Thanks to his quick and decisive actions, a trader on the Solana blockchain took advantage of the momentum of the “MYRA” meme coin and turned the small sum of 3 SOL (equivalent to approximately $280) into 1,703 SOL (approximately $170,000) in just one day .
Transactions made in the MYRA token were caught on the radar of the on-chain analyst platform Lookonchain. Accordingly, within 5 seconds after trading of MYRA began, a clever trader quickly purchased 61.8 million MYRA tokens for just 3 SOL. Then, taking advantage of the initial increase in price, MYRA liquidated 33 million of its assets in exchange for SOL tokens, making a significant profit of 603 SOL ($60,300).
In addition to the $60,300 profit already made, the individual in question made an impressive profit of 1,703 SOL from an initial investment of $280, generating a staggering return of 567 times the original investment in just seconds.
Due to the volatile nature of meme coins, while the number of those who got rich suddenly continues to increase day by day, investors have accelerated their research for the purchase of Sponge Token V2, of which Justin Sun is the whale.
Sponge Token V2 Promotes Early Adoption with New Staking Mechanism
The upcoming release of the Sponge Token V2 (SPONGEV2) meme coin has garnered a lot of attention, reaching its staking campaign milestone ahead of its official launch. In particular, TRON founder Justin Sun’s interest in SPONGE, among other meme coins, pushed investors to purchase Sponge Token V2.
Due to interest from Sun, one of the biggest SPONGE whales, strong community support, and attractive incentives for early investors, some market experts predict that Sponge V2 may gain momentum once it begins trading. This is also supported by the early adoption of Sponge V2’s new staking mechanism.
More than 5 Billion Sponge Tokens Have Been Stake
The Sponge V2 launch is attracting a lot of attention due to its innovative Stake-to-Bridge feature, which builds on the success of the original Sponge meme coin. This new system allows SPONGE token holders to stake their tokens and generate SPONGEV2 tokens at very profitable annual percentage rates of up to 321 percent.
In the first month of implementation of the Stake-to-Bridge function, a total of more than $4 million in SPONGE tokens had been staked. The total number of SPONGE tokens has passed the impressive figure of 5 billion, and additional tokens are being pledged every minute. The current rate suggests that the cumulative value staked has the potential to exceed $10 million by next month.
More importantly, the rates of staking rewards are determined on a decreasing scale, encouraging early adopters to maximize their potential earnings from SPONGEV2.
The increased interest in the Stake-to-Bridge mechanism is also visible on Sponge’s social media platforms. The Telegram group has reached more than 9 thousand members who actively participate in discussions.
SPONGE’s Market Value Exceeded 100 Million Dollars
While the original Sponge token has experienced a significant increase in value, discussions about the possible profitability of Sponge V2 are also increasing. In May 2023, there was a sudden surge in interest in meme coins, causing SPONGE to reach a value of more than 100 times its initial price. At its peak, SPONGE had a market capitalization of over $100 million.
Currently, with the imminent release of the V2 version, investors are considering the possibility of a second successful outcome. But Sponge V2 now offers advanced functionality that goes beyond just gaining popularity as a meme coin. As stated in the project’s white paper, integration with an upcoming play-to-play (P2E) racing game aims to deliver real-world value for Sponge Token V2 purchasers and holders.
This new play-to-win model offers both free and premium versions to meet various preferences, while also creating a sustainable demand for tokens through rewards obtained during gameplay and betting.
This integration is important for Sponge V2, given the projected growth of the crypto gaming space, which is expected to be worth over $65 billion by 2027.
SPONGEV2 Received Full Marks from Cryptocurrency Experts
As the much-anticipated launch of Sponge V2 on exchanges approaches, the biggest question on every investor’s mind is whether the token will actually increase from its initial trading price. Given the excitement behind it so far, it appears it has post-listing potential. Meme coin, which attracted the attention of top crypto experts, also ranked first on the popular crypto voting site CoinSniper, leaving hundreds of competing projects behind.
So, while nothing is guaranteed in the meme coin space, Sponge V2 looks like the top contender to potentially drive the current level of hype upon its launch on the exchange.
Investors can purchase and stake SPONGE at sponge.vip to automatically start earning SPONGEV2 tokens.
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