Traders Think This New Meme Coin Has 10x Potential

The post Traders Think This New Meme Coin Has 10x Potential appeared first on Coinpedia Fintech News

The meme coin market is heating up again in early 2024 with the upcoming launch of Sponge V2 (SPONGEV2), the second iteration of the popular Sponge (SPONGE) token.

Crypto traders are buzzing about SPONGEV2’s potential, with some predicting the new coin could surge 10x or more once it is listed on decentralized exchanges.

Sponge V2 Aims to Be the Next Big Meme Coin Through Gaming & Marketing Hype

So what exactly is Sponge V2, and why are crypto traders so excited about its potential?

Sponge V2 builds on the success of the original SPONGE meme coin, absorbing its community while aiming to be a “bigger and better” iteration.

The core value proposition of Sponge V2 centers around its play-to-earn (P2E) racing game and staking rewards.

According to the project’s whitepaper, users can stake their Sponge V1 tokens to earn SPONGEV2 before the latter’s official launch.

Then, at launch, users can claim their V2 tokens and use them to earn more rewards in the P2E game.

The reward rate for stakers is set at 209% per year, with over 7.7 billion tokens already pledged.

This equates to a whopping $4.1 million worth of SPONGE being locked in staking contracts.

Sponge V2’s team is also planning extensive marketing campaigns, exchange listings, influencer partnerships, and more to build on the original token’s success, like its $100 million market cap peak.

Ultimately, Sponge V2 takes the best aspects of V1 while enhancing and evolving into a next-generation meme coin.

With staking, P2E gaming, and a clear roadmap in place, it’s no wonder SPONGEV2 is being touted as a potential breakout star in early 2024.  

Last Chance to Migrate as Sponge V1 Snapshot Countdown Underway

As the Sponge V2 launch draws near, V1 holders only have hours left to migrate their tokens and earn additional rewards.

At 11pm UTC today, the cutoff for the V1 snapshot will occur, meaning that the original SPONGE token will be discontinued.

This means SPONGE holders must act fast to stake their tokens and qualify for the 209% APY staking rewards via the “Stake-to-Bridge” mechanism.

For centralized exchange users, trading will halt at 11pm UTC, with decentralized exchange users able to continue staking until the snapshot.

With the finish line in sight, the Sponge community is rallying around this final staking push.

Over 30,000 people are now following the project on Twitter, while the official Telegram channel has 10,200 active participants.

This enormous community backing, combined with Sponge V2’s added utility, has led to the token being featured in leading crypto publications like Cointelegraph and BeInCrypto.

Crypto YouTubers Make Bold 10x Price Predictions for Sponge V2

With the clock winding down on the V1 migration, speculation is growing about how high Sponge V2 could climb after its market launch.

Several crypto YouTubers have recently released videos analyzing SPONGEV2’s potential, with some wildly bullish predictions being floated.

Popular analyst Connor Kenny released a new video discussing how much the project has grown since his last update – and questioned whether there are even bigger gains to come.

Jacob Bury speculated SPONGEV2 could surge 10x (or more) if it captures the public imagination like other viral meme coins have.

Meanwhile, fellow YouTuber FireHustle suggested it could mimic coins like Myro (MYRO), which rocketed over 900% last month thanks to its rapidly growing community.

It’s clear that these traders see something special in Sponge V2’s mix of staking incentives, P2E gaming, and grassroots marketing hype.

If even a fraction of these lofty predictions come true, early adopters could be in line for sizable gains – much like with the original SPONGE token.

Those looking to buy SPONGE tokens before the migration can use the widget at sponge.vip.