New meme coin adds 100%, will it follow BONK?

While the broader crypto market struggled to gain momentum, Sponge, an upcoming meme coin, remains firm. Sponge is trending higher, rising from $0.000403 to $0.0007217, a 79% increase within a month. As of Jan. 24, it was up 100% during the same time frame.

The exciting move comes following an announcement by the Sponge team that the token will bridge to Sponge V2, packed with new utility and staking mechanics.

Existing Sponge holders can deposit their tokens in the V2 staking contract to earn an equivalent amount of SPONGEV2 plus an additional yield depending on the variable staking APY.

New buyers can purchase Sponge V2 from the ongoing buy-and-stake campaign on the Sponge.vip website. So far, over $4.3 million worth of Sponge has been staked and bridged.

Investors confident in Sponge V2

Sponge launched in May and quickly rose alongside Pepe Coin (PEPE), reaching a $100 million market cap and netting early buyers a 100x return on investment.

The token was also listed on over ten prominent exchanges and amassed 30K social media followers and 13K holders in its first few days.

With this background, interest in Sponge V2 remains high.

Further spurring demand is that the new version tags new innovation and strategies.

It is also launching close to the Bitcoin halving, creating a much more bullish climate with more liquidity in the market.

New play-to-earn utility offers compelling unique value proposition 

The original Sponge token saw notable gains thanks to its relation to the beloved cartoon character SpongeBob SquarePants. 

The meme coin community found it a relatable project, with its fun allure and witty meme game offering a refreshing alternative to traditional financial instruments.

However, Sponge V2 integrates a play-to-earn (P2E) racing game, aiming to engineer a robust token economy. The game has a free and paid version. Those who subscribe to the paid version will have a chance to earn crypto rewards. Subscription is paid using SPONGEV2.

But besides fostering additional token demand, the P2E game rewards the Sponge community, encouraging active participation that translates to long-term, sustainable growth and rising brand awareness.

The move also presents a notable advantage over other meme coins, often regarded as 2-dimensional, with most of their demand driven by speculation and hype. 

Is Sponge the Next Bonk?

While Sponge’s potential remains to be seen, several factors allude it could be the next Bonk.

First, leading analysts and pundits, including AMCrypto, expect the token to soar like Bonk.

Additionally, top crypto media outlets like crypto.news have featured Sponge, raising its brand awareness.

Moreover, the project has a relatively low market cap of around $16 million.

Lastly, the Sponge price chart bears some semblance to BONK’s before its major leg up.

The token is consolidating but printing higher highs.