Sponge ($SPONGE), a popular meme coin that has delivered impressive returns of 10,000% to early supporters, is now seeking input from its followers on how to distribute its profitable staking rewards. In a social media poll that will run from May 16th to May 21st, the Sponge community will decide whether to access the staking rewards immediately, lock them for one month, or vest them linearly over a period of six months or one year.
Sponge recently migrated from Ethereum to Polygon, resulting in three groups eligible for the claim process: those who purchased tokens through the presale widget, those who bridged to Polygon before February 5th, and holders who manually moved into a claim contract after the discontinuation of the $SPONGE V1 token. Those who held the V1 token on centralized exchanges had their tokens swapped for the V2 token on Polygon.
The pros and cons of each choice in the poll have been explained in a separate post. Staking rewards are just one reason why investors are flocking to Sponge as they hope to capitalize on potential price action before the presale concludes at the end of May.
What sets Sponge apart from other meme coins is its unique combination of staking and video gaming community. In the coming weeks, Sponge will achieve two significant milestones: the long-awaited claim of the new Polygon $SPONGE token and the launch of an upcoming play-to-earn (P2E) game.
Meme coins have experienced volatile price movements during Bitcoin’s 2024 rebound, leaving the industry uncertain about the possibility of another bull run. To survive in the pre-adoption market, meme projects must offer more than just humor. Investors believe that $SPONGE is one such project. Since its launch in May 2023 at a price of $0.000025, $SPONGE has seen recent highs of $0.002763, representing a 10,000% increase.
$SPONGE V1 gained popularity by offering an enticing ecosystem that provided numerous opportunities for participants to earn staking rewards. Instead of a traditional prelaunch ICO, $SPONGE opted for a direct listing and quickly expanded to centralized exchanges. Within a week of its launch, the token rallied by an impressive 4,000% and nearly reached a $100 million market cap.
The recent upgrade and migration of $SPONGE to V2 on Polygon allowed the team to implement a significant update to the staking model and move forward with the launch of the token’s P2E racing game. Despite a liquidity pool attack, the migration aligned with the team’s plans.
The V2 upgrade introduced a new staking model that offers a yield rate of around 335%, which varies based on the number of stakers and tokens locked up. The team anticipates an increase in staked tokens as Sponge gains more traction in the meme sector. Listing $SPONGE on major crypto exchanges like Binance and OKX could further drive its price as it becomes more accessible to retail buyers.
Following the claim process and potential listings on centralized exchanges, Sponge will launch its game, where players can collect rewards by racing around Bikini Bottom. With its dual-revenue staking and gaming model, $SPONGE aims to disrupt larger market cap rivals like $PEPE, $DOGE, and $WIF.
Take advantage of the current opportunity to buy and stake $SPONGE before it gains mainstream attention. Stay updated and join the engaged community of 37,300 followers on X.
Please note that investing in crypto is high-risk, and this article is for informational purposes only and does not constitute investment advice. Capital loss is possible.