Meme coin sensation $SPONGE recently propelled itself back into the spotlight after announcing its V2 upgrade.
The meme coin was one of the hottest projects in 2023 and is set to deliver another wild 100x ride in 2024 for those taking part in its stake-to-bridge utility.
Momentum is quickly building behind this V2 upgrade as V1 $SPONGE holders rush to stake their assets in the bridge to start earning the V2 version.
Here’s everything you need to know.
What you'll learn 👉
Meme Coin Sensation, $SPONGE, is Back With V2 Launch.
The next edition of the legendary SpongeBob Token ($SPONGE) meme coin is back and is better than ever, with a plethora of utility to continue absorbing the damp!
$SPONGE launched in the May 2023 bear market and quickly became one of the year’s biggest stories as it provided early buyers with an impressive 100x return.
The meme coin launched with a small $1 million market cap value and quickly accelerated to a $100 million market cap.
The fair launch meme coin grew in popularity, causing a string of top-tier exchanges like Gate.io, Bitget, and Poloniex to rush to list the token.
Over 11,500 investors had piled into the project as the community became one of the funniest sets of supporters in the meme coin sector.
Now, they have another opportunity to relive the wild memes and exponential gains as the V2 upgrade will bring utility to deliver another 100x return.
Unique Stake-to-Bridge Utility to Ensure Fair Distribution Before Wild 100x Ride
The V2 presale is a unique distribution model with a novel stake-to-bridge utility that ensures a fair distribution before the next 100x ride higher.
Users can only obtain the V2 $SPONGE by staking their assets in the stake-to-bridge utility, meaning this is not your standard presale.
There are only two ways to get positioned in the V2 version;
1. Buy and stake Sponge V1 through the Sponge.vip website’s buy widget.
2. Stake held Sponge V1 through the V2 contract on the Sponge.vip website.
Users who stake more V1 tokens for longer periods of time earn more V2 tokens.
Those staking earn an equivalent share of the V2 $SPONGE while earning additional V2 tokens based on the APY return.
Currently, stakers are earning an impressive 1,600% APY, which is expected to drop as more stakers enter the pool.
To emphasize the transition away from V1 of the token, all V1 $SPONGE tokens in the staking contract will be permanently locked to be phased out of circulation.
The V2 version will then replace the original $SPONGE following the end of the stake-to-bridge period.
Established Roadmap and Play-to-Earn Utility
The V2 version of $SPONGE doesn’t intend to blindly follow the bull run. Instead, it seeks to introduce a range of utilities to the project to help deliver the next 100x return.
One of the utilities will be facilitated through the bespoke play-to-earn racer game to add more fun and addiction to the ecosystem.
The P2E game will allow players to accumulate points and rank on a leaderboard to earn rewards.
Users will be required to spend $SPONGE tokens to purchase credits to participate in the play-to-earn paid version of the game.
Alternatively, a free version of the game that doesn’t provide rewards is available.
The team has established a roadmap for 2024 outlining the steps for V2. The progress is in stage 1 as the team sets up the stake-to-bridge utility and begins research for the game.
Stage 2 will connect with the $SPONGEV2 claim and listing, with dates expected to be announced in due time.
The final goal for the year is to launch the play-to-earn game, achieve a $100 million market cap value, and get listed on tier-1 centralized exchanges.
Get $SPONGE and Start Staking Before V2 Launch.
If you already own V1 of $SPONGE, you’re encouraged to start staking the tokens in the V2 contract to earn the new version of $SPONGE before the upgrade.
However, if you don’t own $SPONGE, you have the opportunity to participate in the buy and stake bonus, earning you a special bonus for V2.
It’s important to note that those currently staking $SPONGE in the V1 contract will need to withdraw their funds and re-stake them in the V2 stake-to-bridge utility to earn the V2 upgrade.
Those keeping their $SPONGE staked in the V2 contract following the upgrade will earn additional rewards over four years, starting at a minimum of 40% APY.
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