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In recent months the cryptocurrency market has seen immense popularity, with the growing interest creating price spikes across many popular cryptos. Historically, the bullish market sentiment creates demand for not only the mainstream crypto tokens, but also the vast array of meme coins. Most recently the likes of PEPE, BONK and BOB have seen exponential growth, outperforming the majority of top market cap coins. During the last year, another popular meme coin called SPONGE became one of the biggest meme coins of 2023, giving early contributors a 100x gain. Now the team behind SPONGE is revamping the infamous meme coin and bridging to a version 2.0.

In this guide we will explain how to buy SPONGE V2, the tokenomics and review the new utility behind one of the most popular meme coins of 2023.

Sponge Token V2 Key Takeaways

Sponge V2 token is a new meme coin that has attracted the attention of crypto investors online. Before learning how to buy the token in 2024, here is an overview of the SPONGEV2 project.

  • Sponge V2 token is the second version of the SPONGE meme coin. V2 was created to bring utility to the project, which previously has no real use cases other than to provide rewards to early investors. Utility will come in the form of token staking and a Sponge play-to-earn game.
  • To buy Sponge V2 tokens, you must stake Sponge V1. This mechanism has been put in place to slowly phase V1 tokens out of circulation.
  • You can stake SPONGE through the official Sponge Token website. To buy coins, connect your Ethereum wallet to the website and swap ETH for SPONGE.
  • Early investors will be able to start staking SPONGE before the tokens are listed on exchanges. This allows them to take advantage of the low price and maximize their returns.

Your money is at risk.

SPONGE V2 Buying Guide for March 2024

For users who missed out on the 100x SPONGE price pump in the early part of 2023, there is now another potential opportunity to be a part of the SPONGE community. Readers may be wondering how to buy SPONGE V2 and how to participate in the presale. However, the launch of SPONGE V2 has a slightly different format than a typical presale. The reason for this is that the original SPONGE V1 will be migrating to V2. Therefore, in order to obtain SPONGE V2, users will need to stake-to-bridge the original SPONGE tokens on the official website.

Kindly find a summary of the steps below in order to successfully buy SPONGE V2.

Sponge V2 Coming Soon, how to buy sponge v2 tokens

 

Step 1: Connect a Compatible Web3 Wallet

Users will need to connect their compatible crypto wallet to the official SPONGE website. For optimum connectivity we suggest to use MetaMask or TrustWallet.

Once connected users will be able to see their token balance at the exchange widget on the landing page. For users that do not own SPONGE, tokens can be acquired by using the exchange widget and selecting which crypto to exchange for SPONGE. Users can also opt to purchase SPONGE V1 on UniSwap using the contract address: 0x25722Cd432d02895d9BE45f5dEB60fc479c8781E

To stake your tokens, you must connect the same wallet to the Sponge website that you used to buy tokens from UniSwap.

Step 2: Buy Sponge V1

If you do not already own SPONGE tokens, you can by them through the website.

Sponge V1 is an ERC20 token which means that it can be swapped for ETH. Make sure that your connected wallet is funded with enough ETH to buy SPONGE and cover network fees. Then, exchange Ether for Sponge V1 via the exchange portal. The transaction may take a few minutes to complete.

Buy SPONGE V2 on official website

Step 3: Stake V1 for V2 tokens

When you buy V1 tokens, they will automatically be sent to the staking pool. You will then receive regular V2 token payments as a reward for locking up your SPONGE. The V2 payments will be distributed over 4 years to encourage long-term holding and prevent sell-offs.

If you already own SPONGE, you can manually swap your tokens for V2. Navigate to ‘want to bridge your SPONGE?’ and follow the required steps. This includes connecting your wallet and confirming the swap before your tokens will be locked up.

You will be able to access your V2 tokens once the stale-to-bridge phase is over. After this, V2 tokens will be listed on tier 1 exchanges.

Your money is at risk.

What is Sponge V2?

Simply put, SPONGE V2 is a revamp of the original SPONGE token with added utility.

Meme coins in the cryptocurrency space typically are fun-filled community projects that are a parody of a popular cartoon or viral internet meme. What makes SPONGE V2 exciting is that it is the second coming the 2023 100x meme coin SPONGE. The project has a strong 30,000 member community and the newly revamped SPONGE V2 has added play-2-earn utility.

This sets the stage for SPONGE V2 to potentially be bigger and better than SPONGE V1 as it already boasts a strong community and is listed on a number of well established centralized exchanges.

SPONGE V2 100x

Sponge V1 made numerous achievements being one of the biggest meme coins of 2023. At its peak the token had a $100 million market cap, reached 13,000 holders, was listed on 10+ centralized exchanges and produced immense returns for early supporters.

With the current bullish sentiment in the crypto markets, SPONGE V2 is primed to gain even more popularity among the growing meme coin community. Considering that most recently new meme coins such as MEME and BONK caught mainstream attention and were quickly listed on Binance, among other top tier exchanges, SPONGE V2 can potentially see a similar scenario.

SPONGE V2 Tokenomics

Here we will cover the SPONGE V2 tokenomics. A unique trait about SPONGE V2 is that the tokens are only available via the stake-to-bridge mechanism. When users buy and stake SPONGE V1 through the official website, they will receive an equivalent amount of SPONGE V2 tokens and additionally receive staking rewards from the locked SPONGE V1 tokens over a 4 year period. To fully understand the token structure we will present the SPONGE V2 tokenomics below:

Ticker: SPONGEV2

Total Supply: 150,000,000,000 tokens

The breakdown of the token allocation is viewable below:

Bridged $SPONGE – 26.93% (40,395,000,000 tokens)

Staking Rewards Over 4 Years – 43.09% (64,635,000,000 tokens)

CEX Liquidity – 10% (15,000,000,000 tokens)

Marketing – 7.5% (11,250,000,000 tokens)

P2E Rewards – 8% (12,000,000,000 tokens)

Game Development – 4.47% (6,705,000,000 tokens)

SPONGE V2 Tokenomics

Sponge V1 vs Sponge V2

Sponge V1 was one of the biggest meme coin successes of 2023. The project took off in full force and rapidly expanded the community following across social media and Telegram. SPONGE V1 was simply a fun-filled meme coin with no utility or functionality. The purpose was similar to any other meme coin – to create a vibrant community that shares memes and the love of trading meme coins. The project launched with a $1 million market cap and quickly grew to nearly $100 million at its peak. Following on, SPONGE was able to list on noteworthy exchanges. This gave it extra exposure among the web3 community, which attracted even more traders to purchase the tokens.

SPONGE V2 is slightly different in that the mechanism to obtain V2 tokens is to own and stake the V1 tokens. The reason for this stake-to-bridge model is that the project is incorporating added play-to-earn utility and staking rewards. This means that the smart contracts will need updating, and due to the SPONGE V1 contract being decentralized, a bridge over to the V2 version is needed to incorporate the new features. SPONGE V2 has a dedicated roadmap which includes 3 stages in the development of the project and its new features.

1st Stage:

  • Staking for SPONGE V2 launched
  • Buy to stake for Sponge V2 bonus
  • Sponge game research

2nd Stage:

  • SPONGE V2 Claim
  • SPONGE V2 Listing
  • Bigger and Better Exchanges
  • Sponge Game Development
  • 10,000 Holders

3rd Stage:

  • Tier 1 Centralized Exchange Listings
  • Sponge Game App Launch
  • $100M Market Cap
  • More Social Domination

What Tokens can be Swapped for SPONGE?SPONGE V2 meme token how to buy

In order to obtain SPONGE tokens users must swap them for another cryptocurrency. On the official website users can choose to swap Ethereum or USDT tokens in exchange for SPONGE.

Swaps are conducted on the Ethereum network, meaning users will need to use ETH or USDT on the ERC20 network. Additionally, the SPONGE team has given the option to buy SPONGE using card payment. The card payment feature is provided by a web3 payment on-ramp provider. Fees here can be slightly higher depending on the payment gateway rates for the exchange.

There are 3 main ways to obtain SPONGE tokens, however, qualifying for the extra bonus requires users to purchase SPONGE from the official website. Alternatively, users can obtain SPONGE from both centralized and decentralized exchanges.

Where is Sponge Token Listed?

As mentioned, SPONGE is tradable on the open markets and is listed on centralized and decentralized exchanges. The primary liquid market is on OrangeX exchange. Users can also opt for a number of other centralized exchanges such as Gate.io, BitMart and Bitget in order to purchase SPONGE tokens.

On the centralized exchanges the only pairing with SPONGE is USDT which means that users will need to either deposit or purchase USDT to make the swap. Alternatively, for users wishing to purchase SPONGE using a decentralized exchange the token is listed at Uniswap with Wrapped Ethereum (WETH) pairing.

Conveniently, on Uniswap users will be able to use a number of crypto tokens for the swap as Uniswap will internally make the conversions on the users behalf from the token used to WETH and make the final conversion to SPONGE. However, traders should note that fees may be much higher when making conversions that include a chain of swaps.

SPONGE V2 Exchange Listings, should you buy sponge v2

Why Should You Buy Sponge V2?

Meme coins are known for providing early investors with impressive returns. These returns are driven primarily by social media hype and community support. Sponge V2 is a strong contender in the meme token space because it offers added utility which could drive even more value to the project. SPONGEV2 is one of the first meme coins to offer utility which will appeal to both meme coin enthusiasts and long-term investors.

Furthermore, the ongoing stake-to-bridge process provides investors with a chance to buy tokens for a low price. After the staking mechanism ends, V2 tokens will be listed on tier 1 exchanges for a much higher rate. By investing during the early stage of the project, you will be able to buy tokens for a discount. At the time of writing (January the 3rd 2024), you can buy SPONGE tokens for $0.000644.

Pros:

  • Existing loyal and strong community support
  • Another chance at a 100x token
  • Staking rewards and bonuses
  • A bespoke play-to-earn game launching
  • High potential of top-tier exchange listing

Cons:

  • Meme coins are extremely risky
  • Price action may not follow SPONGE V1 results
  • Potential hurdles in the game development
  • Extreme price volatility in meme coins

Sponge V2 has no association with Nickelodeon or their creation SpongeBob SquarePants. This token is simply paying homage to a meme we all love and recognise.
$SPONGEV2 is a meme coin with no intrinsic value or expectation of financial return. There is no formal team or roadmap. The coin is completely useless and for entertainment purposes only.

Our Review Process to Ensure Reliable Information

We cover various topics surrounding the cryptocurrency markets from exchanges, tokens across different categories, web3 innovations and some of the most sought after presales. In order to provide reliable information to readers we ensure that our experts test out platforms. We look at price performance, deep dive into tokenomics and explore the community sentiment.

Performance:

Meme coins tend to outperform other cryptos when there is a bullish sentiment in the markets. This is due to web3 communities coming together to support meme coins, speculating on the future price performance of a token. Although, past performance is not indicative of future results, many meme coins will go through cycles with the price fluctuating at any given times. Usually when a meme coin has flatlined, meme enthusiasts will flock to the token and create positive community engagement across crypto group chats and X (crypto Twitter).

Community Sentiment:

Meme coins are fuelled by their respective communities. A vibrant community will collectively help to promote a given token by creating fun-filled community initiatives, engagement activity across social media and help to spread awareness among the web3 space. The main aspect which contributes to the success of meme coins is the community. We look at social stats and community numbers in order to understand the sentiment behind a meme coin and to fully understand the public opinion among web3 enthusiasts.

Tokenomics:

Tokenomics are a big indicator of the potential behind the meme coin. Projects which do not fairly allocate the amount of tokens that are distributed to the public usually will have less price action. Some project allocate more tokens to the team, which will ultimately be sold when the project releases. Having a fair distribution of tokens is important to ensure that meme coin creates a liquid market where anyone is able to buy or sell the tokens without creating a dump effect. However, it is also important that a project allocates enough tokens to their marketing, community incentives and project development efforts to further the longevity and growth of the project.

Sponge V2 Use Cases

The primary reason for the bridge is that SPONGE V1 has revamped the project to include extra features and added utility, making it one of the best shitcoins to consider. It is crucial for projects to develop and have some form of utility behind them. Otherwise, they can simply fade away like the 100’s of the small cap coins which are launched on DEX exchanges.

SPONGE still has a market cap of over $10 million, which shows that the community is still strong. It also shows that there are many holders of the token, even after reaching all time highs. With this in mind, we can expect to see immense popularity for SPONGE V2 as it adds extra features to the project and allows users to receive rewards from either staking or playing the new game in development. Although, currently there is limited information about the game, we can share some insights about what we do know from information released.

Upcoming P2E Game

The team behind SPONGE V1 is developing a new bespoke play-to-earn game which will add a more fun-filled experience for SPONGE community members. Users will be able to participate in the game to potentially receive token rewards for playing time and earn their spot on the leader boards.

Although, right now we do not know anything about the concept of the game, what we do know for certain is that there will be a free and a paid version. While the free version allows users to simply play for fun, the paid version will require users to purchase game credits using the SPONGE V2 tokens. The game credits will enable users to enjoy the play-to-earn version and potentially gain more SPONGE V2.

This newfound utility to SPONGE V2 adds value to the meme coin community and is presenting opportunities for early supporters of SPONGE, while also giving the opportunity to traders who missed out on SPONGE V1 another chance to get involved with the project. For more information about the game readers will need to keep up to date with the SPONGE social channels as the team will release more details closer to the release date.

Our Final Verdict

Considering that SPONGE V1 was one of the most successful meme coins of 2023, we are very excited to see what happens on the launch of SPONGE V2. Although, past performance should never be indicative of future results, we feel that SPONGE V2 could follow the same suite as the likes of PEPE 2.0. This is mainly due to there still being a supportive community backing, with the project firmly holding over $10 million market cap and thousands of token holders.

It is quite difficult to bypass these existing factors, and with the added staking rewards and play-to-earn utility we can potentially see SPONGE V2 becoming one of the popular meme coins of 2024. To become a part of the SPONGE community and take part in the launch, users can visit the official website to acquire SPONGE tokens and stake them to receive V2 token rewards.

We feel that with the rise of new meme coins that have attracted mainstream attention. SPONGE V2 is potentially setting the stage for explosive growth. With an already existing strong and supportive community, the SPONGE team seems to have taken the correct steps to increase the longevity of the project. The stake-to-bridge mechanism is quite attractive for both existing holders and new curious traders.

Your money is at risk.

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Dimal Nathwani Finance and Crypto Writer

Dimal Nathwani Finance and Crypto Writer

Dimal is a digital asset enthusiast and has worked in several well-established cryptocurrency start-ups and blockchain payments companies including CoinBurp and Nuvei. He is future thinker and global financial visionary, exploring how payments and money transfer are evolving with web3.

Before starting his career in crypto, Dimal studied at Middlesex University and the International Business School, accredited by Oxford Brookes University where he obtained a BA HONS in Finance and Accounting.  Due to his financial background, Dimal has great analytical skills which he uses to write in-depth content about emerging crypto projects.