Top Meme Coin Sees Price Growth As Investors Brace For 11PM Sponge V2 Bridging Deadline – Only Hours Left to Stake
Monday, February 5, 2024 – Leading 2024 meme coin Sponge token is racing towards its Sponge v1 staking deadline at 11PM UTC – so don’t miss out on your last chance to stake and qualify for Sponge V2.This comes as the highly anticipated deadline for the transition from Sponge V1 to Sponge V2, to facilitate its new gaming ecosystem, is due to take place at 11:00PM on Monday, February 5th.This migration from Ethereum to Polygon marks the end of the first iteration of the much-loved Sponge V1 token, which is due to be phased-out and defunded later today, and heralds the arrival of the successor V2 token.
Deadline: 5th February 11 PM UTC
— $SPONGE (@spongeoneth) February 5, 2024
Analysis of the decision to migrate to a new token has seen the move labeled ‘bullish’ by crypto analysts, with the transition aiming to migrate the community onto a more secure and efficient blockchain environment.
The decision was expedited following an exploit against the original Sponge smart contract – which necessitated an accelerated move to V2 due to a liquidity unlock set for February 6th.
By moving to the Polygon network, Sponge V2 not only delivers cheaper and faster transactions, but also limits the scope of impact from the ERC-20 smart contract hack.
Yet, the benefits of the transition to a Polygon-based model don’t stop there, with the change to Layer-2 likely to bolster the project’s plan to deliver a decentralized play-to-earn game.
Indeed, while a MATIC transaction costs between 0.1 and 0.5 MATIC (around $0.077-$0.30 USD), an Ethereum transaction typically costs around $2.50 USD – highlighting the huge savings afforded by the move.
Investors Flood Through The Door: Less Than 12-Hours To Stake SPONGE Token Until Polygon Migration
The race to secure a slice of the Sponge V2 pie is on, and in order to secure the new Sponge V2 tokens, holders and investors have two options available.For new entrants, Sponge V2 tokens can be acquired with a simple purchase using ETH, USDT, or fiat via the Sponge.vip website. Purchased tokens must be staked, however, in the official staking pool to be redeemed 1:1 for Sponge V2 tokens.For the 13,000 long-standing holders of the original $SPONGE token, any holdings must be bridged to Sponge V2 via the straight-forward staking mechanism.Trading on centralized exchanges will also cease after today, and holders are being asked to withdraw their $SPONGE tokens from exchanges and stake them on https://spongetoken.vip/ before the snapshot deadline at 11PM UTC tonight.For those that fail to stake their tokens, V2 swaps are still available, although at a standardized 1:1 swap ratio – without additional token yield from the staking mechanism.Indeed, the numbers speak for themselves, with the novel staking mechanism gaining major traction due to the eye-catching 211% staking APY – which offers a market-defying opportunity to supersize returns on the short timeframe.A significant 7,676,212,335 $SPONGE tokens are already poised for bridging to Sponge V2 as the Sponge community embraces the move (valued at a whopping $5.7m USD).
Meme Coin Markets Rally As Optimism Grows For Sponge V2 Token
Amid the burgeoning success of the Sponge V2 transition, market confidence has grown in the Sponge project, and this has led to token value appreciation over the past week.Currently trading on a week-on-week gain of +13.3%, Sponge token is standing at a market price of $0.0006784 ahead of the end of the V1 staking.This sees Sponge token trading at a premium to comparably popular meme coins such as Shiba Inu (SHIB), which has seen losses of -0.65% in the same time period.
Sponge token’s strong outperformance has been fuelled predominantly by anticipation of a second Sponge bull-run this year following the transition.Traders are expecting Sponge V2 to parrot the incredible surge up to $100M market cap that was undertaken by the original Sponge token in Spring 2023.
So don’t miss out on the most anticipated meme coin vertical shake-up of February 2024.