Token

Uniswap

Sponge

<img src="https://cdn.thebittimes.com/images/2023/12/20/1703077042.webp" width="800" height="345" alt="">
Sponge, one of the most viral memecoins of 2023, is making a return by bridging to the new <a href="https://shrt.care/eb563bf4" target="_blank" rel="noopener noreferrer nofollow">Sponge V2</a> version.&nbsp;
The announcement came on <a href="https://twitter.com/spongeoneth/status/1736710430888739065?s=20" target="_blank" rel="noopener noreferrer nofollow">Twitter</a> on December 18th. It invites users to buy and stake Sponge tokens to earn an equivalent number of Sponge V2 tokens.&nbsp;
With Sponge V2, the Sponge ecosystem is introducing new staking mechanics and play to earn utility.
<h2 id="span-recent-sponge-price-action-span">Recent Sponge Price Action&nbsp;</h2>
Sponge went live on Uniswap in May 2023 in a stealth launch. However, as the memecoin mania was still in full swing, Sponge started rallying as soon as it landed.&nbsp;
That led to the token’s price soaring within the first few days of launch.
The Sponge price during release was $0.00005844. The token then reached its all-time high of $0.0024 on May 8th, 2023.&nbsp;
That marked close to a 50x increase for the token. It also allowed Sponge to cross the market capitalization of $100 million.&nbsp;
Soon, the token found itself as one of the top crypto gainers on CoinMarketCap.&nbsp;
However, adverse market conditions and the fact that Sponge is a memecoin led to expected results. There was a correction soon after.&nbsp;
However, Bitcoin’s recent surge past the $40k mark has allowed it to grow by more than 400% once again.&nbsp;
<img src="https://lh7-us.googleusercontent.com/kYJnIXAiaAB3zaZKorELvZsEDjGs7QF1otWEt3Sp3oozr8-Oq39X4w7W96Ap-fMNh45qnx3LNUSJf5-KHFC-5AQKDlCFkbxJGrihBs6K2z-YVK5Qwe0952Z87onoY7yb3DIylv5GZ8XFQPQ-UmubKJ4" width="1411" height="1276" style="display: block; margin-left: auto; margin-right: auto;">
This rally happened in November, and the correction that happened after was shallow. The meme token has started to accumulate around the $0.0004 mark.
So far, there are more than 11.5k holders of Sponge tokens, and the token has been listed on multiple exchanges, including CoinW, Bitget, MEXC, and more.
While Sponge got its traction as a memecoin. With Sponge V2, the developers are aiming to bring new utility to the fold and “absorb the damp”.&nbsp;
<h2 id="span-what-is-sponge-v2-span">What is Sponge V2?</h2>
The official website portrays Sponge V2 as a “bigger and better” version of the Sponge token. Staking the original Sponge will allow stakers to earn a high APY. With the arrival of Sponge V2 staking, Sponge developers have stopped staking facilities for Sponge V1.&nbsp;
The new staking model allows investors to earn up to 2,200% APY. So far, more than 730 million tokens have been staked, and more are coming on the site to buy and stake Sponge tokens as we speak.&nbsp;
<h2 id="span-what-makes-sponge-v2-unique-span">What Makes Sponge V2 Unique?</h2>
Sponge V2 is a new ERC-20 token that can only be acquired using the staking mechanism.&nbsp;
Current Sponge holders can come to the website and stake their tokens in order to get an equivalent number of Sponge V2 tokens after they launch. Others can buy Sponge tokens directly from the website, which will stake the tokens automatically.&nbsp;
The locked tokens will be phased out once Sponge V2 launches. However, those who continue to stake their Sponge tokens will be able to increase their holdings over a 4-year period, starting at a minimum APY of 40%.&nbsp;
The minimum APY alone is bigger than any staking rewards provided by memecoins and standard cryptos out there.&nbsp;
Another unique aspect of Sponge V2 comes from its new P2E game. Still in development, this P2E game will allow users to earn Sponge V2 tokens by playing.&nbsp;
That said, developers have also opted to provide a Web 2 version of this game, i.e., non-crypto players will be able to download a free version of this game.&nbsp;
While the whitepaper hasn’t provided more details about this game and on which platforms it will run, investors can stay tuned to Sponge V2’s official <a href="https://twitter.com/spongeoneth" target="_blank" rel="noopener noreferrer nofollow">Twitter</a> and <a href="https://t.me/Spongeoneth" target="_blank" rel="noopener noreferrer nofollow">Telegram</a> pages to stay informed.&nbsp;
<h2 id="span-sponge-v2-tokenomics-span">Sponge V2 Tokenomics</h2>
“Sponge V2 is juiced up to provide increased value”, says the official whitepaper. There are 150 billion tokens in total, which are distributed as follows:
<ol>
 <li>26.93% is allocated to bridge allocation</li>
 <li>43.09% is allocated for staking rewards</li>
 <li>10% is reserved for CEX liquidity</li>
 <li>7.5% is for marketing</li>
 <li>8% is for P2E rewards</li>
 <li>4.47% is for game development</li>
</ol>
<img src="https://lh7-us.googleusercontent.com/Mymx0AGFzKak6RcfQ1qH_iMmjpV3fVMgDgtLCgdaTdUK7MNpCR9xxeNVGUuACwzyec_4DxKTp2orOFGl3FQVGhBFFJQh7I-_vPmyQHjpNEoOu_oiSW5WoBOM7-DbzWLVCponkTQGGx_7dV7AGQesfDg" width="986" height="353" style="display: block; margin-left: auto; margin-right: auto;">
<h2 id="span-sponge-v2-can-potentially-become-the-next-crypto-to-explode-span">Sponge V2 Can Potentially Become the Next Crypto to Explode</h2>
Sponge V2’s staking rewards, coupled with the novel P2E mechanics, make it a strong fundamental meme cryptocurrency project to invest in.
The project is adding utility to its virality, which can potentially boost its value once it finally launches. If Sponge V2 follows the same trajectory as Sponge V1, it could also experience a massive surge in price.&nbsp;
Those interested can visit <a href="https://sponge.vip/en" target="_blank" rel="noopener noreferrer nofollow">sponge.vip</a> to stake their tokens today.
<a href="https://shrt.care/eb563bf4" target="_blank" rel="noopener noreferrer nofollow">Visit Sponge Website</a>
Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/sponge-token-bridging-to-sponge-v2-to-add-utility-and-high-apy-staking-tbt74284.html">https://thebittimes.com/sponge-token-bridging-to-sponge-v2-to-add-utility-and-high-apy-staking-tbt74284.html</a>

Sponge Token Bridging to Sponge V2 to Add Utility And High APY Staking

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TheBitTimes

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