Meme Mania has returned to the broader crypto market. Could Sponge V2 be the next billion-dollar meme coin for 2023? The project has just launched its stake-to-bridge platform, enabling investors to secure early access before exchange listings.

In this guide, we explain how to buy Sponge V2 tokens in under 10 minutes. We also explore why Sponge V2 could be even more successful than Sponge V1 – which produced 100x gains early this year.

What is Sponge V2?

Sponge V2 is the second edition of Sponge; a popular meme coin that exploded in May 2023. To understand why Sponge V2 could be the next crypto to explode, let’s take a step back. For those who missed the action earlier this year, Sponge V1 went from a market capitalization of $1 million to $100 million in days.

Those who bought Sponge V1 made returns of 100x, meaning $1,000 for every $10 invested. Sponge V1 offered no token use cases or utility. It’s a ‘true’ meme coin based on SpongeBob; the popular cartoon franchise. So where does Sponge V2 fit into the broader Sponge vision?

Put simply, Sponge V2 is the next chapter of the original Sponge. Similar to V1, Sponge V2 will rely on its community-building and marketing expertise. It will create similar, if not even greater levels of hype and FOMO. This means partnering with leading crypto news publications, influencers, and Reddit communities.

The idea is simple; hype leads to FOMO, which results in significant upside potential. Sponge V2 is now available to buy. However, the only way to gain access is through a stake-to-bridge model. First, investors need to ‘bridge’ Sponge V1. The V1 tokens will be locked forever.

Investors will then receive staking rewards – distributed in Sponge V2. Rewards will be paid over four years. That said, investors will receive their first batch of V2 tokens before they are listed on crypto exchanges. The Sponge V2 team has big ambitions in this regard. The aim is to become one of the next upcoming Binance listings, alongside other tier-one exchanges.

 

How Sponge V2 Works

We’ve explained that Sponge V2 is a new meme coin, continuing the success of Sponge V1. Let’s take a closer look at the specifics. First and foremost, Sponge V2 is backed by the same team behind Sponge V1. The focus will shift entirely to V2. The team has already proven itself in the meme coin niche. After all, it helped early backers make a 100x return on their original investment.

What’s more, Sponge V1 has secured over 11,300 token holders, as per EtherScan. This reiterates Sponge’s ability to build a large community following in a short period. Most V1 holders will likely bridge to V2, so the new project already has a ready-made community of investors.

Meme Coin Mania is Back

Although Bitcoin still trades below its former all-time high, there’s no denying that Meme Coin Mania is back. Throughout 2023, we’ve seen many meme coins explode in value.

First, we had Bonk. Launched on December 31st, 2022 – Bonk is now trading almost 20,000% higher.
Then we had Pepe – a popular meme coin based on Pepe the Frog. As per Reuters, Pepe Coin increased by over 7,000% in April 2023. This was achieved in under three weeks.
After that, Sponge became one of the best meme coins to buy. Several days after its May 2023 launch, Sponge increased by 10,000%.

These are just a few examples of high-growth meme coins; there are many more. Nonetheless, some analysts believe that Sponge V2 could be next. It’s entering the market at the perfect time. Not only is the broader crypto market bullish, but there are some key events lined up next year.

This includes Bitcoin’s next halving event, plus the expectation of a Bitcoin ETF approval from the SEC. This will bode well for Sponge V2. After all, when Bitcoin enters a bullish cycle, significant amounts of capital flow into meme coins. This is exactly what happened during the prior bull cycle, with Shiba Inu increasing by millions of percent from its initial listing price.

Play-to-Game Offers Increased Exposure 

Unlike the original Sponge, V2 is developing a fun play-to-earn game for token holders. First, players will purchase gaming credits with $SPONGEV2. Players will then earn additional $SPONGEV2 tokens as they progress through the game.

Not only does this offer a use case for holders but it can help attract new buyers. The play-to-earn game also offers an additional angel when marketing the project to investors.

Tier-One Exchanges Continue to List Meme Coins 

One of the most effective ways to produce returns of 100x or more is to secure tier-one exchange listings. Historically, leading exchanges were reluctant to add unproven meme coins, citing increased volatility and speculation. Recently, however, there’s been a complete sea change.

For instance, we mentioned earlier that Sponge V1 is already available on Gate.io, MEXC, and other high-volume exchanges. Similarly, Bonk is listed on Binance, KuCoin, and even Coinbase. Pepe has also secured many tier-one listings, including Binance, Kraken, and Gemini.

Sponge 2 aims to be listed on all of the aforementioned exchanges. Considering its huge global community and increased public exposure, Sponge 2 has every chance of achieving this goal.

Tokenomics and Stake-to-Bridge Model

Sponge V2 has a total supply of 150 billion tokens. 26.93%, or 40.4 billion $SPONGEV2 tokens, will be available to early investors. The balance will be allocated to staking income, CEX liquidity, marketing, game development, and play-to-earn rewards. Sponge V2 operates on the Ethereum blockchain, meaning it can be stored in the best ERC-20 wallets.

Sponge V2 won’t be running an initial coin offering (ICO), presale, or any other conventional fundraising campaign. On the contrary, the only way to buy Sponge V2 is via its stake-to-bridge model.

This model supports two different investment methods:

Sponge V1 Holders: Those who already own Sponge V1 tokens can stake them on the Sponge website. The V1 tokens will be locked indefinitely. This means the staking rewards are paid in Sponge V2.
New Investors: Those without Sponge V1 tokens will need to add an extra step to buy Sponge V2. On the Sponge website, new investors need to swap ETH or USDT for Sponge V1. These tokens are locked forever, with staking rewards being paid in Sponge V2.

How to Buy Sponge V2 Tokens ($SPONGEV2) Guide

We’ll now explain how to buy Sponge V2 tokens in under 10 minutes.

If you already hold Sponge V1, scroll down to the section: What If I Already Have Sponge V1?

Step 1: Download MetaMask

First, you’ll need a reputable crypto wallet. This enables you to invest in Sponge V2 and safely store your tokens.

The Sponge V2 website supports the best crypto wallets via WalletConnect. However, the best option is MetaMask. Not only is MetaMask free and secure, but it’s available on many device types and operating systems.

This includes browser extensions for Chrome, Firefox, Edge, Brave, and Opera. It also comes as an Android and iOS app. We’d suggest opting for a browser extension, as the Sponge V2 investment process is a lot more seamless.

Download and install MetaMask, before choosing a password. When prompted, write down your unique 12-word recovery phrase.

Step 2: Add Crypto to MetaMask

You’ll need some cryptocurrencies in your MetaMask wallet before buying Sponge V2. The Sponge V2 website accepts two cryptocurrencies; Ethereum and Tether. If you already have one of these coins in your MetaMask wallet, move to the next step.

If not, you can buy Ethereum or Tether from any reputable exchange. You can then withdraw the tokens from the exchange to MetaMask.

MetaMask also supports debit/credit card facilitates via third-party processors. This means you can indirectly buy Ethereum or Tether. This is the fastest option, but processing fees of at least 3% will apply. After completing the purchase, the coins will be added to your MetaMask wallet automatically.

Step 3: Connect MetaMask to Sponge V2 Bridge 

Head over to the Sponge V2 websiteclick ‘Connect Wallet’ followed by ‘MetaMask’. Open your MetaMask wallet and confirm the connection to Sponge V2.

Step 4: Buy and Stake Sponge V2 

Look for the order form at the top of the Sponge V2 website. Select the cryptocurrency you’re using to invest (Ethereum or Tether). Next, type in the number of coins you’re swapping.

For instance, we’re buying 1 ETH worth, which gets us 4,835,252 $SPONGEV2 tokens.

After confirming the investment, the coins will be deducted from MetaMask via a smart contract. The coins are used to buy Sponge V1, which are then locked into a staking pool indefinitely. Your staking rewards will be paid in Sponge V2.

Step 5: Claim Sponge V2 Tokens 

Go back to the Sponge V2 website after its stake-to-bridge campaign finishes. You can then claim the Sponge V2 tokens you purchased. The tokens will be transferred to the same MetaMask wallet used to invest.

Sponge V2 hasn’t set a claim date yet. That said, this will be just before the first wave of exchange listings. This aligns with stage 2 of its roadmap.

We’d suggest joining the Sponge V2 Telegram group for real-time updates.

Conclusion

Although Sponge V2 is a risky investment, it has every chance of being the next meme coin to blow up. It already has a ready-made community of over 11,300 V1 holders.

Not to mention relationships with tier-one exchanges, a huge marketing budget, and a proven ability to create hype and FOMO. The only way to buy Sponge V2 is by staking and bridging Sponge V1 tokens. The process takes less than 10 minutes from start to finish.

References

https://sponge.vip/en
https://www.cnbc.com/2023/05/05/ether-rallies-more-than-6percent-as-meme-mania-reenters-the-crypto-market.html
https://www.barrons.com/articles/pepe-coin-crypto-price-explained-fe6cf942
https://www.bloomberg.com/news/articles/2021-10-24/shiba-inu-jumps-50-to-record-becoming-11th-biggest-crypto-coin
https://www.bloomberg.com/news/articles/2023-12-15/memecoin-bonk-rides-high-on-solana-sol-blockchain-s-comeback-from-ftx-collapse
https://www.cnbc.com/2023/11/13/spot-bitcoin-etf-approval-is-approaching-experts-say-what-to-know.html
https://www.cnbc.com/2023/04/12/bitcoin-halving-is-one-year-away-that-could-suggest-another-bull-run.html

FAQs

What is Sponge V2?

Sponge V2 is a new meme coin, backed by the original Sponge team. V1 holders will need to bridge to V2, meaning Sponge V2 already has a community of 11,300 holders. Sponge V2 wants to be even more successful than V1, which increased by 10,000% after launching in May 2023.

How to Invest in Sponge V2?

Sponge V2 requires investors to bridge and stake Sponge V1. Those without Sponge V1 can complete the investment process by swapping Ethereum or Tether. Investors will then receive staking rewards in Sponge V2 tokens.

How much can I earn staking Sponge V2?

Sponge V2 uses a dynamic staking model, meaning APYs are determined by the number of tokens being staked. That said, Sponge V2 claims that the minimum APY will be 40%. Staking rewards will be paid over four years.

The post How to Buy Sponge V2 ($SPONGEV2) – Easy Guide appeared first on Cryptonews.