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Crypto Boy provides a video update on Sponge V2, a meme coin that has surged on Polygon, reaching a $100 million market cap in the past week.
In a highly volatile week for the market, Sponge V2 (SPONGEV2) has surged by over 50% in the past seven days, becoming one of the best performing memecoins during this period.
Despite this success, Sponge still has considerable potential for growth compared to the five leading memecoins with market caps over $1 billion. So, is it the best memecoin right now?
$SPONGEV2 hits new all-time high
While many memecoins have had a rough week, one that stands out is Sponge V2. After a turbulent past two months, memecoin $SPONGEV2 is now thriving.
Just a few weeks ago, $SPONGEV2 was strategically moved from the Ethereum blockchain to the Polygon network, surpassing its previous all-time high price. Currently, Sponge is down 10% today, up 50% this week, and up 185% this month, with a 24-hour trading volume of $55k.
The coin’s market cap is currently around $117 million, a noteworthy achievement in the competitive memecoin industry, where some coins have valuations exceeding $1 billion.
Since its launch in February, the token has attracted a solid following, with the number of holders recently surpassing 51,000, according to DEXTools. This community played a key role in pushing $SPONGEV2 to a new all-time high of $0.0042 on March 9.
The latest all-time high marks another major milestone for $SPONGEV2 on its way to prominence. Despite a liquidity pool attack on Ethereum, the token’s move to Polygon sparked a red-hot rally.
Despite recent speculation that Sponge’s momentum may be waning and other memecoins may be on their way up, the memecoin market, however, operates in a unique way, with the best performing coins often continuing to outperform the rest.
Why is the Sponge V2 causing so much excitement?
A big reason for the success of Sponge V2 is its innovative token economics and ambitious roadmap. The popular meme coin $SPONGEV2 now has more than 9.1 billion $SPONGE tokens locked, with a total value of $25.9 million.
$SPONGEV2 attracted a lot of interest from the beginning as it offered one of the highest staking rewards among memecoins. Early backers who staked their tokens on the Polygon network received an impressive annualized return of over 467%, while on the Ethereum network, the annualized return was over 176%.
This leads to a cycle where investors eagerly stake more $SPONGEV2 tokens to earn rewards, driving the price up.
How should $SPONGE holders feel now?
#SPONGE
#Web3
#Crypto
#Airdrop
pic.twitter.com/AymIquZwXa
– $SPONGE (@spongeoneth)
March 11, 2024
But the excitement doesn’t stop there. The developers of $SPONGEV2 are busy creating a fun “Play to Earn” (P2E) game where players can earn $SPONGEV2 tokens by participating in races and overcoming challenges, inspired by popular games like Mario Kart.
As one of the first memecoin projects to explore blockchain gaming, the P2E aspect could be key to the long-term success of Sponge V2. The combination of fun gameplay and cryptocurrency rewards has caught the attention of investors, leading to a sense of FOMO.
$SPONGEV2 leads the way for meme coins
The surge in $SPONGEV2 reflects widespread interest in memecoins beyond Ethereum, which was once the dominant platform for meme projects but is seeing developers and investors explore other options as gas fees rise.
This shift away from Ethereum is evident in the rapid rise of meme tokens like $BONK and $WIF on Solana in recent months. As Ethereum fees become more expensive, investors are turning to these Solana projects for lower fees and a smoother experience.
While excitement around Solana’s memecoin may have cooled recently, demand for affordable and scalable networks remains strong. This has highlighted networks like Polygon, which offer a similar experience to Ethereum but with lower fees.
Sponge V2’s successful move from Ethereum to Polygon appears to have positioned it to meet the needs of this growing investor base. No other established memecoin has yet to impress on Polygon, which gives $SPONGEV2 an advantage as a pioneer.
When combining Sponge V2’s presence on Polygon with its attractive staking rewards and meme-inspired branding, it’s clear why this token is garnering so much attention in the crypto market.
Should you invest in the $SPONGEV2 today?
As Sponge V2 continues to soar without showing any signs of slowing down, many are wondering if this memecoin is the best investment option right now. There are some strong arguments in favor of this idea.
First, the craze surrounding memecoins suggests that the excitement in the market won’t fade anytime soon. Sponge V2 and its “play to earn” concept may be in an ideal position to benefit from the current memecoin craze.
Furthermore, the timing of Sponge V2’s growth seems perfect. The broader crypto market is experiencing renewed optimism, fueled by Bitcoin’s stunning surge to new all-time highs of over $70,000. Although Bitcoin has since fallen, investors are once again eager to take on risk.
With a large amount of speculative capital flowing into the market, Sponge V2 has the potential to maintain its impressive growth as long as market sentiment remains positive. With its meme appeal, vision of playing to earn games, and integration with Polygon, Sponge V2 fits the bill as a memecoin to watch in the coming weeks and months.
To obtain $SPONGEV2 token, visit spongetoken.vip.
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