Is SPONGE V2 the Next Pepe? Speculation Points to Massive Price Increase

Is SPONGE V2 the Next Pepe? Speculation Points to Massive Price Increase

SPONGE, the meme coin that gained massive attention last year with 100x gains, is back in the spotlight as it surges 84% in just 24 hours, reaching $0.00114. The excitement surrounding its upcoming V1 to V2 bridging has fueled this surge and has even sparked speculation about the potential for a staggering 4,046% increase in its price, comparable to the success of Pepe. A YouTube crypto analyst believes that SPONGE has the potential for even bigger gains in the future, as it has already advanced 10x from recent lows.

SPONGE has already reached a high of $0.001214 in the past, but it recently surpassed that level, setting a new all-time high of $0.001248. This breakthrough indicates that the token is ready for further bullish progress. Buyers have momentarily taken a breather, but the intention to push the price even higher is evident. With the current momentum, it is expected to reach even higher price highs imminently.

To claim the new SPONGE V2 token optimized for gaming, holders of the original V1 token need to stake their tokens. So far, over 4.1 billion tokens, valued at $4.5 million, have been deposited in the bridging contract. The exact date of the bridging event is yet to be announced, so token holders are advised to stay updated on the project’s social media channels such as X and Telegram. For those who wish to gain exposure to SPONGE V2 but do not already own SPONGE V1, they will need to purchase the V1 version and stake it in the bridging contract as explained on the Sponge.vip website.

The breach of resistance at the previous all-time high is a positive technical sign for SPONGE. Currently, stakers are enjoying a reward rate of 387%, which explains the buying pressure behind the price appreciation. The introduction of new utility features in SPONGE V2 has attracted new investors and helped fuel its bullish progress. Additionally, recent news of Tron founder Justin Sun shifting his focus from Bitcoin to altcoins, particularly meme coins like SPONGE V2, has further encouraged bullish traders. Sun’s transfer of $14 million from the Binance exchange coincided with a 178% price jump in $SPONGE within the last six days.

It is worth noting that Justin Sun has expressed interest in meme coins, including SPONGE. He holds 108 million SPONGE V1 tokens worth around $123,000. Furthermore, Sun owns other meme coins such as SHIB, FLOKI, BabyDoge, and PEPE, as part of his diverse token portfolio. His involvement in the meme coin sector indicates the potential for significant price movements, as his actions have historically influenced the crypto market.

With several wallet addresses associated with Justin Sun, the movement of even a small fraction of his considerable holdings into SPONGE could significantly impact its price. Speculation about Sun’s possible investment in SPONGE has attracted the attention of crypto watchers who are carefully monitoring the wallet addresses connected to him. Sun’s interest in meme coins dates back to May 2023 when he publicly stated his intention to start trading meme coins and promising projects.

Meme coins have gained substantial popularity among traders seeking high returns on investment. Despite the bear market conditions, meme coins like SPONGE have managed to maintain their appeal. This niche market has even attracted the attention of prominent publications like the New York magazine, further solidifying the position of meme coins as a legitimate investment option.

SPONGE V2 is set to launch on “bigger and better exchanges” in addition to its current availability on major platforms such as Gate.io, MEXC, Bitget, and Poloniex. Tier 1 exchanges like OKX, Kucoin, and possibly Binance are being considered for listing as well. This expansion, combined with the attractive yield and the gaming potential of SPONGE V2, positions the token for spectacular returns in crypto portfolios.

The rise of SPONGE V2 and its potential to mirror the success of Pepe has generated significant excitement within the crypto community. The bridging event and the influx of new money, including the interest from Justin Sun, have propelled the token’s price to new all-time highs. With its optimized gaming features, further utility, and upcoming listings on prominent exchanges, SPONGE V2 presents an enticing investment opportunity for those looking for substantial returns in the meme coin sector. As always, it is important to conduct thorough research and consider the risks before investing in any cryptocurrency.

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