As the meme coin market sees red, the SpongeBob-themed token Sponge (SPONGE) has swum against the tide with a 9% rise since Thursday.
This upward momentum comes as the project prepares to launch Sponge V2 (SPONGEV2), its next evolution, which aims to expand its current functionality and use cases.
SPONGE Token Pumps Ahead of V2 Release
While the broader crypto market struggles, SPONGE continues to gain ground.
SPONGE has soared to $0.00057 in the past few days despite top meme coins like Dogecoin (DOGE) and Shiba Inu (SHIB) seeing declines.
According to CoinMarketCap, spot trading volumes are also up 12%, aligning with the token’s price rise.
Looking at the technicals, Sponge saw a spike on January 25 when it tapped the $0.00050 level, suggesting a large volume of buy orders in the area.
However, SPONGE is still trading below its 20-day exponential moving average on the 4-hour time frame – and the token will have to break back above to solidify the uptrend.
SPONGE’s recent rise has led to heightened discussion within the official Telegram channel that retail investors are beginning to take interest ahead of SPONGEV2’s launch.
In May 2023, SPONGE produced almost 100x returns for the earliest backers – and investors seem hopeful that SPONGEV2 could replicate (or even beat) these returns.
As a result, buying demand has ramped up in recent weeks, leading to speculation about SPONGE’s potential in the coming months.
Sponge V2 to Unlock Play-to-Earn Gaming & Staking Rewards
Sponge V2 represents the “next evolution” of the SPONGE token and aims to add further value for holders.
The main draw attracting attention to SPONGEV2 is the integration of a play-to-earn (P2E) racing game that allows holders to put their tokens to productive use.
SPONGEV2 is also pioneering a unique “Stake-to-Bridge” mechanism requiring users to stake the original SPONGE token to access the new token.
This innovative staking model helps lock up supply and rewards loyal community members.
Since Stake-to-Bridge was announced, a whopping 6.2 billion SPONGE tokens have been pledged, representing almost $3.7 million in total value.
This also means that over a quarter of all SPONGE tokens in circulation have been locked up in the mechanism.
In addition to staking, the Sponge team has plans to eventually list SPONGEV2 on Uniswap, opening up access to a broader audience.
Sponge’s team even has an ambitious goal to hit a $100 million market capitalization, which is referenced on the project’s roadmap.
As the launch of SPONGEV2 draws near, the original token is gaining steam as investors stake their claim in the Sponge ecosystem.
Audits, Rankings, & Influencers Signal Strength Leading Into SPONGEV2 Launch
While excitement builds ahead of SPONGEV2’s open market debut, the project continues to gain credibility in the crypto space.
Sponge V2’s smart contracts underwent a comprehensive audit by the reputable firm SolidProof, receiving a clean bill of health.
This verifies the legitimacy of the token’s code ahead of the highly-anticipated migration from the original SPONGE.
SPONGEV2 has also captured investors’ attention by ranking first on the popular ICO site CoinSniper.net, indicating strong community enthusiasm.
The token has even seen growing buzz on YouTube, with influencers like Matthew Perry praising the innovative Stake-to-Bridge mechanism.
Given its devoted fanbase, extensive development, and widening mainstream appeal, SPONGEV2 seems primed to make waves in the meme coin space.
As such, all eyes will be on the token’s exchange debut, which is scheduled to occur in the coming weeks.
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