The Sponge token came during the memecoin mania last year and jumped higher than 3000% within a few days of launch. Now, this token is migrating from V1 to V2. Is it still worth buying?
This guide covers how to buy Sponge crypto tokens in 2024. We also offer an insight into its novel stake-to-bridge model that will give you access to Sponge V2, a new crypto with multiple upsides.
How to Buy Sponge Token – Quick Guide
Sponge first went live on Uniswap and is now available on multiple exchanges. However, now that the token is bridging to Sponge V2, it is important for investors to learn to take advantage of the novel stake-to-bridge model. With that in mind, here is a quick guide to buying Sponge.
- Step 1 – Go to the Official Sponge site – The official website – sponge.vip – has integrated Uniswap API and also has a link to the DEXTools pair.
- Step 2 – Connect your Wallet – Click on the “Connect” button at the center of the screen to connect your wallet.
- Step 3 – Enter the number ETH/USDT tokens – Enter the number of ETH/USDT tokens that you want to swap for Sponge V1 tokens. You will then see the equivalent amount of Sponge V2 tokens you will get once the bridge is complete.
- Step 4 – Buy and stake $SPONGE tokens – Make the swap, and an equivalent amount of $SPONGE tokens will be staked. Once the token launches, you will get an equivalent number of Sponge V2 tokens.
What is Sponge Token?
The latest version of Sponge – Sponge V2 – is the relaunch of Sponge V1, a token that broke into the crypto space in May 2023, making more than 3000% gains for those who moved early. Back then, it was the memecoin mania that sustained its growth. It resulted in the token moving past the $100 million market capitalization.
This result was surprising for most in the crypto space, considering the project didn’t advertise any utilities or had other fundamentals. However, one look at the project’s Twitter is enough to learn that the project continued to inspire confidence among the people.
With over 27k followers on Twitter, Sponge continues to maintain a respectable market capitalization to this day, hovering just above the $12 million mark.
Sponge V2 is coming at a time when the new bull market is potentially coming. 2024 is poised to be the year for Bitcoin halving, with multiple enthusiasts anticipating a major buying frenzy as spot Bitcoin ETF applications get the SEC’s approval.
However, Sponge V2 is not only planning to ride the wave of the upcoming bullish movement. It aims to “absorb all the damp”, which is the project’s way of saying that it intends to absorb all the liquidity held by the leading memecoins in the market.
Experts like Jacob Crypto Bury have described Sponge as a “throwback” token, stating that the new Sponge V2 can potentially reach the same heights the previous iteration did, becoming the next crypto to explode.
Stake-to-Bridge – A Novel Concept Within the Memecoin Niche
While Sponge V1 only had the community’s interest in memecoin and the inspiration from “Spongebob Squarepants” to count on, Sponge V2 is the token coming with a brand new format.
The whitepaper calls this new version of the token “bigger and more absorbent” than ever before, backed by a utility that will likely mark it as one of the most unique memecoins in the market.
And that method is known as “stake-to-bridge”.
What is stake-to-bridge? Basically, it is a new name for stake-to-earn, except that a different type of token will be rewarded to you in exchange for staking tokens.
To get access to Sponge V2, you must stake your Sponge V1 tokens via the staking pool. Once the token launches, you will gain the exact number of Sponge V2 tokens.
Beyond Acquiring Tokens
However, this new version of Sponge tokens isn’t as simple. Those who refrain from extracting their Sponge V2 tokens as soon as they arrive will get access to a lucrative APY.
Investors can increase their holdings over a 4-year period, starting at a minimum APY of 40%. This is one of the reasons that Sponge V2 has become one of the most interesting staking tokens to invest in.
Why People are Rallying Behind Sponge Token?
Sponge arrived at the heels of PEPE, a memecoin that achieved what no token was able to amidst the crypto winter, launching and quickly reaching the $1 billion market cap.
Gripped by the memecoin fever, people came in droves, investing in whatever memecoins they found appealing. Sponge, with its quirky look and whacky inspiration, was one of the key tokens that got people’s attention.
The token rose quickly, and then expectedly corrected. However, something was different with Sponge. Unlike other memecoins that came out as spur-of-the-moment assets and disappeared fast, Sponge persisted.
Not only did the token maintain a healthy following on social media, but it also continued to maintain a healthy market capitalization.
https://twitter.com/spongeoneth/status/1742939069129412782?s=20
The reason was simple – it never left its meme-based roots. The roots of a memecoin are steeped with the feeling of community. Now that Sponge is bridging from V1 to V2, people have more than a few reasons to stay invested in this token.
Second Chance to Take Advantage of the Sponge Craze
With the announcement of stake-to-bridge, multiple investors are coming together to buy Sponge. There is an anticipation that the returns could be bigger this time. The project’s May 2023 launch resulted in 100x returns, and the same could happen again if the current level of craze for this token is maintained in the days to come.
The current reports suggest that the interest in Sponge V1 tokens is very high. So far, more than $2 million worth of Sponge V1 tokens have been staked and bridged.
The Sponge V2 staking dashboard shows that more than 3.8 billion tokens have been staked, and the current reward rate stands at more than 400%.
Stake-to-Bridge Gives Investors a Chance to Move in Early
The way stake-to-bridge has been designed is akin to a crypto presale. The more tokens are staked, the more hype gets built up. And the more hype gets built, there more there is a potential for stakers to make early moving gains.
Experts believe in this fact since it is less likely that Sponge V2 will wait for long before going live on any cryptocurrency exchange after arrival. There might be some drop-off if unstakers move to quickly cash out their gains. However, given that Sponge V2 also has a long-term staking perk, early investors may compound their gains even further.
Long-Term Utilities
The same staking perk that has made Sponge V2 rule the headlines is also the reason for this token’s long-term perks. Passive income seekers can keep their tokens staked and can potentially increase their holdings over the course of the next four years. The starting APY is 40%, the highest among any staking project active right now.
Increased Social Media Following
While Sponge maintains a follower count of just close to 30k on Twitter, it is significant considering it is a project that came out of nowhere. There are thousands of views and hundreds of likes and retweets for this project. It indicates that a new community has already started to form around this token.
Furthermore, the project has been covered by major voices in the cryptocurrency space, which is further boosting the project’s credibility among the crypto community.
🐸 Move over $PEPE, $SPONGE is the new king of #Memecoins!
In only 4 days :
🤑 90M+ MC
🙌 8000+ holders
🌪️ 3 CEX listings📈 Top 10 exchange listing to be announced on Tuesday!
Don't miss out, buy $SPONGE now at https://t.co/VglGOG6C0i!
— Chini The Crypto Queen👑 (@ChiniGives) May 8, 2023
New Play-to-Earn Game
Beyond its staking perks, Sponge is also jumping into the P2E arena to offer a unique Web 3 game to its users.
The details of the P2E game aren’t available yet. However, the whitepaper has said that users will be able to earn $SPONGEV2 tokens by playing. Furthermore, the gaming project will have two versions. The free version will be meant for Web 2 players, and the Web 3 version will be meant for crypto enthusiasts. This move can entice non-crypto gamers to look at P2E games in a new light.
How to Buy Spong Token – Step-by-Step Guide
Here is the complete guide that explains how one can buy $SPONGE tokens.
Step 1 – Go to the Official Sponge Site
First, visit the official Sponge website. Take a look at the page. Explore its different sections and analyze its whitepaper by yourself as well. Learn what the perks are to find out what could be the upsides specifically for you if you decide to invest.
But make sure to only use the affiliate link provided. The platform’s new, utility-focused approach has likely attracted multiple copycats.
Step 2 – Connect your Wallet
Click on the Connect Wallet button at the center of the screen. Make sure that you have an adequate number of ETH or USDT before you do so. If you don’t, we recommend going to Binance, a leading cryptocurrency exchange that lets users buy cryptocurrencies easily and at a low fee.
Step 3 – Enter the number of ETH/USDT Tokens
After you have connected the wallet, enter the amount of ETH or USDT that you want to swap Sponge V1 tokens for. Entering the number will automatically tell you the number of Sponge V2 tokens you will receive. The price of Sponge V1 tokens at press time is accumulating around the $0.0005 mark, which means spending 0.1 ETH will allow you to earn about 378.4k Sponge V2 tokens.
Step 4 – Buy and Stake $SPONGE tokens
Once you buy $SPONGE tokens, they will be automatically staked. After the bridge is complete, you will get an equivalent number of $SPONGEV2 tokens.
Update – $SPONGE has also now been listed on multiple centralized exchanges, including Gate.io, CoinW, Bitget, MEXC, Toobit, Poloneix, BingX, and Orange X.
Conclusion
Sponge is planning its second coming with the launch of its bridge to Sponge V2 tokens. This new project is leveraging the current bullish fever and is offering different perks. These perks, which include staking and P2E, spell good news for early movers. Those interested in this project should consider going to sponge.vip and buying Sponge tokens to stake them.
Update – see our latest Sponge price prediction article, following its progress since this post.
FAQs
What is Sponge token?
Sponge ($SPONGE) is a memecoin inspired by Spongebob Squarepants. It was released in May 2023 and went on to make 100x gains for early movers. Sponge V2 is the second coming of this project which bridges Sponge V1 to Sponge V2 and brings staking and gaming perks.
Should I buy Sponge token?
The current bullish wave that the entire market has been going through make it a good time to invest in memecoins. Sponge has already proved that it can make parabolic gains for early movers. With Sponge V2, investors have a second chance to make gains. For that reason alone, Sponge is a good buy. However, investors must conduct their own research first.
Is Sponge token going to explode?
Sponge exploded by more than 3000% when it launched in May 2023. While the memecoin mania has gone, a new bullish wave is on the horizon. If Sponge is able to capitalize on the current macroeconomic conditions and stay true to its long-term goals, it can potentially explode this year.
