The post Could Sponge Token be the Next Bonk? Upgraded Meme Coin Reaches $1m Staked Milestone appeared first on Coinpedia Fintech News

Sponge (SPONGE), the hilarious meme coin modelled after SpongeBob SquarePants, has now surpassed $1 million in total value staked.

This impressive milestone has led meme coin enthusiasts to speculate that SPONGE could follow in the footsteps of Bonk (BONK) to produce enormous returns as it gears up for its V2 release.

Bonk Cements Top 3 Meme Coin Status After Meteoric Rise

BONK has recently become one of the world’s most popular meme coins, flipping Pepe (PEPE) in the market cap rankings.

Hosted on the Solana blockchain, BONK hit an all-time high of $0.000034 on December 15, representing a market cap of almost $1.9 billion.

Although BONK has pulled back from that high, it still attracted $493 million in trading volume over the past day, making it the second most-traded meme coin globally.

The token has also integrated with over 110 dApps in gaming and decentralized finance, providing a clear reason for investors to continue snapping up tokens.

Moreover, BONK is now listed on several top-tier exchanges, including Coinbase, Binance, and Bybit.

All of this has occurred in the space of 12 weeks, highlighting the volatile nature of the meme coin market.

With BONK’s momentum showing no signs of slowing, 2024 could be a year of further growth for Solana’s top meme coin.

Sponge Token Surpasses $1m Staked as Meme Coin Eyes Further Growth

As BONK continues blazing a trail in the meme coin space, another contender called SPONGE has begun creating headlines and could be poised for similar exponential growth.

Sponge is a zero-tax meme coin hosted on Ethereum that features memes and themes inspired by the iconic SpongeBob SquarePants cartoon.

In the past 24 hours, Sponge has reached an impressive milestone – over $1 million worth of SPONGE tokens have been staked on its platform.

This impressive figure comes just one week after the announcement of Sponge V2 (SPONGEV2), an enhanced version of the original token.

Sponge V2 will introduce new features like a play-to-earn (P2E) racing game that allows gamers to earn more SPONGEV2 tokens through engaging gameplay mechanics.

Currently, SPONGE holders can lock up their tokens in the V2 staking pool to earn yields of 575% per year, paid out in SPONGEV2.

Those who don’t already own SPONGE can purchase tokens through the widget on the official Sponge website, which are then automatically staked in the V2 pool.

The high staking yields and P2E integration have helped resume the buzz around the Sponge ecosystem, which had faded somewhat since May’s all-time high.

Over the past seven days, the value of the original SPONGE token has soared 174%, suggesting that investor interest in the coin is reigniting.

Anticipation Builds for SPONGEV2 Listing as Traders Hope for Bonk-Style Returns

With discussion ramping up inside the official Sponge Telegram channel ahead of SPONGEV2’s official launch, excitement is building around the token’s price prospects.   

As seen countless times in the meme coin space, buzz leading up to a public listing can result in enormous buying pressure, sending the token’s price surging.

Sponge’s team hopes to follow this blueprint – with many early backers believing SPONGEV2 could produce similar returns to BONK once it hits the open market.

Given their parallels, there’s a growing belief that SPONGEV2 will experience similar demand to Solana’s dog-themed coin.

Moreover, the fact that SPONGEV2 will have a clear use case within the upcoming P2E game could help ensure that demand remains strong, as it offers tangible utility beyond just speculative trading.

YouTuber ClayBro, who has 116,000 subscribers, has also expressed enthusiasm for SPONGEV2, highlighting the “potentially huge rewards” it may offer.

Overall, with strong tokenomics and a unique value proposition, SPONGEV2 is a meme coin launch that investors may wish to watch closely in early 2024.

Interested investors can buy SPONGE tokens through the Sponge website and automatically stake them to earn SPONGEV2.

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Filed under: Bitcoin - @ December 29, 2023 5:23 pm