Thursday, October 26, 2023 – Meme coin $SPONGE’s price is up 26% in the past seven days to $0.000117 after announcing the introduction of staking, to take place on November 1st.
With only six days to go, the staking news is attracting buyers to the Sponge project, which was created as a homage to the SpongeBob cartoon character, although it has no affiliation with Nickelodeon.
There are no specific details as yet about the annual percentage yield or lock-up periods, however, $SPONGE staking provides all token holders with a way to earn a yield from their digital asset.
The timing of the introduction of the staking service couldn’t have been better as it coincides with an ‘everything’ rally in the meme coin sector, not to mention the broader crypto world.
Meme coins are catching fire and $SPONGE is a prime candidate for altcoin season mega returns
The $SPONGE price has bounced hard off its all-time lows, which makes it a prime target for investors looking to dollar-cost averaging into the market.
$SPONGE should definitely be on the altcoin season target list for savvy investors doing some bottom-fishing, as that’s where the largest upside is likely to be – especially in the meme coins scene.
Meme coins continue to be one of the hottest sectors in the market and the green tide of recent days across top coins is a testament to that.
When we factor in the work that the team is now doing to stimulate positive price action, as witnessed in the staking news, and rumors of other plans in the offing, buying $SPONGE today is a smart move.
Shiba Inu, Dogecoin, Pepe Floki price pumping… and $SPONGE has started its march back to its $0.0023 all-time high
Shiba Inu and Dogecoin are both up 8% today while Pepe and Floki have put on more than 20%.
Pepe has almost doubled in value in the space of a week. Meanwhile, the second-most valuable meme coin Shiba Inu, with a market cap of $4.7 billion, has risen 18% over the same period to $0.000007991.
Meme coin trading volume has spiked 72% in the past 24 hours.
When $SPONGE launched five months ago it reached an all-time high (ATH) of $0.0023.
Although it has come off the boil since then, a redoubling of efforts to recapture that value is in the works, according to sources close to the team.
The attraction of meme coins resides in their potential to ignite the growth of virally based communities of ardent followers.
But underneath that is the hyper-speculative urge to jump on board the next coin to deliver 1,000x returns or more, as has happened with all the named coins.
But in some respects the higher the price is now, the lower the future risk-reward potential, which means it is the bubbling-under coins that are often the ripest for a price explosion.
$SPONGE staking to be followed by more product development – burning, buybacks, Layer 2, games, DeFi…?
Clearly, the launch of staking is one way to boost value for token holders. However, there are other ways the team might be exploring to enhance the value of the Sponge project.
Although there are no public statements available to confirm any future plans beyond staking, areas such as gaming could be explored as well.
Some financial engineering of token economics such as burning tokens and buybacks might be another possibility.
Shiba Inu is attempting to pivot into gaming and DeFi with its launch of Shibarium, an Ethereum Layer 2 protocol. A similar move on Sponge’s part would require major development resources but could be well worth the effort.
As the crypto winter thaws and the beginnings of a new bull run show green shoots, a new breed of crypto investor is on the lookout for coins that have meaningful utility, and that goes for meme coins too.
Staking is a great start in that direction and will certainly make the $SPONGE token much more attractive to hold for the long term.
🚀 Big News, #SPONGERS! 🧽
Starting November 1st, you can STAKE your $SPONGE tokens and dive deep into passive rewards! 🌊💰
Get ready to soak up the damp! 🚢💦
— $SPONGE (@spongeoneth) October 21, 2023
After Shiba Inu rumors, is there a major partnership looming?
There’s also talk of partnerships with other projects where there might be mutually beneficial synergies.
A high-profile partnership deal could take the coin to the next level very quickly, especially if combined with product launches and design enhancements that are laser-focused on the aim of boosting the price.
And the commitment of the team to bring forward more price-supportive initiatives and products could help drive interest and market momentum for the coin.
Airdrop entries close on October 30 so don’t miss out on free $SPONGE
Last but not least, Sponge has an airdrop ongoing, entries for which end on October 30, with the winners of the airdrop chosen on November 1.
As much as 10% of the total token supply might have been allocated to the airdrop.
Instructions to enter can be found in $SPONGE’s official discord channel.
📅 Entries open until Oct 30th
🎉 Winners selected on Nov 1st
— $SPONGE (@spongeoneth) October 13, 2023
Other meme projects have successfully ignited more interest in their tokens by implementing features such as token staking, token buybacks, or even by launching dApps that are powered by the meme project’s native token.
Could $SPONGE’s utility as a meme coin be about to go ballistic? It seems highly likely.
$SPONGE 20x gains are up for grabs for new buyers
As per DEXTools, $SPONGE’s market cap was last a modest $2.74 million, very low considering the token has $3.4 million in liquidity and 11,400 holders.
HODLers and liquidity miners still clearly believe that $SPONGE has a lot of potential.
The new staking utility is already drawing in new buyers and that’s expected to continue when staking goes live, and also as a result of more product development and possible major partnerships.
The chances of $SPONGE rallying back to its all-time high price of $0.0023 are strong, which will deliver a gain of more than 20x.
With more product news to come, a 20x gain could be a conservative forecast of where the $SPONGE price may be headed as the altcoin season kicks into a higher gear.
It’s not too late to absorb the damp!
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