Thursday, May 16, 2024 – Sponge ($SPONGE), a popular new meme coin that has brought early supporters returns of 10,000%, has launched a social media poll asking the community for direction on how to distribute the project’s lucrative staking rewards.
The poll will run from May 16th to May 21st. It asks the Sponge community to decide between accessing the large volume of staking rewards immediately when the claim goes live at the end of May, to lock them for one month, or to vest the reward tokens linearly over either six months or a year.
It’s time to vote, #SPONGERS!!
Vote on the $SPONGE staking rewards claim structure below!
The poll closes on the 21st of May.
Absorb that DAMP! #SpongeV2 #Polygon #MemeCoins
— $SPONGE (@spongeoneth) May 16, 2024
Sponge recently moved from Ethereum to Polygon. As a result, there are three groups eligible to collect tokens through the claim process: those who bought tokens through the presale widget, those who bridged to Polygon before February 5th, and holders who didn’t bridge but who manually moved into a claim contract following a snapshot taken on February 5th after the $SPONGE V1 token was discontinued.
Those who held the V1 token on centralized exchanges before its discontinuation had their tokens swapped for the V2 token on Polygon, which also has $SPONGE as its ticker.
The team explained the pros and cons of each choice in the poll in a separate X post.
3⃣ 1 Month Locked
With this option, your staking rewards will be locked for one month before being fully available, ensuring initial stability post-claim.
4⃣ Instant Claim
This option allows you to claim all your staking rewards instantly, but keep in mind this may lead to high…
— $SPONGE (@spongeoneth) May 15, 2024
Staking rewards are just one reason investors are moving to Sponge in a bid to catch some potentially explosive price action before the presale concludes at the end of May.
What’s Different About Meme Coin Sponge?
With global crypto adoption continuing apace, investors are buying up Sponge before it gets listed on major exchanges in the hope that they’ve found the next viral Web3 meme coin.
$SPONGE is a unique project that comes with its own staking and video gaming community. In the coming weeks, people can expect two significant milestones: the long-awaited claim of the new Polygon $SPONGE token, and the release of an upcoming Sponge play-to-earn (P2E) game
Meme coins have been rallying and falling harder than most through Bitcoin’s 2024 rebound. The unpredictable price movements on all sides leave the industry wondering if it’s on the verge of another bull run.
Any crypto meme project that wants to survive the Darwinistic survival-of-the-fittest pre-adoption market has to offer a little more than just laughs if it’s aiming for longevity.
Investors believe $SPONGE is one such speculation. When it launched in May 2023, $SPONGE was priced at $0.000025. In less than a year, it has posted recent highs of $0.002763, or around 10,000% higher!
Clearly, early-stage supporters are beginning to care about $SPONGE.
King Charles approves $SPONGE #SpongeV2 #100x pic.twitter.com/j9Zy4RsJnZ
— $SPONGE (@spongeoneth) May 16, 2024
$SPONGE’S Voyage So Far
Launched with little-to-no fanfare, $SPONGE V1 won the hearts of investors by offering an alluring ecosystem with lots of opportunities for participants to put their time and money to work to claim staking rewards.
Foregoing a traditional prelaunch ICO in favor of direct listing, $SPONGE bounded out the starting gate with a discreet listing on Uniswap, before quickly spreading to centralized exchanges (CEXs) like Poloniex, MEXC, LBank, Gate.io, Toobit, and more.
$SPONGE rallied a humbling 4,000% and nearly hit a $100 million market cap less than a week after launch, on May 9th 2023.
The token recently upgraded (and migrated) to a V2 on Polygon, an Ethereum Layer 2 scaling solution. It is currently $0.001689 in a presale relaunch. This means those that held $SPONGE since the V1 launch, when it was priced at $0.000025, are now in profit by 6756%.
Although the move had been in the pipeline since January, a recent liquidity pool attack expedited it.
Still, the migration actually furthered the team’s plans by allowing it to deploy a huge early update to the protocol’s staking model and moving forward the still-unconfirmed launch date of the token’s eponymous P2E racing game.
Did you fade $SPONGE again, anon? #SpongeV2 #Crypto #ElonMusk pic.twitter.com/TPgxfIZRhF
— $SPONGE (@spongeoneth) May 16, 2024
$SPONGE’s Mission To Soak Up Value
$SPONGE’s V2 upgrade introduced a couple of key improvements, the foremost of which being a new staking model.
This rate yield varies according to the number of stakers and tokens locked up and currently sits at around 335%.
Meme coiners expect the number of staked tokens to increase in the coming weeks, particularly as Sponge gains even more traction within the meme sector.
That’s because the team hopes to list $SPONGE on some of the world’s biggest crypto exchanges, like Binance and OKX. The move could catalyze further explosive price action as the token becomes more accessible to everyday retail buyers.
After claim and potential CEX listings comes the Sponge-themed game, where players can race around Bikini Bottom collecting rewards.
With its dual-revenue staking and gaming model, $SPONGE is looking to seriously disrupt low-utility larger market cap rivals like $PEPE, $DOGE and $WIF.
Take advantage of this window of opportunity to buy and stake $SPONGE before exchange listings take the project mainstream.
Stay updated and join the engaged community of 37,300 followers on X.
Buy And Stake SPONGE On The Website
The post After Bringing 10,000% Returns to Early Supporters, Gaming Meme Coin $SPONGE Polls X Followers About Lucrative Staking Rewards appeared first on Cryptonews.
