Holders of multi-million dollar gaming meme coin $SPONGE vote for instant staking rewards
The community of popular meme coin $SPONGE voted to gain instant access to the project’s generous staking rewards, with early backers of the coin receiving returns as high as 10,000%.
This means that all accumulated staking rewards will be paid to $SPONGE holders after claim rewards go live at 10am UTC on May 30th.
Sponge polled fans of its X platform between May 16 and May 21, asking the community if they wanted massive staking rewards immediately, locking them up for a month, or releasing rewards linearly over six months or a year. The logic of community voting is explained in a follow-up post, mainly for price stability.
However, a near-unanimous 85.5% of voters chose to claim rewards immediately to immediately take advantage of the project’s generous dynamic rate of return, which currently provides stakers on Polygon with an annualized return rate (APY) of 326%.
$SPONGE recently migrated from Ethereum to Polygon. Three groups are eligible to claim rewards on May 30: those who purchased tokens through the pre-sale gadget, those who bridged to Polygon before February 5, and those who did not bridge after the snapshot was taken on February 5 Those who hold $SPONGE V1 tokens.
The last group can receive an equal amount of Polygon $SPONGE V2 tokens, but without additional staking rewards.
Those holding V1 tokens on centralized exchanges redeemed V2 $SPONGE tokens on Polygon before they were discontinued.
Outstanding returns are just one reason why investors are turning to Sponge to capture potentially explosive price moves. In the coming months, $SPONGE will play a central role in the most exciting new staking/gaming/memecoin ecosystem in crypto.
Sponge: Meme Coin with a Plan
$SPONGE is a unique project that has organically built its staking and gaming community through word-of-mouth, generous incentives, and viral marketing. Three important milestones are approaching: the long-awaited claim for the new Polygon $SPONGE token on May 30, the listing of the top centralized exchange (CEX), and the upcoming release of the Sponge video game.
Meme coins have absorbed and squeezed more value than most projects during Bitcoin’s 2024 rally. Their bizarre price swings often leave the industry wondering whether another bull market is on the horizon.
Investors believe that $SPONGE is one such potential speculative project. Since its launch in May 2023, the price of $SPONGE is $0.000025. In less than a year, its price has risen to a recent high of $0.002763, a gain of approximately 10,000%.
Clearly, early backers hope $SPONGE can establish itself as a significant player in the meme coin space.
$SPONGE’s Undersea Journey
$SPONGE V1 had almost no upfront publicity but quickly won the hearts of investors by providing an attractive ecosystem. In this ecosystem, participants have many opportunities to gain rewards by investing time and money.
Abandoning the traditional ICO pre-sale and choosing direct listing, $SPONGE quickly expanded to centralized exchanges (CEX) like Poloniex, MEXC, LBank, Gate.io, Toobit and other centralized exchanges (CEX) after being quietly listed on Uniswap.
$SPONGE surged 4,000% in less than a week after its launch on May 9, 2023, reaching a market capitalization of almost $100 million.
The token was recently upgraded and migrated to Polygon, a widely used Ethereum Layer 2 scaling solution. Currently selling for $0.002103 in the pre-sale relaunch. For those investors who have held $SPONGE since V1 launched (when the price was $0.000025), the yield is now 8,414%.
While the chain migration plan has been in the works since at least January of this year, a recent liquidity pool attack has accelerated the process.
This migration actually advances the team’s plans to enable early deployment of major updates to the protocol’s staking model and increase returns. At the same time, the still-unconfirmed launch date of the token’s racing game of the same name has been advanced.
$SPONGE is sucking in millions
$SPONGE’s V2 upgrade introduces a number of key improvements, not the least of which is the new staking model.
This yield changes based on the number of stakers and the number of tokens locked, and is currently around 326% on Polygon. According to the website, up to 10 billion $SPONGE tokens have been pledged so far, with the total value of pledged and bridged tokens reaching $24 million.
It is likely that $SPONGE will soon be available on some of the world’s largest cryptocurrency exchanges, such as Binance and OKX. Listings on top centralized exchanges (CEXs) are an important part of the project’s roadmap, and these listings could catalyze further explosive price action as $SPONGE becomes more accessible to regular retail buyers.
Following claim and possible CEX listing, there will be a Sponge-themed game where players can race around Bikini Bottom and collect $SPONGE rewards.
With its dual-income staking and gaming model, $SPONGE is working hard to defeat inefficient large-cap memecoin rivals such as $PEPE, $DOGE, and $WIF.
Take advantage of this opportunity to buy and stake $SPONGE before it is listed on the exchange.
Buy $SPONGE: https://cn.cryptonews.com/ext/spongev2-cn/Original text: https://cn.cryptonews.com/news/holders-of-viral-multimillion-dollar-staking-gaming-meme- coin-sponge-vote-for-instant-staking-rewards.htm
