No Bs Crypto Reviews Sponge V2 Token – Is This New Meme Coin the Next BONK, COQ, or PEPE?

adminDecember 28, 2023

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No Bs Crypto reviewed Sponge V2, an upgraded $SPONGE token that enhances the meme coin community experience for a more engaging environment.

The meme coin market is experiencing a significant surge, as evidenced by notable rallies in Coq Inu (COQ) and Bonk (BONK). BONK and COQ are up noticeably by over 300% in the last 30 days.

These tokens have gained significant support from the community and have risen to prominence. As the prices of these meme coins begin to fall, traders are actively looking for the next trending meme.

No Bs Crypto Unfiltered Analysis – Sponge V2 Set to Surpass Sponge V1

Sponge V2, a recently launched meme coin, is the direct successor to the original Sponge token, which rose to prominence during the May 2023 bear market. The initial Sponge token was an incredible success, skyrocketing from a market capitalization of $1 million to nearly $100. million dollars within days of launch.

At its peak, Sponge V1 boasted over 13,000 holders, delivering significant profits to early investors and securing listings on more than 10 central exchanges. Sponge V2 follows in the footsteps of its predecessor and adopts the same successful marketing strategy with the goal of replicating, if not surpassing, its predecessor’s profits.

This gives meme coin enthusiasts a second opportunity to capitalize on potentially significant profits. In particular, Sponge V2 differentiates itself from typical meme coin presales by introducing a unique ‘stake-to-bridge’ model.

Sponge V2 allows investors to acquire tokens solely through staking, rather than opting for a traditional pre-sale.

Comprehensive staking guide for transitioning from Sponge V1 to Sponge V2

Switching from Sponge V1 to Sponge V2 requires leveraging a staking mechanism using V1 tokens. Existing tokens within the V1 staking pool will need to be withdrawn and subsequent staking will be required in the newly introduced V2 staking pool. If the V1 staking pool is closed, all V1 tokens must be withdrawn.

Current stakers using the original $SPONGE token will need to withdraw their V1 staking contract and stake into the new V2 smart contract to protect their V2 token entitlement upon launch. Holders of the original $SPONGE tokens are instructed to stake them into the V2 smart contract to secure a portion of the V2 tokens.

Potential buyers who do not have existing tokens can earn $SPONGE through the website widget, and the purchased tokens will automatically be staked into the V2 smart contract, guaranteeing their stake in future V2 tokens.

Important staking information and claiming Sponge V2 tokens

When you transfer V1 tokens to the V2 staking pool, you secure the same amount of V2 tokens at a Variable Annual Yield (APY). The earning potential of V2 tokens increases proportionally with the amount of V1 tokens staked.

Staked V1 tokens are permanently locked in the V2 staking pool, ensuring consistent accrual of V2 tokens over the next four years. After the staking period ends, users can retrieve Sponge V2 tokens through the website.

Specific dates and times for this process will be communicated through social media channels at a later date. Sponge V2 further explores the possibilities of cryptocurrency staking. Basically, staking involves sending tokens to a smart contract and locking them for a certain period of time, usually in exchange for getting more of the same tokens.

Sponge V2 allows users to stake one token (SPONGE) to earn another token (SPONGEV2). Once Sponge V2 is released, support for Sponge V1 will be discontinued. This innovative approach to linking tokens is called ‘Stake-to-Bridge’.

📣 We are excited to announce this. #sponge Connects from V1 to V2!
your $sponge Earn #SpongeV2 token. 🧽︎
Buy and stake now to receive special V2 token bonuses! Don’t miss it 🔥#memecoin #web3 #bull market pic.twitter.com/bYmkg1TNrU
— $SPONGE (@spongeoneth) December 18, 2023

Given the uncommon nature of this token bridging method in the cryptocurrency space, it is important to highlight key aspects of the transition from Sponge V1 to Sponge V2.

First, $SPONGEV2 can only be earned through $SPONGE staking. Participating in the staking process not only grants you access to $SPONGEV2, but also entails a staking bonus corresponding to the staked $SPONGE.

Importantly, staked $SPONGE tokens will be permanently locked and V1 tokens will be phased out after V2 launch. You also have the opportunity to earn passive V2 rewards by staking your $SPONGE tokens, starting with a minimum APY of 40% and increasing your holdings over 4 years.

$SPONGE V2 Token Economics

Sponge V2 has been enhanced to deliver enhanced value by allocating over 51% of the $SPONGEV2 token supply (150 billion in total) to staking and play-to-earn (P2E) rewards.

Token Allocation:

Bridge $SPONGE – 26.93%
Staking Rewards – 43.09%
CEX Liquidity – 10%
Marketing – 7.5%
P2E Rewards – 8%
Game Development – 4.47%

Sponge V2’s groundbreaking utility – play, earn, enjoy rewards

Sponge V2 introduces powerful features to the new token by integrating custom Play-to-Earn (P2E) games that enhance entertainment and engagement within the Sponge ecosystem. Participants will have the opportunity to accumulate $SPONGEV2 tokens through gameplay and leaderboard rankings.

The Sponge P2E game offers both free and paid versions, so users can enjoy casual play in the free version or utilize $SPONGEV2 tokens to earn in-game credits. These credits allow users to play and earn additional $SPONGEV2 tokens.

Driven by in-game token revenue through the enhanced utility of the $SPONGEV2 token, Sponge V2 brings unparalleled value to the meme coin community. More details about the game will be released via social media channels closer to release date.

Invest in Sponge V2 tokens at Sponge.vip.

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