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Oscar Ramos gives his honest insights on this new meme coin, expressing bullish sentiment due to its remarkable increase in value of over 200%.
Major investors are collecting the Sponge token (SPONGEV2) in the hope that it will soon be listed on the top exchanges. Sponge’s price analysis indicates significant price changes in the coming weeks.
This increased interest comes after the successful move of the Sponge ecosystem, which saw the relaunch of the respected 2023 $SPONGE token on the Polygon network, now called $SPONGEV2.
What is $SPONGEV2 and can it match the success of $SPONGEV1?
Sponge V1 burst onto the scene during the tough times of the May 2023 bear market. This fair launch token immediately became popular among meme coin lovers, thanks to its catchy name that brought back nostalgic memories.
In a remarkable turn of events, Sponge V1 quickly became one of the standout meme coin launches of the year. Its market cap rose to over $100 million, attracting a community of over 13,000 holders, along with 30,000 social media followers.
The increase in value was largely driven by listings on more than ten centralized exchanges, including LBank, Toobit, CoinW and others. Now cryptocurrency whales are looking to Sponge V2 for their next big investment move.
Sponge V2 took a unique approach to launch. Early adopters had two options: either purchase Sponge V1 and stake it through the Sponge website, or stake existing Sponge V1 tokens. Sponge V2 tokens were distributed based on the number and duration of V1 tokens staked.
With an emphasis on building a robust ecosystem, Sponge V2 introduces the innovative “stake-to-bridge” function as a foundation. This ensures a smooth transition and staking of Sponge for Sponge V2 on the Polygon network.
The project has gained significant momentum, with over 9 billion $SPONGE tokens staked, surpassing the $30 million mark on the Staked and Bridged platforms. Additionally, Sponge V2 offers impressive APY rates, over 430% on Polygon and 170% on Ethereum.
$SPONGE Price Analysis – Is a 100x Replay Possible?
As of now, $SPONGEV2 is trading at $0.0033, showing a decline of -15% over the past 7 days. This decline follows a recent peak on March 9, when the price reached $0.0042 before undergoing a minor retracement of around -26%.
Next $0.0045? ???????? $SPONSE
— $SPONGE (@spongeoneth) March 14, 2024
Currently, $SPONGEV2 is consolidating its position and found strong support between $0.0029 and $0.0034 over the past week. This stability sets the stage for potential upside in the near future. Buying pressure remains high, accounting for 59% of trades, aiming to surpass the $0.0036 resistance level.
$SPONGE’s diluted market cap is $133 million, while the total token offering brings its undiluted market cap to $497 million. Liquidity in the SPONGE/WMATIC pair is healthy and stands at $1 million.
In summary, $SPONGEV2 is currently in a bullish trading channel and is expected to recover quickly, especially with major listings on the horizon. With a starting point of $1.1 million, this project could potentially deliver significant returns, possibly up to 100x based on historical market caps, according to crypto whales.
To understand the potential of this new project, check out our price forecast for Sponge V2.
Sponge V2’s potential to boost the ecosystem with the Play-to-Earn initiative
The Sponge V2 team is creating a unique Play-to-Earn (P2E) game, adding an exciting new feature to the token. Players can earn $SPONGEV2 tokens by playing the game and ranking on the leaderboard.
The game will have both free and paid versions, giving users the option to play for fun or use $SPONGEV2 tokens to purchase game credits for additional income. While Sponge’s anticipated Play-to-Earn game isn’t available yet, signals from the team indicate that development is moving past the planning stages.
Offering both free and paid versions, users can play for fun or use Sponge V2 tokens to purchase game credits for additional passive income. This upcoming Play-to-Earn game is expected to play an important role in expanding the usability of the token and contribute to the growth of the project.
These improvements are part of a broader strategy aimed at increasing the momentum of the $SPONGEV2 token, following trends seen in other successful tokens. To obtain the $SPONGEV2 token, visit Spongetoken.vip.
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