$SPONGE V2 is an extremely explosive meme coin with a huge following. When it first launched in May 2023, it surged close to 100x, reaching a market cap of nearly $100 million.
Now, $SPONGE is migrating from its original token onto a V2 token. The only way to get the new token is by staking $SPONGE V1 tokens and bridging to V2.
In the following tutorial, we will walk through buying $SPONGE V2 step by step and examine its potential.
What is SPONGE V2?
$SPONGE V2 represents the second generation of the super popular $SPONGE meme coin.
$SPONGE is a May 2023 upstart token as a play-off the meme of Spongebob Squarepants, which was already popular within the crypto community. It immediately had a hot dividend in the first few days of its launch, surging 100x to the nearly $100 million market cap.
Meanwhile, $SPONGE has remained one of the most popular meme coins, with a market capitalization of more than $16 million and over 11,600 token holders. It is listed on well-known crypto exchanges such as MEXC, Poloniex, Toobit, CoinW, LBank, BTCEX, Gate.io, BitMart, Bitget, and BitKan.
The $ SPONGE community is quite active toward the project and keeps up with current developments on social media. $SPONGE has more than 24,000 followers on X and nearly 8,000 subscribers on Telegram.
The $SPONGE whitepaper describes the $SPONGE V2 as a larger, better, and more absorbent iteration of the original token. It is supposed to position the project for new development, including larger listing exchanges and a play-to-earn game.
SPONGE V2 Key Features
- Decentralized Meme Coin: SPONGE V2 is a follow-up version to SPONGE, a meme coin inspired by popular internet culture. It operates on the Ethereum blockchain.
- Liquidity and Staking: SPONGE V2 offers staking opportunities that allow holders to earn rewards by locking their tokens. Liquidity pools are stable and sustainable, providing an ecosystem for trading.
- Low Transaction Fees: Its optimized contract structure in Ethereum ensures that the gas fee for each transaction is minimal.
- Community-driven: The SPONGE V2 token would not have been able to make it here without a strong and vibrant community, which is mostly led by memes and social media appearances.
- High Scalability: This version of SPONGE is more scalable than the first one; hence, it can handle more TPSs.
- Burning Mechanism: The token burning mechanism helps decrease the supply over time, making it more valuable to holders.
- Support for Multi-Wallets: SPONGE V2 supports many of the top crypto wallets, such as MetaMask and Trust Wallet.
- Cross-Chain Capabilities: The team has vowed to expand the project to further cross-chain support that, when actualized, could allow SPONGE V2 tokens to be utilized on other blockchain networks than Ethereum.
Login Credentials SPONGE V2
SPONGE V2, as a decentralized token on the blockchain, does not require any mainstream details to sign up. You will only need to have one of the supported crypto wallets, including but not limited to MetaMask and Trust Wallet, which act as your login or access to buying, trading, or staking SPONGE V2.
How to Buy SPONGE V2 ($SPONGE) in Five Simple Steps
Below is a step-by-step guide to buying $SPONGE V2, available for purchase at the moment of writing this article:
Step 1: Get a Crypto Wallet
Download a crypto wallet compatible with the ERC-20 token, such as $SPONGE. We recommend MetaMask: secure, easy to use, and absolutely free. Install MetaMask on a browser or smartphone. Then, create an account and create a strong password. Write the seed phrase out and store it somewhere safe.
Step 2: Buy ETH or USDT
Investors should buy $SPONGE on the project’s website by paying either with ETH or USDT. They can buy one of these tokens from any centralized crypto exchange or directly via the exchange that’s embedded in the MetaMask wallet.
If buying ETH or USDT via the exchange, transfer the tokens to the MetaMask wallet.
Step 3: Link Wallet to SPONGE V2 Website
Go to the SPONGE site and click on the tab that reads, ‘Connect Wallet.’ Follow through with authorization actions from prompts on the screen.
Step 4: Purchase $SPONGE V1 Tokens
Accredited Investors need to stake $SPONGE V1 tokens to bridge to V2. At this time, the option of directly purchasing the $SPONGE V2 token is not available.
Therefore, on the project website, fill in the amount of the $SPONGE V1 token you want to purchase in ETH or USDT. Then, click on the ‘Buy’ tab to make the purchase.
Step 5: Stake $SPONGE V1
Click ‘Stake $SPONGE’ now, staking and permanently locking the newly purchased $SPONGE V1 tokens. Locked tokens will generate staking rewards in $SPONGE V2 tokens for the next 4 years, starting the moment that $SPONGE V2 launches. Staking rewards will be issued at a variable APY.
Investors who undergo this process will also be entitled to a bonus of V2 tokens equal to their purchase of V1 tokens. These bonus V2 tokens will be claimable immediately after the launch of the V2 token.
Conclusion
$SPONGE V2 offers a second chance to investors who missed $SPONGE’s original 100x gains. The token has massive potential, and listings on Binance and OKX could be seen not long after launch.
For the time being, the only way to get $SPONGE V2 is to stake V1 tokens, bridging to the next generation of $SPONGE. Purchase $SPONGE now and bridge in, claiming a 100% purchase bonus in V2 tokens.
