Crypto whales are quickly accumulating Sponge token (SPONGE V2) in anticipation of listings on major exchanges.
Sponge’s price analysis suggests this could trigger big price moves in the weeks to come.
This surge in interest follows the successful migration of the Sponge ecosystem, which involved the re-launch of the esteemed 2023 SPONGE token on the Polygon network under the new moniker SPONGEV2.
GM #SPONGERS!
Did someone say moon?
Trade $SPONGE on @dexscreener https://t.co/mRRzvNqdpm#MemeCoin #Crypto #Altcoins #Bullish #100x pic.twitter.com/iVOCDTYMVz
— $SPONGE (@spongeoneth) March 8, 2024
What Is SPONGEV2 and How Could It Repeat The Success of SPONGE V1?
Sponge V1 made its debut during the bear market of May 2023, a fair launch token that instantly captivated meme coin virality due to its nostalgic and catchy namesake.
In a dramatic climb, the first SPONGE token exploded to become on of the biggest meme coin launches of the year – hitting an all-time high market cap of over $100M and generating a community of more than 13,000 holders (and an additional 30,000 followers on social media).
Much of these major price gains were fuelled by listings on more than 10 centralized exchanges, including LBank, Toobit, CoinW, BTCEX, Poloniex, MEXC, Gate.io, Bitget, BitKan, and BitMart.
And this is why crypto whales are now betting big on SPONGE V2.
Sponge V2 was not a traditional launch, to acquire this new token – early holders had two options – either buying SPONGE V1 and then staking it through the Sponge website, or, staking already held SPONGE V1.
The SPONGE V2 airdrop saw tokens distributed based upon the quantity and length of time V1 tokens were staked.
But the hype behind SPONGE V2 doesn’t stop at the network migration it also seeks to deliver Play-to-Earn (P2E) utility to the Sponge ecosystem.
SPONGE V2 Play-2-Earn Promise Could Supercharge Ecosystem
The Sponge V2 team is developing a bespoke Play-to-Earn (P2E) game, bringing an exciting new utility to the token.
Users will have the opportunity to earn $SPONGEV2 tokens by playing the game and ranking on the leaderboard.
The game will feature both free and paid versions, allowing users to play for fun or use $SPONGEV2 tokens to purchase game credits for additional in-game earnings.
SPONGE V2 Price Analysis: As SPONGE V2 Climbs To $1M Market Cap – Could It Repeat 100X?
At the time of writing, SPONGE V2 is currently trading at a market price of $0.003087 (representing a 24-hour change of -7.14%).
This comes as price continues to wrestle with a minor -26% localized retracement move after rising to establish a new early-stage all-time high at $0.004240 on March 9.
Now in consolidation, SPONGE V2 has established a well-defended lower support zone between $0.0027 and $0.0031 over the past week – priming price action for its next leg-up.
Upside movements are now targeting a pushback above higher supper at $0.00365 as buy-pressure remains dominant over the past 24-hours representing 59% of transactions.
Overall, price analysis leaves SPONGE V2 in a bullish ascendant trading channel in the weekend, with price primed for a bounce ahead of major exchange listings following a successful consolidation.
Still representing a fantastic entry at $1.1m – if crypto whales are right – this project could undertake as much as a 100x return from current levels (based on historical market caps).
The Bottom Line
As Sponge V2 heads towards major exchange listings, crypto whales are rushing to accumulate in anticipation of major gains, bringing a new chapter to the already remarkable history of SPONGE token.
The team’s commitment to utility, staking, and a P2E game makes Sponge V2 a project to watch closely.
Stay tuned for updates on social channels and witness the evolution of Sponge in the crypto seas.
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