SPONGE price surges 84% in 24 hours as V2 bridging hype explodes. Is Sponge V2 the next Pepe Coin?

adminJanuary 8, 2024

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Meme Coin Sponge revisited the 100x profit it achieved in May last year, with its price rising 84% in 24 hours to $0.00114 after an explosion of V1-to-V2 linking enthusiasm. Could SPONGE V2 become the next Pepe and see its price rise by 4,046%?

One YouTube crypto analyst points out that $SPONGE is up 10x from recent lows and is well positioned for further gains in the future.

$SPONGE reached a 2023 high of $0.01214, but broke that level earlier today to hit a new all-time high of $0.001248, losing a decimal zero in the process.

Buyers took a moment to catch their breath, but their intentions are clear, and prices are expected to rise to record highs soon.

To receive new game-optimized SPONGE V2 tokens, you must stake your original V1 tokens. To date, 4,180,869,939 tokens have been deposited into the bridging contract worth $4,503,802.76.

Once staked, your tokens are automatically linked. The bridging event date has not been announced yet, so token holders should keep an eye on project socials. X And Telegram.

People who want exposure to SPONGE V2 but do not yet own SPONGE V1 must purchase the V1 version and then participate in the bridging agreement as described on the Sponge.vip website.

From a technical perspective, breaking the resistance of the previous all-time high means that the token is poised for further strength.

Sponge V2 offers 386% annual staking rewards

Stakers are currently enjoying a reward rate of 387%. This is a rate of return that helps explain the buying reasons behind price increases. Clearly, new money is coming into Sponge, attracted by the new utility features of SPONGE V2.

Justin Sun owns $123,000 worth of SPONGE. Will he buy more V1 tokens to link SPONGE V2?

Also helping to encourage optimistic traders is the recent news that last week Tron founder Justin Sun framed meme coins like $SPONGE V2, showing a Bitcoin-to-altcoins rotation. Sun transferred $14 million on the Binance exchange, and the price of $SPONGE has surged 178% in the past six days.

An analysis of wallets associated with a famous cryptocurrency entrepreneur revealed that tokens like $SPONGE, which has just begun an upgrade to turn into a gaming platform, will catch his eye.

Savvy cryptocurrency market participants are turning to meme coins. That’s because meme coins have established themselves as an area of choice for traders looking for significant returns on their investments.

Justin Sun revealed that he intends to purchase the attractive meme coin in May 2023. He posted in May that he would be launching “meme coin trading and promising projects” on X. Sun holds $43,000 worth of $SPONGE.

Data from cryptocurrency security companies PeckShield, Binance revealed that 6,166 ETH was transferred to a wallet associated with Justin Sun. At current prices, the value of the ETH transfer is $14.7 million.

#PeckShieldAlert Address 0x9FCc… 19Fe (Suspicious #justin sun Related) 6,166 people were withdrawn. $ETH (worth approximately $13.8 million) #Binance pic.twitter.com/8jGbcwRvzg
— PeckShieldAlert (@PeckShieldAlert) December 26, 2023

Sun already holds Sponge coins. The wallet address (0x176f3dab24a159341c0509bb36b833e7fdd0a132) tagged as ‘Justin Sun 4’ on Etherscan holds $595 million worth of cryptocurrency and is where Sun holds his SPONGE tokens. Justin Sun holds 108 million SPONGE V1 worth $123,000.

Crypto detectives are closely watching his wallet to see when he is adding holdings and linking tokens.

You can view the entire token portfolio at debank.com.

Along with Sponge, Justin Sun’s other top meme coins include SHIB ($5.4 million), FLOKI ($647,000), BabyDoge ($428,000), and PEPE ($61,000). Last May, Sun announced that he was in the market for meme coins, and more broadly, tokens for “promising projects.”

I decided to actively trade meme coins and promising projects through public addresses. Any losses that may arise from these transactions will be personally borne by me, and all profits generated will be donated to charity.
— HE Justin Sun Sun Yuchen (@justinsuntron) May 11, 2023

Another wallet address linked to Sun, 0x9fcc67d7db763787bb1c7f3bc7f34d3c548c19fe, holds $282 million worth of cryptocurrency, most of which is ETH. A tiny fraction of the money that goes into Sponge could send Sponge’s price to the moon.

But this is not the only wallet address believed to be linked to Justin Sun. The second identifiable cryptocurrency wallet has the public name tag ‘Justin Sun’ from Etherscan: 0x3ddfa8ec3052539b6c9549f12cea2c295cff5296. The value of this wallet is $19.9 million.

Now, cryptocurrency experts have seen Sun make a big move in line with similar trades from other whales as they prepare for the next cryptocurrency bull market.

According to Dextools data, there are currently 12,100 SPONGE coin holders, but this figure excludes coins held on central exchanges and linked contracts.

In the last 24 hours, trading volume recorded by Coinmarketcap has increased to $2.4 million, and Dextools measures the total market capitalization at $40 million.

Another notable popular meme coin today is $MICKEY, launched by a fast-moving token issuer after the copyright on the original version of the Disney cartoon character expired.

Also of interest among the top ten hot pairs is $TGC, the token of TG.Casino Telegram-based licensed casino and sportsbook, which is beating GambleFi sensation Rollbit at its own game.

Meme Coin’s popularity among traders continued throughout the so-called ‘crypto winter’ bear market. Sponge was no exception to this trend, as featured prominently in a popular New York magazine.

An article published on May 9, 2023 provided readers with the following information:

“Two meme coin projects based on the amphibians Pepe and SpongeBob are currently enjoying a major speculative boom and both are acting like it’s 2021 again. There was so much demand that meme coins like this one did. Last week’s trading volume was $2.3 billion..”

In addition to the attractive returns and the game’s potential to generate significant profits, SPONGE V2 will be launched on what the website describes as “bigger and better exchanges.”

The $SPONGE token is currently available on major exchanges such as Gate.io, MEXC, Bitget, and Poloniex, but Tier 1 venues OKX, Kucoin, and possibly Binance could also be included in the list.

By purchasing and staking $SPONGE today, you can set up your cryptocurrency portfolio for massive alpha returns.

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