantial investment in Sponge V2 (SPONGEV2).
Justin Sun’s Wallet Transfer Sparks Speculation of Imminent Sponge V2 Purchase
According to a tweet from PeckShield, Sun moved 6,166 ETH to an unknown wallet address, which currently holds crypto assets valued at over $270 million.
This move has sparked speculation that he may be gearing up to invest in meme coins, given that he already owns over $6 million worth of Shiba Inu (SHIB) and has holdings in other top tokens, like Floki (FLOKI).
Notably, one of Sun’s wallets, tagged “Justin Sun 4” on Etherscan, holds just over $43,000 worth of Sponge V1 tokens.
This makes Sun the 14th largest holder of SPONGE globally.
Now, with the upcoming launch of Sponge V2, analysts are speculating that Sun may be looking to increase his SPONGE investment before the token bridge occurs.
His recent massive wallet transfer could be in preparation for such a purchase, which may indicate his intention to increase his exposure to the meme coin market.
In fact, Sun tweeted back in May that he had decided to “begin actively trading meme coins” and would donate any profits to charity.
Ultimately, these rumors about Sun potentially readying to buy Sponge V2 have ignited significant interest in the SPONGE community, which now boasts over 8,000 active members on Telegram.
SPONGE Token Upgrades to V2, Bringing P2E Gaming & High Staking Yields
SPONGE is a meme coin launched in May 2023 as a tribute to the popular SpongeBob SquarePants cartoon character.
The project saw massive success right out of the gate, hitting a market cap of $100 million within weeks and delivering almost 100x returns for early investors.
At its peak, the token was valued at $0.0023 and regularly experienced millions of dollars in daily trading volume.
Although SPONGE is down significantly from May’s all-time high, Etherscan data shows there are still over 11,800 unique holders.
Sponge’s developers have been quiet in recent months before returning to announce a major upgrade – Sponge V2.
This new version aims to transition the original SPONGE token into a multifaceted ecosystem complete with its own play-to-earn (P2E) game.
The upgrade also introduces a novel Stake-to-Bridge protocol, allowing SPONGE holders to earn yields in the form of SPONGEV2.
At the time of writing, yields are set at 617% per year, with over 2.6 million SPONGE tokens pledged already.
With meme coin mania hitting the crypto market once more, the timing of this ambitious upgrade has the potential to reignite interest in the project.
Could SPONGEV2 Be the Next Meme Coin to Explode in Value?
The recent colossal rises of Bonk (BONK) and Gorilla (GORILLA) highlight how hot the meme coin sector is right now.
Both tokens have soared over 1,000% in the past few months, delivering outsized returns for holders.
Additionally, the original SPONGE token has rocketed 130% in the past seven days following the development team’s upgrade announcement.
Now, some investors speculate that SPONGEV2 could be the next low-cap meme token to erupt.
Once the token goes live and gets listed on exchanges, there’s a growing belief it could attract the same wave of speculative interest that propelled BONK and GORILLA to record highs.
Moreover, the crypto market as a whole looks poised for a bull run in 2024, given the high likelihood of a spot BTC ETF being approved.
When the market enters a bullish phase, meme coins tend to benefit disproportionately – which has led to increased anticipation surrounding SPONGEV2’s launch.
With its dedicated community, ambitious roadmap, and rumored accumulation from Justin Sun, Sponge V2 checks all the boxes required for a potential breakout in the meme coin space.
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