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Cilinix Crypto releases a video update on $SPONGEV2, a project that has attracted considerable attention and excitement in the crypto community.
During the meme coin frenzy of 2023, projects like Sponge saw massive gains, providing early investors with substantial returns.
Following its successful launch on Uniswap, Sponge (SPONGE) was listed on several centralized exchanges including Gate.io, MEXC, Bitget, and others.
The upcoming V2 of the token promises even greater potential for profit with enhanced rewards and utility features.
$SPONGEV2 staking and bridging surpasses $11 million
The popular meme coin Sponge has amassed over $11 million in staked and bridged funds since introducing the V2 version of the coin on the Polygon network earlier this month.
Sponge’s decision to move to Polygon comes just in time for the Ethereum London upgrade, which will lower gas fees and speed up transactions on Ethereum Layer 2 networks like Polygon.
Polygon’s low fees and faster transaction speeds make it an ideal fit for emerging gaming platforms like Sponge. As Sponge aims to make a splash in the crypto gaming arena, the ERC-20 V1 token has been discontinued.
The smooth migration process has resulted in 8.6 billion $SPONGEV2 tokens being staked, equivalent to an estimated 20% of the total supply. Stakers are earning token rewards at a rate of 187% per year on Ethereum and 815% per year on Polygon.
With centralized exchange listings set to commence soon, investors have limited time to seize the opportunity to purchase $SPONGEV2. For more information, see our guide to the best staking platforms here.
$SPONGE price analysis
The transition to Polygon has been incredibly successful, with the price of $SPONGEV2 soaring to $0.001254, marking a staggering 4000% increase from the V1 launch price of $0.000025.
$SPONGEV2 has already surpassed the all-time high of $0.0012 set by $SPONGE and currently boasts a diluted (circulating supply) market capitalization of $55.81 million. Despite this achievement, Cilinix Crypto believes there is still room for growth compared to its previous all-time high market cap.
In terms of total token supply, the undiluted market cap of $SPONGE stands at $207.24 million, with healthy liquidity in the SPONGE/WMATIC pair at $616.62k.
The transition to Sponge V2 occurred on Monday, February 5, and since then, the price has been steadily climbing, with $SPONGEV2 now consolidating in a channel that may indicate a potential bullish trend for the next price surge.
To gain insight into the potential of this new project, check out our price prediction for Sponge V2.
Play-to-Earn game providing benefits and rewards
Experienced players in the crypto gaming sector like Axie Infinity and Decentraland have been somewhat lackluster performers compared to other altcoins, partly due to their historical baggage, resulting in slower updates to keep pace with technological advancements.
In contrast, Sponge, a prominent meme coin, has demonstrated its agility and adaptability, swiftly capitalizing on opportunities through strategic shifts, such as its transition to Polygon.
Although Sponge’s anticipated Play-to-Earn game has yet to launch, indications from the team suggest that development has progressed beyond the planning phase.
The game will offer both free and paid versions, allowing users to play for enjoyment or utilize Sponge V2 tokens to acquire game credits for additional passive earnings. This forthcoming Play-to-Earn game is anticipated to play a significant role in the token’s expansion, bringing substantial utility to the project.
These developments are part of a broader strategy expected to propel the momentum of the $SPONGEV2 token, similar to trends observed in other successful tokens. To acquire $SPONGEV2 token visit spongetoken.vip.
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