Newcomer meme coin Sponge is rallying hard after its $SPONGE V2 relaunch on Polygon.
The token has added 69% in the last 24 hours to trade at $0.000932 at the time of writing.
This is an eye-watering 3628% ROI for those who invested at its original launch price of $0.000025 in May last year.
Yesterday, the Ethereum-based ERC-20 token $SPONGE V1 was phased out.
In its place came $SPONGE V2 over on Ethereum’s Layer 2 sidechain, Polygon. The relaunch takes advantage of the scaling solution’s faster transaction processing and cheaper gas fees.
Although the migration has been in the pipeline since January, a recent liquidity pool attack expedited it.
This strategic pivot also brings forward the launch of the play-t0-earn racing game that the token will be an integral part of.
The companion game will see players competing with each other for ranks on a global leaderboard. Racing rewards are paid out in SPONGE V2.
Holders can reap more fruits from their $SPONGE by staking it on Polygon for returns of over 7,000%—head and shoulders above the yield for those who staked on Ethereum, who still got a heady 200% by locking up their cash. To date, the community has collectively staked nearly 8 million tokens.
The staking model means that this rate isn’t fixed. It fluctuates depending on the number of tokens staked and for how long. Meaning that if the project takes off in a big way, the sky is the limit.
Acquiring SPONGE V2
Trading of SPONGE V1 on centralized exchanges halted on Monday the 5th of February at 11:00 PM UTC. Those holding tokens on the exchanges were urged to withdraw their holdings and stake them through the Sponge website. Doing so before the cutoff meant they would automatically receive 1:1 SPONGE V2 to start trading and earning staking rewards.
Holders who self-custody or use other decentralized methods to store their Sponge can stake it through the Sponge website.
1⃣ All decentralised non staked V1 holders will be able to claim equivalent V2 tokens after the claim goes live via our website.
2⃣ The new tradable V2 pool has been created at the same price as V1 before it was discontinued. This enables keen #SPONGERS to…
— $SPONGE (@spongeoneth) February 6, 2024
The relaunched token began trading yesterday at the same price as its previous iteration to ensure a seamless transition. At its height, SPONGE had a market capitalization of $100 million between 13,000 holders.
SPONGE fans are keenly hoping their favorite meme coin will flip its all-time high of $0.0012 set on January 8th this year. With the token’s new staking model, the benefits offered to it by the Polygon network, and the prospect of a video game round the corner, there’s plenty of cause for optimism.
Those who were unable to purchase and stake SPONGE V1 tokens before the deadline to claim the token’s new iteration can still buy SPONGE V2 over on Spongetoken.vip.
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