Owners of multi-million dollar Staking and Play meme coin SPONGE vote to receive instant rewards for staking

The community of Sponge-SPONGE, the popular meme coin that has generated returns of up to 10,000% for its early investors, has voted for instant lucrative staking rewards.

This means that all accumulated staking rewards will be paid to Sponge owners after access to coins opens on May 30, at 10 AM UTC.

Sponge conducted a poll to its followers on the They explained the reason for this opinion poll in a later post, as it was related to price stability.

However, approximately 85.5% of participants voted in favor of receiving the bonuses immediately in order to take advantage of the project's lucrative dynamic mortgage bonus rate, which currently offers an annual mortgage yield of 326% for Polygon stakers.

It is noteworthy that the Sponge coin was recently transferred to the Polygon blockchain. Therefore, there are 3 categories eligible to obtain coins on May 30: those who purchased coins through the subscription interface, those who transferred their coins to the Polygon blockchain before February 5, and coin owners who did not transfer their coins but were holding the original coin. Their data was documented on February 5, after the first version of the currency (SPONGEV1) was discontinued.

The latter category will be able to obtain an equivalent number of SPONGE V2 coins without any additional staking bonuses.

The coins of the first version, which were kept by their owners on central trading platforms before they were discontinued, were replaced with the coins of the second version, which also carry the SPONGE symbol on Polygon.

The generous rewards are one of the reasons why investors are turning to Sponge, trying to take advantage of some potentially strong price movements, as in the coming months Sponge will play a major role in the most exciting stake/play/meme system in the crypto sector.

Sponge: A meme with a plan

With the increasing adoption of digital currencies globally, investors are purchasing Sponge before it is listed on major trading platforms.

It should be noted that Sponge-SPONGE is a unique project with a community that brings together mortgage and video game enthusiasts through word of mouth recommendation, generous rewards, and popular marketing. You can expect it to reach 3 main goals: getting the new SPONGE tokens on Polygon on May 30, listing the coin on major centralized trading platforms, and launching its new video game.

On a related level, meme currencies witnessed more volatility than others during the recovery of Bitcoin (BTC) in 2024. The unexpected price movements have led to questions in the sector as to whether we are on the verge of a new bull market.

Therefore, any meme that wants to survive in this market - which follows the theory of survival of the fittest - must provide more than just fun, and investors believe that the Sponge currency is one of those investments, as its price when its first version was launched in May 2023 was $0.000025. , reaching $0.002763 in less than a year, an increase of approximately 10,000%. It is clear that early investors want Sponge to be a big player in the meme coin sector.

A look at the SPONGE journey so far

Although the SPONGE V1 coin launch event took place with little or no fanfare, it quickly captured the hearts of investors by presenting an attractive technical system that provides many opportunities that are worth spending time and money to obtain the rewards.

Moving beyond the traditional Initial Offering (ICO) - which usually precedes a coin launch - and moving to a direct listing, SPONGE launched with a deliberate listing on the Uniswap platform, before quickly spreading to centralized exchanges (CEXs) such as Poloniex, MEXC, LBank and Gate.io Toobit and other platforms.

Indeed, this tactic worked, as the value of SPONGE rose by 4,000% and its market value reached nearly $100 million less than a week after its launch, on May 9, 2023.

The coin recently underwent an update that included its migration to the new version V2 on the Polygon network, the widely used layer 2 solution of the Ethereum blockchain. The price of the currency currently stands at $0.002103 in the re-launching of the subscription phase. This means that all those who have held SPONGE since the launch of the first version (V1) - when its price was $0.000025 - are now making profits of 8,414%.

Although the aforementioned transfer has been planned at least since January, the recent demand for the project’s liquidity pool has accelerated the move, and also supported the team’s plans by launching a massive, early update to the protocol’s staking model to enhance Reward rates, which prompted the team to present the launch date - which is not yet confirmed - for the racing game that bears the same name as the project.

SPONGE Coin (SPONGE) “absorbs” several million dollars

The update to V2 SPONGE introduced some key improvements, the most important of which is the new mortgage model. Returns in this model vary depending on the number of staking participants and reserved currencies, and currently stand at around 326% for staking participants on the Polygon network. According to the project's website, 10 billion SPONGE tokens have been pledged so far, with a total value of $24 million for both pledged and transferred coins.

Meme analysts expect these numbers to rise in the coming weeks as Sponge becomes more popular in the meme and Web3 gaming sectors.

SPONGE is also expected to be launched on some of the world's largest cryptocurrency platforms soon, such as Binance and OKX. Listing the coin on premium centralized exchange (CEX) exchanges is an essential part of the project's roadmap, and these listings are also expected to stimulate further price action, as they make SPONGE token available to the general crypto audience.

In addition to staking proceeds and the potential listing of the token on centralized exchanges (CEX), the project also offers a play-to-earn Sponge racing game, where players race across the bottom of the pool to collect SPONGE token rewards.

Taking advantage of the modernization of the dual-return model through gaming and staking, the SPONGE project aspires to achieve a real edge over its competitors from limited-use and larger market-cap meme projects such as PEPE, Dogecoin (DOGE), and DogeFat (WIF).

You can take advantage of this investment opportunity to buy and mortgage SPONGE coin before the coin is launched for public trading on the platforms. You can also stay informed of the latest developments and join the project’s active community, which includes 36,500 followers on the X platform.

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