Meme coin Sponge V2 surges 40% on Polygon launch, offering 7500% staking returns and fuelling hopes of surpassing its ATH.
Sponge V2, a newly relaunched meme coin, experienced a remarkable surge of 40% within just 24 hours of its launch on the Polygon network. The token, denoted as $SPONGE, is currently trading at $0.0008639.
This surge represents a +3600% return on investment (ROI) for early investors who acquired Sponge V1 at its original launch price of $0.000025 back in May of last year.
The launch of Sponge V2 comes as a replacement for its predecessor, Sponge V1, which was an Ethereum-based ERC-20 token.
The migration to Sponge V2 on the Polygon network was strategically driven by a recent liquidity pool attack, prompting the project team to expedite the transition process.
By leveraging Polygon’s Layer 2 sidechain, Sponge V2 aims to benefit from faster transaction processing and lower gas fees, enhancing the overall user experience.
Staking for Substantial Returns
One of the key highlights of Sponge V2 is its staking feature, which offers investors the opportunity to earn significant returns by staking their $SPONGE tokens.
Currently, stakeholders on the Polygon network are enjoying returns of over 7,000%, a stark contrast to the 200% returns offered to those staking on Ethereum.
The staking model of Sponge V2 is dynamic, with the potential for returns to fluctuate based on factors such as the number of tokens staked and the duration of the stake. This flexibility presents investors with the possibility of maximising their earnings as the project progresses.
Acquisition and Transition Process
Trading of Sponge V1 on centralised exchanges ceased on February 5th, with stakeholders urged to withdraw their holdings and stake them through the Sponge website. This transition ensured a seamless shift to Sponge V2, with stakeholders receiving a 1:1 ratio of Sponge V2 tokens for their V1 holdings.
Investors who missed the deadline to claim Sponge V2 tokens through the transition process can still acquire them on the Sponge official website. The relaunched token maintains its previous price to facilitate a smooth transition for stakeholders.
Future Prospects and Market Dynamics
The Sponge community is optimistic about the future of Sponge V2, with hopes of surpassing its previous all-time high of $0.0012. Factors such as the token’s new staking model, integration with the Polygon network and the upcoming play-to-earn racing game contribute to this optimism.
Speculation surrounding potential involvement from industry figure Justin Sun, founder of TRON, has further fuelled excitement within the Sponge community. Sun’s history of engagement with meme coins and recent ETH transactions have sparked rumours of his interest in Sponge V2, adding to the anticipation of significant market gains.
$SPONGE tokens on the Polygon network remain a token to watch as it nears closer to 100x ROI.
