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Meme coin $SPONGE’s price is up 26% in the past seven days to $0.000117 after announcing the introduction of staking, to take place on November 1st.
With only six days to go, the staking news attracts buyers to the Sponge project, which was created as a homage to the SpongeBob cartoon character. However, it has no affiliation with Nickelodeon.
There are no specific details about the annual percentage yield or lock-up periods yet. However, $SPONGE staking allows all token holders to earn a yield from their digital assets.
The timing of the introduction of the staking service couldn’t have been better as it coincides with an ‘everything’ rally in the meme coin sector, not to mention the broader crypto world.
Meme Coins Ignite: $SPONGE Positioned for Altcoin Season’s Stellar Gains
The $SPONGE price has bounced hard off its all-time lows, which makes it a prime target for investors looking to dollar-cost averaging into the market.
$SPONGE should be on the altcoin season target list for savvy investors doing some bottom-fishing, as that’s where the largest upside is likely to be – especially in the meme coins scene.
Meme coins continue to be one of the hottest sectors in the market, and the green tide of recent days across top coins is a testament to that.
When we factor in the work that the team is now doing to stimulate positive price action, as witnessed in the staking news and rumors of other plans in the offing, buying $SPONGE today is a smart move.
Shiba Inu, Dogecoin, Pepe Floki Surge; $SPONGE Aims to Reclaim Its $0.0023 Peak
Shiba Inu and Dogecoin are up 8% today, while Pepe and Floki have put on more than 20%. Pepe has almost doubled in value in the space of a week. Meanwhile, the second-most valuable meme coin, Shiba Inu, with a market cap of $4.7 billion, has risen 18% over the same period to $0.000007991.
Meme coin trading volume has spiked 72% in the past 24 hours.
When $SPONGE launched five months ago, it reached an all-time high (ATH) of $0.0023. Although it has come off the boil since then, a redoubling of efforts to recapture that value is in the works, according to sources close to the team.
The attraction of meme coins resides in their potential to ignite the growth of virally based communities of ardent followers. But underneath that is the hyper-speculative urge to jump on board the next coin to deliver 1,000x returns or more, as has happened with all the named coins.
But in some respects, the higher the price now, the lower the future risk-reward potential, which means the bubbling-under coins are often the ripest for a price explosion.
$SPONGE Staking Paves the Way for Enhanced Development: Token Burns, Buybacks, Layer 2 Integration, Gaming, and DeFi Upcoming?
The launch of staking is one way to boost value for token holders. However, there are other ways the team might be exploring to enhance the value of the Sponge project.
Although no public statements are available to confirm any plans beyond staking, areas such as gaming could also be explored. Some financial engineering of token economics, such as burning tokens and buybacks, might be another possibility.
Shiba Inu is attempting to pivot into gaming and DeFi by launching Shibarium, an Ethereum Layer 2 protocol. A similar move on Sponge’s part would require major development resources but could be well worth the effort.
As the crypto winter thaws and the beginnings of a new bull run show green shoots, a new breed of crypto investor is looking for coins with meaningful utility, which goes for meme coins, too.
Staking is a great start in that direction and will certainly make the $SPONGE token much more attractive to hold for the long term.
🚀 Big News, #SPONGERS! 🧽
Starting November 1st, you can STAKE your $SPONGE tokens and dive deep into passive rewards! 🌊💰
Get ready to soak up the damp! 🚢💦
Stay tuned for more details! 📢#SpongeStaking #Crypto #Web3 pic.twitter.com/6slxnX3ON2
— $SPONGE (@spongeoneth) October 21, 2023
Following Shiba Inu Speculation, Is a Major Partnership on the Horizon?
There’s also talk of partnerships with other projects where there might be mutually beneficial synergies.
A high-profile partnership deal could take the coin to the next level quickly, especially if combined with product launches and design enhancements that aim to boost the price.
The team’s commitment to bringing forward more price-supportive initiatives and products could help drive interest and market momentum for the coin.
Last Chance to Grab Free $SPONGE: Airdrop Entries Close October 30
Last but not least, Sponge has an airdrop ongoing, entries for which end on October 30, with the winners of the airdrop chosen on November 1.
As much as 10% of the total token supply might have been allocated to the airdrop. Instructions to enter can be found in $SPONGE’s official discord channel.
Don't forget, #SPONGERS! 🧽 $SPONGE Airdrop Season 1 is almost over! 👀
📅 Entries open until Oct 30th
🎉 Winners selected on Nov 1st🔗 Learn how to enter below:https://t.co/lzRhjW4oLL#SPONGE #Web3 #Crypto #Alts pic.twitter.com/mh1wcpO6cV
— $SPONGE (@spongeoneth) October 13, 2023
Other meme projects have ignited more interest in their tokens by implementing token staking, token buybacks, or even launching dApps powered by the meme project’s native token.
Could $SPONGE’s utility as a meme coin be about to go ballistic? It seems highly likely.
Potential 20x Returns Await New $SPONGE Investors
As per DEXTools, $SPONGE’s market cap was last a modest $2.74 million, very low considering the token has $3.4 million in liquidity and 11,400 holders.
HODLers and liquidity miners still believe that $SPONGE has much potential.
The new staking utility is already drawing in new buyers, and that’s expected to continue when staking goes live due to more product development and possible major partnerships.
The chances of $SPONGE rallying back to its all-time high price of $0.0023 are strong, delivering a gain of more than 20x.
With more product news to come, a 20x gain could be a conservative forecast of where the $SPONGE price may be headed as the altcoin season kicks into a higher gear. It’s not too late to absorb the damp!
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