Thursday, October 26, 2023 – Meme coin $SPONGE’s value is up 26% up to now seven days to $0.000117 after asserting the introduction of staking, to happen on November 1st.
With solely six days to go, the staking information is attracting patrons to the Sponge project, which was created as a homage to the SpongeBob cartoon character, though it has no affiliation with Nickelodeon.
There aren’t any particular particulars as but in regards to the annual proportion yield or lock-up durations, nonetheless, $SPONGE staking offers all token holders with a option to earn a yield from their digital asset.
The timing of the introduction of the staking service couldn’t have been higher because it coincides with an ‘every thing’ rally within the meme coin sector, to not point out the broader crypto world.
Meme cash are catching fireplace and $SPONGE is a main candidate for altcoin season mega returns
The $SPONGE value has bounced onerous off its all-time lows, which makes it a main goal for traders trying to dollar-cost averaging into the market.
$SPONGE ought to positively be on the altcoin season goal checklist for savvy traders doing a little bottom-fishing, as that’s the place the biggest upside is more likely to be – particularly within the meme cash scene.
Meme cash proceed to be one of many hottest sectors available in the market and the inexperienced tide of current days throughout high cash is a testomony to that.
After we issue within the work that the group is now doing to stimulate constructive value motion, as witnessed within the staking information, and rumors of different plans within the offing, shopping for $SPONGE at the moment is a great transfer.
Shiba Inu, Dogecoin, Pepe Floki value pumping… and $SPONGE has began its march again to its $0.0023 all-time excessive
Shiba Inu and Dogecoin are each up 8% at the moment whereas Pepe and Floki have placed on greater than 20%.
Pepe has nearly doubled in worth within the area of every week. In the meantime, the second-most helpful meme coin Shiba Inu, with a market cap of $4.7 billion, has risen 18% over the identical interval to $0.000007991.
Meme coin buying and selling quantity has spiked 72% up to now 24 hours.
When $SPONGE launched 5 months in the past it reached an all-time excessive (ATH) of $0.0023.
Though it has come off the boil since then, a redoubling of efforts to recapture that worth is within the works, in keeping with sources near the group.
The attraction of meme cash resides of their potential to ignite the expansion of virally based mostly communities of ardent followers.
However beneath that’s the hyper-speculative urge to leap on board the subsequent coin to ship 1,000x returns or extra, as has occurred with all of the named cash.
However in some respects the upper the value is now, the decrease the long run risk-reward potential, which implies it’s the bubbling-under cash which are typically the ripest for a value explosion.
$SPONGE staking to be adopted by extra product growth – burning, buybacks, Layer 2, video games, DeFi…?
Clearly, the launch of staking is one option to increase worth for token holders. Nonetheless, there are different methods the group may be exploring to reinforce the worth of the Sponge project.
Though there aren’t any public statements obtainable to substantiate any future plans past staking, areas comparable to gaming may very well be explored as effectively.
Some monetary engineering of token economics comparable to burning tokens and buybacks may be one other risk.
Shiba Inu is trying to pivot into gaming and DeFi with its launch of Shibarium, an Ethereum Layer 2 protocol. An identical transfer on Sponge’s half would require main growth assets however may very well be effectively well worth the effort.
Because the crypto winter thaws and the beginnings of a brand new bull run present inexperienced shoots, a brand new breed of crypto investor is looking out for cash which have significant utility, and that goes for meme cash too.
Staking is a superb begin in that path and will definitely make the $SPONGE token way more engaging to carry for the long run.
🚀 Huge Information, #SPONGERS! 🧽
Beginning November 1st, you may STAKE your $SPONGE tokens and dive deep into passive rewards! 🌊💰
Prepare to absorb the damp! 🚢💦
— $SPONGE (@spongeoneth) October 21, 2023
After Shiba Inu rumors, is there a significant partnership looming?
There’s additionally speak of partnerships with different initiatives the place there may be mutually useful synergies.
A high-profile partnership deal may take the coin to the subsequent stage in a short time, particularly if mixed with product launches and design enhancements which are laser-focused on the goal of boosting the value.
And the dedication of the group to carry ahead extra price-supportive initiatives and merchandise may assist drive curiosity and market momentum for the coin.
Airdrop entries shut on October 30 so don’t miss out on free $SPONGE
Final however not least, Sponge has an airdrop ongoing, entries for which finish on October 30, with the winners of the airdrop chosen on November 1.
As a lot as 10% of the overall token provide might need been allotted to the airdrop.
Directions to enter could be present in $SPONGE’s official discord channel.
📅 Entries open till Oct thirtieth
🎉 Winners chosen on Nov 1st
— $SPONGE (@spongeoneth) October 13, 2023
Different meme initiatives have efficiently ignited extra curiosity of their tokens by implementing options comparable to token staking, token buybacks, and even by launching dApps which are powered by the meme venture’s native token.
Might $SPONGE’s utility as a meme coin be about to go ballistic? It appears extremely doubtless.
$SPONGE 20x positive aspects are up for grabs for brand new patrons
As per DEXTools, $SPONGE’s market cap was final a modest $2.74 million, very low contemplating the token has $3.4 million in liquidity and 11,400 holders.
HODLers and liquidity miners nonetheless clearly imagine that $SPONGE has numerous potential.
The brand new staking utility is already drawing in new patrons and that’s anticipated to proceed when staking goes stay, and in addition because of extra product growth and attainable main partnerships.
The probabilities of $SPONGE rallying again to its all-time excessive value of $0.0023 are robust, which can ship a acquire of greater than 20x.
With extra product information to come back, a 20x acquire may very well be a conservative forecast of the place the $SPONGE value could also be headed because the altcoin season kicks into a better gear.
It’s not too late to soak up the damp!