Crypto whales are currently accumulating Sponge token (SPONGE V2) in preparation for upcoming listings on major exchanges. This surge in interest comes after the successful migration of the Sponge ecosystem, which involved the relaunch of the esteemed 2023 SPONGE token on the Polygon network as SPONGEV2.
Sponge V1 made its debut during the bear market of May 2023 as a fair launch token that quickly gained popularity due to its catchy namesake. The initial SPONGE token skyrocketed to become one of the biggest meme coin launches of the year, reaching an all-time high market cap of over $100M. This success was largely driven by listings on more than 10 centralized exchanges, solidifying its position in the crypto space.
Unlike a traditional launch, early holders of SPONGE V2 had the option to acquire the new token by either purchasing SPONGE V1 and staking it through the Sponge website or staking existing SPONGE V1 tokens. The SPONGE V2 airdrop rewarded holders based on the quantity and duration of their V1 token staking. Beyond the network migration, Sponge V2 also aims to bring Play-to-Earn (P2E) utility to its ecosystem. The development team is working on a unique P2E game where users can earn SPONGEV2 tokens by playing and ranking on the leaderboard.
As of the latest update, SPONGE V2 is trading at a market price of $0.003087 with a 24-hour change of -7.14%. The token experienced a -26% retracement after reaching a new early-stage all-time high at $0.004240 on March 9. Despite this, SPONGE V2 has established a strong support zone between $0.0027 and $0.0031, setting the stage for a potential price surge. With buy-pressure dominating transactions and a bullish trading channel forming, the token is poised for growth leading up to major exchange listings.
With major exchange listings on the horizon, crypto whales are eager to accumulate SPONGE V2 in anticipation of significant gains. The project’s focus on utility, staking, and the upcoming P2E game makes it an exciting venture to monitor closely. As the project progresses, updates on social channels will provide insight into the evolution of Sponge in the crypto market.
The accumulation of Sponge token by crypto whales signals a new chapter in the project’s journey. With a strong historical performance and promising developments on the horizon, Sponge V2 is positioned for growth and success in the crypto seas. As always, it is essential to remember the high-risk nature of crypto assets and to conduct thorough research before investing.