Sponge Meme Coin Hits New Price Milestone After 50% Pump

The post Sponge Meme Coin Hits New Price Milestone After 50% Pump appeared first on Coinpedia Fintech News

Through a monumental display of community support, Sponge has soared over 50% in a day, absorbing a $100 million market cap and levitating into meme coin stardom.

However, with the five leading meme coins boasting over $1 billion valuations, Sponge retains massive room for growth. So, is it the best crypto to buy now?

But before we get into that, it’s important to understand what Sponge is and why it is experiencing such success.

What Is Sponge and Why Is It Pumping

Sponge is a SpongeBob SquarePants inspired meme coin that is historically bonded to Pepe. It launched alongside Pepe in the depths of the bear market in May 2023.

Showing epic resilience, the project soared to a $100 million market cap, netting early adopters a 100x and forging a beacon of hope amid grueling market conditions.

The meteoric pump took just a couple of days, powered by unwavering community support from 13K holders, 30K social media followers, and listings on over ten prominent exchanges.

Although Sponge slowed alongside Pepe and the recent meme coin market, its team did not give up. 

Instead, it returned with a compelling initiative: Sponge V2. This is a second rendition of Sponge, equipped with a P2E game and new staking mechanics.

Sponge V2’s game is inspired by Mario Kart and enables users to earn rewards in multiple ways.

There are free and paid versions available. The paid version requires users to buy credits with $SPONGEV2. This establishes a token economy, helping mitigate the typical meme coin volatility.

Sponge V2 also migrated from Ethereum to Polygon, taking advantage of the network’s lower fees and faster execution times while retaining EVM compatibility.

Another advantage is that despite Polygon being a leading blockchain, it has yet to house a viral meme coin. This is where Sponge comes in, standing as its premium meme coin and benefiting from the network’s vast user base.

Analysts Predict 100X: Best Crypto to Buy Now?

Currently, Sponge is up 56% today, 136% this week and 258% this month. It holds a $135 million market cap and a $193 million 24-hour trading volume, up 115% today.

Given its recent explosion, it may be reasonable to think that Sponge’s momentum is spent, and other meme coins will pump next.

Yet, the meme coin market is somewhat of a unicorn, where top performers typically continue to outperform. 

This is due to FOMO-driven market dynamics, and is why projects like Dogwifhat surged from multi-million to multi-billion market caps in a matter of days.

With that in mind, Sponge’s bullish momentum could signal the beginning of a bullish trajectory.

Underlining its potential, several analysts have backed Sponge V2 to 100x. One of those is ClayBro, recently dubbing Sponge a “100x opportunity.”

Meanwhile, Jacob Bury speculated it could be the “Next 100x crypto.”

Leading media outlets like Cointelegraph, BeInCrypto, and CryptoPotato have also rallied behind the project, illustrating its impressive ability to capture attention from prominent industry players.

Sponge V2 Holders Can Compound Their Investment With a 534% Staking APY

In a bid to foster long-term success, Sponge boasts a generous staking mechanism, currently providing a 534% APY. However, with a cap of 43.09% of its supply allocated to staking, the APY will decrease as the staking pool grows.

In addition to rewarding and incentivizing long-term holding, Sponge V2’s staking mechanism adds another demand stream, helping stabilize its price and enabling lasting growth.

According to its website, another 7.5% of $SPONGEV2 is allocated to marketing, 4.47% to game development, 8% to P2E rewards, 10% to CEX liquidity, and 26.93% to bridged Sponge.

Spread between ecosystem advancement and community initiatives, Sponge V2s tokenomics provide a solid platform for ongoing success.

So don’t miss out on Sponge at a $135 million market cap. Follow the project’s X account or join its Telegram community to stay updated. Alternatively, visit the Sponge website to buy and stake the token.