The meme coin market witnessed a poor start in 2024, but not all meme coins faced a selloff, with the $SPONGE token price exploding over 108% in the past week.<\/p>\n
In May 2023, the Sponge token emerged onto the cryptocurrency scene, rapidly achieving a market capitalization of nearly $100 million within days. During its initial surge, $SPONGE secured listings on 10 centralized crypto exchanges<\/a>, including MEXC, Poloniex, LBank, Bitget, among others.<\/p>\n By May 9, the token had reached its all-time high of $0.001061. While like many meme coins, the price of $SPONGE experienced a significant decline from its peak, it retained its popularity unlike others in its category.<\/p>\n With over 13,000 token holders, Sponge’s official Telegram channel<\/a> witnessed a surge in new members, engaging in active discussions about the token’s potential.<\/p>\n The resurgence of interest in the original Sponge token is primarily driven by the imminent release of Sponge V2.<\/a> The Sponge team has introduced a novel staking<\/a> structure, rewarding holders of the original token with $SPONGEV2 upon its launch.<\/p>\n Sponge V2 aims to expand on the viral success of its predecessor by integrating real-world utility features. Recently, the Sponge team announced the discontinuation of Sponge V1 to expedite its transition to the $SPONGEV2 Polygon version, prompted by the need for enhanced security and efficiency following malicious attacks on its liquidity pool.<\/p>\nThe Transition to Sponge V2 with Enhanced Security and Staking Rewards<\/h2>\n