{"id":479864,"date":"2024-02-11T16:58:42","date_gmt":"2024-02-11T16:58:42","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=479864"},"modified":"2024-02-11T16:58:42","modified_gmt":"2024-02-11T16:58:42","slug":"sponge-migration-complete-will-it-reach-10x-100x-potential-on-polygon","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/sponge-migration-complete-will-it-reach-10x-100x-potential-on-polygon","title":{"rendered":"$SPONGE Migration Complete &#8211; Will It Reach 10x, 100x Potential on Polygon?"},"content":{"rendered":"<p>As Sponge V2 gains momentum in its transition, investors&rsquo; confidence in the Sponge project grows, resulting in week-on-week gains for the $SPONGE token.<\/p>\n<p><a href=\"https:\/\/insidebitcoins.com\/visit\/sponge\" rel=\"nofollow\">Sponge V2<\/a> has migrated to the Polygon network, hoping to benefit from faster transaction speeds and lower fees compared to Ethereum.<\/p>\n<p>This move also addresses security concerns from a previous liquidity pool attack. With staking rewards, a growing community, and upcoming developments like a Play-to-Earn racing game, Sponge V2 hopes to capitalize on the meme coin trend despite inherent risks.<\/p>\n<p><iframe title=\"BEST MEME COIN TO BUY NOW!!!?? SPONGE Meme Coin Price | SPONGE V2 News\" width=\"640\" height=\"360\" src=\"https:\/\/www.youtube.com\/embed\/7lV_0SpeuRs?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe><\/p>\n<h2>New meme coin launched on Polygon Network<\/h2>\n<p>In response to a liquidity pool attack on Ethereum, the Sponge team swiftly announced their move to the Polygon network, introducing Sponge V2. This transition occurred on February 5th, 2024, effectively discontinuing Sponge V1 and offering holders the chance to claim Sponge V2 tokens through <a href=\"https:\/\/insidebitcoins.com\/buy-cryptocurrency\/best-staking-coins\">staking<\/a>.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">&#128227; Attention, <a href=\"https:\/\/twitter.com\/hashtag\/SPONGERS?src=hash&amp;ref_src=twsrc%5Etfw\">#SPONGERS<\/a>!<\/p>\n<p>Here is some important information to remember about <a href=\"https:\/\/twitter.com\/search?q=%24SPONGE&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$SPONGE<\/a> V2!<a href=\"https:\/\/twitter.com\/search?q=%24SPONGE&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$SPONGE<\/a> V1 has officially been discontinued, and V2 has been launched on <a href=\"https:\/\/twitter.com\/hashtag\/Polygon?src=hash&amp;ref_src=twsrc%5Etfw\">#Polygon<\/a>! &#128293;<\/p>\n<p>Learn more about the token details below &#128071;<a href=\"https:\/\/t.co\/TCdxgXx40w\">https:\/\/t.co\/TCdxgXx40w<\/a><\/p>\n<p>&#129525;1\/3 <a href=\"https:\/\/t.co\/YZzXOlKmHY\">pic.twitter.com\/YZzXOlKmHY<\/a><\/p>\n<p>&mdash; $SPONGE (@spongeoneth) <a href=\"https:\/\/twitter.com\/spongeoneth\/status\/1754826966048657421?ref_src=twsrc%5Etfw\">February 6, 2024<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>To ensure a seamless shift, users were encouraged to stake their existing $SPONGE tokens before February 5th. This not only facilitated the automatic switch to the new Polygon staking contract but also remained the sole method for earning Sponge V2 tokens.<\/p>\n<p>For those with $SPONGE on centralized exchanges, the deadline to withdraw and stake for rewards also fell on February 5th, as trading on these platforms ceased.<\/p>\n<p>While non-custodial holders missing the staking deadline wouldn&rsquo;t lose their tokens, they were automatically placed in a 0% rewards pool. They eventually had the choice to join the new staking contract for future rewards or claim their tokens outright.<\/p>\n<p>This migration aimed to achieve several objectives:<\/p>\n<ul>\n<li>Enhanced Security: By moving to Polygon, Sponge aimed to minimize the impact of the previous attack and leverage the network&rsquo;s security benefits.<\/li>\n<li>Faster Transactions &amp; Lower Fees: Utilizing Polygon&rsquo;s faster transaction speeds and lower fees compared to Ethereum was expected to improve gameplay for their upcoming <a href=\"https:\/\/insidebitcoins.com\/buy-cryptocurrency\/buy-nft\/best-nft-games\">Play-to-Earn<\/a> game.<\/li>\n<li>Community Building: Encouraging participation through staking aimed to strengthen the Sponge community and ensure its continuity on the new platform.<\/li>\n<\/ul>\n<p>While the core vision for Sponge V2 remained unchanged, the migration marked a significant shift in its technical foundation and offered investors a chance to engage in the new chapter on Polygon.<\/p>\n<h2>Can Sponge V2 be the next meme coin gem? High APY, growing community, and big plans<\/h2>\n<p>The Stake-to-Bridge is gaining popularity, with 8.1 billion $SPONGE tokens already set for the transition to <a href=\"https:\/\/insidebitcoins.com\/visit\/sponge\" rel=\"nofollow\">Sponge V2<\/a>, amounting to a substantial $8.4 million. This innovative staking system offers an appealing 198% staking APY on Ethereum, providing a chance for significant returns in a short time.<\/p>\n<p>Furthermore, the staking APY rewards on Polygon are attractive at 1602%, with a large number of tokens staked. However, this rate will decrease as more tokens are staked in the pool. Analyzing Sponge V1&rsquo;s price movement shows promising upward momentum, with the market cap reaching $40 million.<\/p>\n<p>Notably, there has been an over 30% price increase since this movement began, highlighting its potential. With $475k in liquidity and 50,000 holders, there is anticipation for further growth and liquidity in the Sponge ecosystem.<\/p>\n<p>Exciting developments lie ahead for Sponge V2, including the launch of a race game and upcoming listings on tier one <a href=\"https:\/\/insidebitcoins.com\/buy-cryptocurrency\/what-is-a-cex\">centralized exchanges<\/a>. These developments are generating high anticipation for Sponge V2&rsquo;s future.<\/p>\n<p>Looking ahead, the focus remains on the ongoing development and expansion of Sponge V2, with expectations of sustained trading volume and liquidity. To acquire $SPONGEV2 token visit&nbsp;<a href=\"https:\/\/insidebitcoins.com\/visit\/sponge\" rel=\"nofollow\">spongetoken.vip.<\/a><\/p>\n<h3>Related<\/h3>\n<ul>\n<li><a href=\"https:\/\/insidebitcoins.com\/news\/wall-street-memes-price-prediction-wsm-outperforms-solana-meme-coins-honk-and-bonk-with-25-surge-but-investors-are-looking-at-sponge-v2-for-potential-100x-gains\">Wall Street Memes Price Prediction: WSM Outperforms Solana Meme Coins Honk And Bonk With 25% Surge, But Investors Are Looking At Sponge V2 For 100X Potential<\/a><\/li>\n<li><a href=\"https:\/\/insidebitcoins.com\/news\/jupiter-price-prediction-solana-token-jup-still-in-a-funk-after-66-crash-but-sponge-v2-launch-on-polygon-sees-56-pump-as-buyers-stake-for-7183-returns\">Jupiter Price Prediction: Solana Token JUP Still In A Funk After 66% Crash, But Sponge V2 Launch On Polygon Sees 56% Pump As Buyers Stake For 7,183% Returns<\/a><\/li>\n<li><a href=\"https:\/\/insidebitcoins.com\/news\/gorilla-price-prediction-gorilla-meme-coin-soars-10-but-traders-rush-to-buy-this-competitor-before-its-too-late\">Gorilla Price Prediction: GORILLA Meme Coin Soars 10%, But Traders Rush To Buy This Competitor Before It&amp;#8217;s Too Late<\/a><\/li>\n<li><a href=\"https:\/\/insidebitcoins.com\/news\/top-crypto-gainers-today-feb-10-bonk-pendle-immutable-sponge-v2\">Top Crypto Gainers Today Feb 10 &ndash; Bonk, Pendle, Immutable, Sponge V2<\/a><\/li>\n<\/ul>\n                                        <div class=\"inContentProviderSingle inContentColor--insidebitcoins fc-row\">\n                        <div class=\"inContentProviderSingle--wrapper\">\n                            <div class=\"container\">\n                                <div class=\"row mb-lg-3\">\n                                    <div class=\"col-12 col-md-8\">\n                                        <p class=\"inContentProviderSingle--title\">Smog (SMOG) - Meme Coin With Rewards<\/p>\n                                    <\/div>\n                                    <div class=\"col-12 col-md-4\">\n                                        <div class=\"inContentProviderSingle--rating\">\n                                            <div class=\"rating--holder\">\n                                                <p class=\"rating--text\">Rating<\/p>\n                                                <div class=\"rating--star-container\">\n                                                    <div class=\"rating--star\" style=\"width: 100%;\"><\/div>\n                                                <\/div>\n                                            <\/div>\n                                        <\/div>\n                                    <\/div><!--\/.col-md-4-->\n                                <\/div><!--\/.row-->\n                                <div class=\"row\">\n                                    <!-- *******  Desktop Provider Logo ********** -->\n                                    <div class=\"col-12 col-md-12 text-center d-block d-sm-block d-md-none d-lg-none\">\n                                        <img decoding=\"async\" class=\"inContentProviderSingle--img mb-3\" src=\"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2024\/02\/smog-token.svg\" alt=\"Smog token\" width=\"125\" height=\"60\">\n                                    <\/div>\n\n                                    <div class=\"col-12 col-md-8\">\n                                                                                    <ul class=\"inContentProviderSingle--list\">\n                                                                                                    <li>Airdrop Season One Live Now<\/li>\n                                                                                                    <li>Earn XP To Qualify For A Share Of $1 Million<\/li>\n                                                                                                    <li>Featured On Cointelegraph<\/li>\n                                                                                                    <li>Staking Rewards - 42% APY<\/li>\n                                                                                                    <li>10% OTC Discount - smogtoken.com<\/li>\n                                                                                            <\/ul><!--\/.inContentProviderSingle--lis-->\n                                                                            <\/div>\n                                    <!-- *******  Desktop Provider Logo ********** -->\n                                    <div class=\"col-12 col-md-4 d-none d-sm-none d-md-block d-lg-block\">\n                                        <img decoding=\"async\" class=\"inContentProviderSingle--img float-right\" src=\"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2024\/02\/smog-token.svg\" alt=\"Smog token\" width=\"125\" height=\"60\">\n                                    <\/div>\n                                <\/div><!--\/.row-->\n                                <div class=\"row\">\n                                    <div class=\"col-12 text-center\">\n                                        <div class=\"inContentProviderSingle--button\">\n                                                                                        <a href=\"https:\/\/insidebitcoins.com\/visit\/smog\" title=\"Start Trading\" rel=\"nofollow\">Visit Site<\/a>\n                                        <\/div>\n                                        <div class=\"inContentProviderSingle--disclaimerText\">\n                                                                                    <\/div>\n                                    <\/div>\n                                <\/div><!--\/.row-->\n                            <\/div><!--\/.container-->\n                        <\/div><!--\/.inContentProviderSingle--wrapper-->\n                    <\/div><!--\/.inContentProvider--single-->\n                            \n            \n","protected":false},"excerpt":{"rendered":"<div class=\"fin-excerpt\">As Sponge V2 gains momentum in its transition, investors&rsquo; confidence in the Sponge project grows, resulting in week-on-week gains for the $SPONGE token. Sponge V2 <a class=\"read-more-link\" href=\"https:\/\/insidebitcoins.com\/news\/in-content-providers\/a-default-box\" title=\"A Default Box\">[&#8230;]<\/a><\/div>","protected":false},"author":1921,"featured_media":479866,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[1],"tags":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.0 (Yoast SEO v22.0) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>$SPONGE Migration Complete - Will It Reach 10x, 100x Potential on Polygon? - InsideBitcoins.com<\/title>\n<meta name=\"description\" content=\"As Sponge V2 gains momentum in its transition, investors&#039; confidence in the Sponge project grows, resulting in week-on-week gains for the $SPONGE token.\" \/>\n<meta name=\"robots\" content=\"max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/479864\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"$SPONGE Migration Complete - Will It Reach 10x, 100x Potential on Polygon?\" \/>\n<meta property=\"og:site_name\" content=\"InsideBitcoins.com\" \/>\n<meta property=\"article:published_time\" content=\"2024-02-11T16:58:42+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2024\/02\/spongev2-launched-on-polygon-network-1024x576.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1024\" \/>\n\t<meta property=\"og:image:height\" content=\"576\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Alvin Hemedez\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Alvin Hemedez\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/479864#article\",\"isPartOf\":{\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/479864\"},\"author\":{\"name\":\"Alvin Hemedez\",\"@id\":\"https:\/\/insidebitcoins.com\/#\/schema\/person\/8e1628fe4ccc3a9cc2a84ed8e4b02a39\"},\"headline\":\"$SPONGE Migration Complete &#8211; Will It Reach 10x, 100x Potential on Polygon?\",\"datePublished\":\"2024-02-11T16:58:42+00:00\",\"dateModified\":\"2024-02-11T16:58:42+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/479864\"},\"wordCount\":659,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/insidebitcoins.com\/#organization\"},\"articleSection\":[\"More Crypto News\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/479864#respond\"]}],\"image\":{\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/479864#primaryimage\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/479864\",\"url\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/479864\",\"name\":\"$SPONGE Migration Complete - Will It Reach 10x, 100x Potential on Polygon? 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- InsideBitcoins.com","isPartOf":{"@id":"https:\/\/insidebitcoins.com\/#website"},"datePublished":"2024-02-11T16:58:42+00:00","dateModified":"2024-02-11T16:58:42+00:00","description":"As Sponge V2 gains momentum in its transition, investors' confidence in the Sponge project grows, resulting in week-on-week gains for the $SPONGE token.","inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/479864"]}],"primaryImageOfPage":{"@id":"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/479864#primaryimage"},"image":{"@id":"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/479864#primaryimage"}},{"@type":"WebSite","@id":"https:\/\/insidebitcoins.com\/#website","url":"https:\/\/insidebitcoins.com\/","name":"InsideBitcoins.com","description":"Search &amp; Compare Brokers within Crypto, Forex &amp; Stocks","publisher":{"@id":"https:\/\/insidebitcoins.com\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/insidebitcoins.com\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/insidebitcoins.com\/#organization","name":"InsideBitcoins","url":"https:\/\/insidebitcoins.com\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/insidebitcoins.com\/#\/schema\/logo\/image\/","url":"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2022\/07\/insidebitcoins.svg","contentUrl":"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2022\/07\/insidebitcoins.svg","width":195,"height":32,"caption":"InsideBitcoins"},"image":{"@id":"https:\/\/insidebitcoins.com\/#\/schema\/logo\/image\/"}},{"@type":"Person","@id":"https:\/\/insidebitcoins.com\/#\/schema\/person\/8e1628fe4ccc3a9cc2a84ed8e4b02a39","name":"Alvin Hemedez","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/insidebitcoins.com\/#\/schema\/person\/image\/","url":"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2023\/10\/avatar_user_1921_1697717356-96x96.png","contentUrl":"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2023\/10\/avatar_user_1921_1697717356-96x96.png","caption":"Alvin Hemedez"},"description":"Alvin is an Industrial Engineering graduate based in Calabarzon, Philippines. After university he took up a role as an e-commerce analyst for a leading e-commerce platform in the Philippines, Shopee PH. A long-time crypto enthusiast and trader interested in researching the best investments in the crypto space, he is also a freelance writer here at InsideBitcoins eager to share his knowledge with our readers. 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