{"id":451666,"date":"2023-10-26T11:44:31","date_gmt":"2023-10-26T11:44:31","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=451666"},"modified":"2023-10-26T14:02:35","modified_gmt":"2023-10-26T14:02:35","slug":"shiba-inu-leading-meme-coins-surge-sponge-token-rises-26-percent-ahead-of-staking-launch","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/shiba-inu-leading-meme-coins-surge-sponge-token-rises-26-percent-ahead-of-staking-launch","title":{"rendered":"Shiba Inu and Leading Meme Coins Surge; Sponge Rises 26% Ahead of Staking Launch in Less Than a Week"},"content":{"rendered":"

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.<\/span><\/p>\n

With only six days to go, the staking news attracts buyers to the <\/span>Sponge project<\/span><\/a>, which was created as a homage to the SpongeBob cartoon character. However, it has no affiliation with Nickelodeon.<\/span><\/p>\n

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.<\/span><\/p>\n

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.<\/span><\/p>\n

Meme Coins Ignite: $SPONGE Positioned for Altcoin Season’s Stellar Gains<\/h2>\n

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.<\/span><\/p>\n

$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. <\/span><\/p>\n

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.<\/span><\/p>\n

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.<\/span><\/p>\n

Shiba Inu, Dogecoin, Pepe Floki Surge; $SPONGE Aims to Reclaim Its $0.0023 Peak<\/h2>\n

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.<\/span><\/p>\n

Meme coin trading volume has spiked 72% in the past 24 hours.<\/span><\/p>\n

When <\/span>$SPONGE<\/span><\/a> 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.<\/span><\/p>\n

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.<\/span><\/p>\n

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.<\/span><\/p>\n

$SPONGE Staking Paves the Way for Enhanced Development: Token Burns, Buybacks, Layer 2 Integration, Gaming, and DeFi Upcoming?<\/h2>\n

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 <\/span>Sponge<\/span><\/a> project.<\/span><\/p>\n

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.<\/span><\/p>\n

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.<\/span><\/p>\n

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.<\/span><\/p>\n

Staking is a great start in that direction and will certainly make the $SPONGE token much more attractive to hold for the long term. <\/span><\/p>\n

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🚀 Big News, #SPONGERS<\/a>! 🧽<\/p>\n

Starting November 1st, you can STAKE your $SPONGE<\/a> tokens and dive deep into passive rewards! 🌊💰<\/p>\n

Get ready to soak up the damp! 🚢💦<\/p>\n

Stay tuned for more details! 📢#SpongeStaking<\/a> #Crypto<\/a> #Web3<\/a> pic.twitter.com\/6slxnX3ON2<\/a><\/p>\n

— $SPONGE (@spongeoneth) October 21, 2023<\/a><\/p><\/blockquote>\n