Experienced crypto market participants are increasingly turning to meme coins, which are proving themselves as a lucrative niche for investors looking for huge investment profits.
Tron founder Justin Sun, a well-known cryptocurrency investor, is also shifting his focus from Bitcoin to altcoins. Tron founder Justin Sun recently sent $14.7 million worth of ETH to an undisclosed wallet, sparking speculation that he may be preparing to invest in the upcoming Sponge V2 (SPONGEV2) meme coin.
Analysis of wallets associated with the famous crypto visionary shows that innovative tokens such as SPONGE, which is currently undergoing an upgrade to become a gaming platform, are the focus of his investment strategy.
Given the original Sponge’s (SPONGE) impressive rise of more than 150 percent this week, cryptocurrency investors are now considering whether this improved upgrade has the potential to repeat or exceed those profits when it hits the public market. That’s why ways to purchase Sponge Token V2 are being sought.
Success of Initial SPONGE Tokens Paves the Way for V2 Release
SPONGE stands out as a meme coin inspired by the popular character SpongeBob SquarePants, introduced in May.
Once the coin was listed on Uniswap, the project experienced rapid success, causing the token price to rise to a record high of $0.0023 on May 7. This boom resulted in a 100x return increase for early investors and solidified SPONGE as one of the most exciting tokens in the meme coin market.
However, similar to many popular meme currencies, SPONGE’s value has fallen as investors cashed out their profits.
However, the token has built a strong community by 2023, as evidenced by the presence of more than 24 thousand people following the official Sponge token Twitter page. Currently, the SPONGE team is preparing for the next version of the token in the name of Sponge Token V2 purchases.
The updated version aims to use the original SPONGE as a starting point, offering new applications and investment options for both existing owners and potential buyers.
The key development is the Stake-to-Bridge function, which allows existing SPONGE holders to immobilize their tokens and receive a passive return in the form of SPONGEV2 tokens.
Currently, more than 2.6 million SPONGE tokens are securely held, offering a 612 percent annual return. Speculation is increasing that Justin Sun, a billionaire in the cryptocurrency industry, may be involved in SPONGEV2.
As the SPONGE team prepares for the next V2 release, it is rumored that Justin Sun, a billionaire cryptocurrency entrepreneur, may consider getting involved in the project.
Justin Sun is the 11th Largest Owner of SPONGE
On-chain data reveals that Sun transferred 6,166 ETH from Binance to an Ethereum wallet address linked to him, worth more than $14 million. The wallet that receives the payments contains more than $270 million worth of cryptocurrency assets. This transfer led to speculation that Sun was planning to use these funds to purchase Sponge Token V2.
This is consistent with a tweet Sun shared in May, where he expressed his intention to start “meme coin trading.”
Interestingly, a wallet named “Justin Sun 4” on Etherscan currently holds over 108 million Sponge V1 tokens, with an approximate value of $43,900. Sun, which is the 11th largest owner of SPONGE worldwide, seems to have an important share in the success of the project.
Discussions among cryptocurrency enthusiasts suggest that Sun could make a significant investment to capitalize on the excitement generated by the upcoming release of V2, Stake-to-Bridge technology, and the recent more than 150 percent increase in the price of the original SPONGE.
The launch of Sponge V2 offers an apparent second chance for investors who were unable to benefit from the initial token’s exponential rise in May. SPONGE achieved a 100x increase in value for its initial investors. SPONGEV2 offers the opportunity to make similar or even larger profits.
The significant profits exemplify why investors like Justin Sun may be tempted to shift their investments into meme coins to benefit from fluctuations in value. However, it is not only wealthy investors who have shown interest in SPONGE, leading cryptocurrency influencers have also begun to praise the project. Many have also recently shared comments expressing their excitement at the staking opportunities offered by SPONGEV2.
All Eyes on a Bull Run
Given the power of crypto pundits and the conjecture surrounding Justin Sun’s participation, retail investors appear eager to participate in Sponge V2 at an early stage to recreate the profits observed during the first SPONGE bull market.
Finally, it is worth remembering that you need to stake the V1 token to obtain the V2 token. As part of the bridging process, the V1 token is locked and the bridging to V2 happens in the background. Once bridging is complete, token holders can continue to claim and stake V2 tokens.
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