Meme Coin Sponge revisited its previous year’s 100x gains, surging 84% in 24 hours to $0.00114. This spike was fueled by excitement over its V1 to V2 bridging.
There’s now speculation about whether SPONGE V2 could mirror Pepe’s success and potentially see a staggering 4,046% increase in its price.
One YouTube crypto analyst points out that $SPONGE has advanced 10x from recent lows and looks well placed for even bigger gains ahead.
$SPONGE reached a high of $0.001214 in 2023, but broke through that level earlier today to make a new all-time high of $0.001248, killing a zero in the process by losing a decimal point.
Buyers have taken a breather but the intent is clear, so higher price highs are expected imminently.
To claim the new optimized-for-gaming SPONGE V2 token, the original V1 token needs to be staked. So far 4,180,869,939 tokens have been deposited in the bridging contract to the value of $4,503,802.76.
Once staked the tokens will automatically be bridged. The date of the bridging event is yet to be announced, so token holders are urged to keep an eye on the project socials: X and Telegram.
For those who want to gain exposure to SPONGE V2 and do not already own SPONGE V1, they must purchase the V1 version and then stake in the bridging contract, as explained on the Sponge.vip website.
On a technical view, the breach of resistance at the previous all-time high means that the token is ripe for further bullish progress.
Earn 386% per annum staking reward rate with SPONGE V2
Stakers are currently enjoying a reward rate of 387% – a yield that helps to explain the buying behind the price appreciation. Clearly, new money is coming into Sponge attracted by the new utility features of SPONGE V2.
Justin Sun owns $123,000 worth of SPONGE – will he be buying more V1 tokens to bridge to SPONGE V2?
Also helping to encourage bullish traders is the recent news that Tron founder Justin Sun appeared last week to be rotating out of bitcoin and into altcoins, with meme coins like $SPONGE V2 in the frame. Sun transferred $14 million from the Binance exchange, while the price of $SPONGE has jumped 178% in the past six days.
Analysis of wallets associated with the high-profile crypto entrepreneur suggests that tokens like $SPONGE, which has just embarked upon an upgrade to transform it into a games platform, will be in his sights.
Savvy crypto market participants are turning to meme coins because it is a sector that has established itself as the arena of choice for traders seeking eye-watering returns on investment.
Justin Sun made it known back in May 2023 that he was looking to buy up attractive meme coins. He posted on X in May that he was going to start “trading meme coins and promising projects”. Sun owns $123,000 worth of $SPONGE.
Data from crypto security firm PeckShield, revealed a transfer of 6,166 ETH from Binance to a wallet associated with Justin Sun. At current prices, the ETH transfer is valued at $14.7 million.
#PeckShieldAlert The address 0x9FCc…19Fe (Suspicious #JustinSun related) has withdrawn 6,166 $ETH (worth ~$13.8M) from #Binance pic.twitter.com/8jGbcwRvzg
— PeckShieldAlert (@PeckShieldAlert) December 26, 2023
Sun is already a holder of the Sponge coin. One wallet address (0x176f3dab24a159341c0509bb36b833e7fdd0a132), tagged as ‘Justin Sun 4’ on Etherscan, holds crypto to the value of $595 million and is where Sun holds his SPONGE tokens is held. Justin Sun holds 108 million SPONGE V1 valued at $123k.
Crypto sleuths are watching the wallet closely to see when he adds to his holding and bridges the token.
You can see the full token portfolio at debank.com:
Alongside Sponge, other top meme coins held by Justin Sun include SHIB ($5.4m), (FLOKI ($647k), BabyDoge ($428k) and PEPE ($61k). In May last year, Sun made it known that he was in the market for meme coins and more broadly the tokens of “promising projects”:
I’ve decided to begin actively trading meme coins and promising projects through my public address. Please note, I will personally bear all potential losses from these trades, and any profits made will be donated entirely to charity.
— H.E. Justin Sun 孙宇晨 (@justinsuntron) May 11, 2023
Another wallet address connected to Sun – 0x9fcc67d7db763787bb1c7f3bc7f34d3c548c19fe – holds crypto valued at $282 million, most of which is in ETH. Just a small fraction of that amount going into Sponge could send the price of Sponge to the moon.
But that’s not the only wallet address thought to be connected to Justin Sun. A second identifiable crypto wallet carries the public name tag ‘Justin Sun’ on Etherscan: 0x3ddfa8ec3052539b6c9549f12cea2c295cff5296. This wallet is valued at $19.9 million.
Now crypto watchers have spotted Sun making a huge move, in line with similar transactions by other whales readying for the next crypto bull run.
SPONGE trending in the top 10 hot pairs on Dextools – new ‘bigger and better’ exchange listings coming
There are now 12,100 holders of the SPONGE coin, according to Dextools data, but that figure excludes coins held on centralized exchanges and in the bridging contract.
Trading volume over record by Coinmarketcap for the past 24 hours has risen to $2.4 million, while Dextools measures total market capitalization at $40 million.
One other notable trending meme coin today is $MICKEY, launched by a fast-moving token issuer following the expiry of the copyright for the original version of the Disney cartoon character.
Also of interest in the top 10 hot pairs is $TGC, the token of the TG.Casino Telegram-based licensed casino and sportsbook that is beating GambleFi sensation Rollbit at its own game.
Meme coins’ popularity with traders has endured throughout the so-called ‘crypto winter’ bear market. Sponge has been no exception to this trend, as shown when it featured prominently in the prestigious New York magazine.
The article, published May 9, 2023, informed readers:
“Two meme-coin projects, one based on the amphibian Pepe and the other on SpongeBob, are currently enjoying a major speculative boom, both acting like it’s 2021 again. The demand is so wild that meme coins like these did $2.3 billion in volume last week.”
In addition to the attractive yield and the potential of gaming to generate substantial revenues, SPONGE V2 will also be launching on what the website describes as “bigger and better exchanges”.
The $SPONGE token is currently available on major exchanges such as Gate.io, MEXC, Bitget and Poloniex, but Tier 1 venues OKX, Kucoin and possibly Binance could be next to list.
Buy and stake $SPONGE today and it could set up crypto portfolios for spectacular alpha returns.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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