Sponge ($SPONGE), a popular meme coin that has brought significant returns to early supporters, has announced that it will be distributing its staking rewards instantly. Following a community vote, it was decided that all accrued staking rewards will be paid out to $SPONGE holders on May 30 at 10AM UTC.
The community vote, which took place between May 16 and May 21, gave followers three options: immediate access to staking rewards, locking the rewards for a month, or vesting the rewards linearly over six months or a year. The overwhelming majority, 85.5%, voted for instant claim in order to take advantage of the project’s high rewards rate, which currently stands at 326% APY for stakers on Polygon.
$SPONGE recently migrated from Ethereum to Polygon, and three groups of people are eligible to claim tokens on May 30: those who bought tokens through the presale widget, those who bridged to Polygon before February 5th, and holders who were captured in a snapshot taken on February 5th. The last group can claim an equitable number of Polygon $SPONGE V2 tokens without any additional staking rewards.
Sponge has gained popularity not only for its lucrative rewards, but also for its plans to become a leading player in the staking, gaming, and meme coin ecosystem. As crypto adoption continues to grow, investors are eager to get in on the action before $SPONGE is listed on major exchanges.
$SPONGE is a unique project that has organically built a strong community through word-of-mouth, incentives, and viral marketing. The project has three major milestones ahead: the claim of the new Polygon $SPONGE token, listings on top-tier CEX exchanges, and the release of a Sponge video game.
Meme coins like $SPONGE have shown significant value appreciation in recent times, and investors believe that $SPONGE has the potential to become a long-term player in the market. Since its launch in May 2023, $SPONGE has seen returns of around 10,000%, with its price reaching recent highs of $0.002763.
$SPONGE started off with a discreet listing on Uniswap before quickly expanding to centralized exchanges such as Poloniex and Gate.io. The project has recently upgraded to a V2 token on Polygon, which has further enhanced its reward rate. Currently, around 10 billion $SPONGE tokens have been staked, with a total value of $24 million.
With its unique staking and gaming model, $SPONGE aims to disrupt larger market cap meme coin rivals and is expected to gain further traction in the coming weeks. The project is also eyeing listings on major exchanges like Binance and OKX, which could drive further price growth.
Investors are encouraged to take advantage of the current opportunity to buy and stake $SPONGE before it becomes more mainstream.
