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Oscar Ramos provides his sincere insights on this new meme coin, expressing bullish sentiment due to its remarkable surge of over 200% in value.
Big investors are gathering Sponge token (SPONGEV2) in hopes of it getting listed on top exchanges soon. Sponge’s price analysis hints at significant price changes in the upcoming weeks.
This increased interest comes after successfully moving the Sponge ecosystem, which involved relaunching the respected 2023 $SPONGE token on the Polygon network, now called $SPONGEV2.
What is $SPONGEV2 and can it replicate the success of $SPONGEV1?
Sponge V1 burst onto the scene during the tough times of the May 2023 bear market. This fair launch token gained instant popularity among meme coin enthusiasts, 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 soared to over $100 million, attracting a community of over 13,000 holders, along with 30,000 followers on social media.
The surge in value was largely driven by listings on more than 10 centralized exchanges, including LBank, Toobit, CoinW, and others. Now, cryptocurrency whales are eyeing Sponge V2 for their next big investment move.
Sponge V2 took a unique approach to its launch. Early adopters had two options: either purchase Sponge V1 and stake it through the Sponge website or stake existing Sponge V1 tokens. The distribution of Sponge V2 tokens occurred based on the amount and duration of V1 tokens staked.
With a focus on building a robust ecosystem, Sponge V2 introduces the innovative “stake-to-bridge” feature as its foundation. This allows for 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 across the Staked and Bridged platforms. Additionally, Sponge V2 offers impressive APY rates, exceeding 430% on Polygon and 170% on Ethereum.
$SPONGE price analysis – Is a 100x repeat possible?
As of now, $SPONGEV2 is trading at $0.0033, showing a decrease 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 about -26%.
$0.0045 next? 👀🚀 $SPONGE
— $SPONGE (@spongeoneth) March 14, 2024
Currently, $SPONGEV2 is consolidating its position, finding strong support between $0.0029 and $0.0034 in the past week. This stability sets the stage for a potential upward movement in the near future. Buy pressure remains high, representing 59% of transactions, with the aim to surpass the resistance level at $0.0036.
The diluted market capitalization of $SPONGE is $133 million, while the total token supply brings the undiluted market cap to $497 million. Liquidity is healthy in the SPONGE/WMATIC pair, amounting to $1 million.
In summary, $SPONGEV2 is currently in a bullish trading channel and is expected to rebound soon, especially with major exchange listings on the horizon. With an entry point at $1.1 million, this project could potentially yield a significant return, possibly up to 100x based on historical market caps, according to crypto whales.
To gain insight into the potential of this new project, check out our price prediction for Sponge V2.
Sponge V2’s potential to boost ecosystem with 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 buy game credits for extra earnings. While the anticipated Play-to-Earn game from Sponge is not yet available, signs from the team suggest that development has moved beyond the planning stage.
Offering both free and paid versions, users can play for enjoyment or use Sponge V2 tokens to buy game credits for additional passive income. This upcoming Play-to-Earn game is expected to play a significant role in expanding the token’s utility, contributing to the project’s growth.
These advancements are part of a broader strategy aimed at boosting the momentum of the $SPONGEV2 token, following trends seen in other successful tokens. To acquire $SPONGEV2 token visit spongetoken.vip.
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