The coin, of which Tron founder Justin Sun is the biggest whale, attracted attention with its upward performance in a month.
While the V2 version of the SPONGE meme coin, whose biggest whale is Tron’s founder Justin Sun, is being developed, the price of SPONGE is rising again, giving investors a new 100x hope. As of the date of writing this news, the token has increased by more than 100 percent in the last month. These surprising returns highlight why investors like Justin Sun may want to turn to meme coins to take advantage of volatility.
However, with the launch of Sponge Token V2 (SPONGEV2), it seems possible that this increase will continue in the coming months. Sponge Token V2 purchase not yet. However, SPONGE V1 holders must stake a migration contract to receive the new SPONGE V2 tokens. More than 4.3 million SPONGE V1 tokens have been staked into the transit contract so far. This total exceeds 3.5 million dollars.
SPONGE V2 Offers a 371 Percent Staking Reward
When tokens are deposited into the migration contract, automatic conversion from SPONGE V1 to SPONGE V2 occurs. An official date has not been announced yet. Therefore, SPONGE token holders need to look at the projects’ social networks such as X and Telegram at all times.
As stated on the SPONGE website, Buy Sponge Token V2 Those who want it must first purchase the V1 version and stake it. Those who have locked in SPONGE V1 tokens currently earn an annual percentage return (APY) of 371 percent. This is undoubtedly one of the reasons why the SPONGE price is showing upward momentum.
There Is a $123 Thousand Wallet Linked to Justin Sun
Recent news that Tron founder Justin Sun is focusing on altcoins like SPONGE is also adding to investor enthusiasm. At the end of December, Sun transferred $14 million from the Binance platform. Analysis of portfolios associated with this iconic crypto entrepreneur shows that he will be targeted by tokens like SPONGE, which is embarking on an upgrade to turn itself into a gaming platform.
Savvy players in the cryptocurrency market are turning their attention to meme coins, which have established themselves as a preferred sector for whales looking for big investment returns.
In May 2023, Justin Sun announced his intention to obtain profitable meme coins. In May, he shared on X (formerly Twitter) that he would begin “transacting meme coins from promising projects.”
According to data from crypto security firm PeckShield, a transfer of 6,166 ETH was recorded from Binance to a wallet associated with Justin Sun. At the current price, this ETH transfer is worth $14.7 million.
The recipient’s wallet held over $270 million in cryptocurrencies, and the transfer sparked rumors that Sun was preparing to distribute funds to purchase meme coins.
“Justin Sun 4” Address Includes SPONGE Tokens
A wallet address identified as “Justin Sun 4” on Etherscan (0x176f3dab24a159341c0509bb36b833e7fdd0a132) holds $595 million worth of cryptocurrencies, which is where Sun holds its SPONGE tokens. Accordingly, Justin Sun owns 108 million SPONGE V1 worth 123 thousand dollars.
Cryptocurrency researchers are keeping a close eye on this portfolio to see if and when Sun increases his weight in the SPONGE meme coin. There are also questions about whether it will invest SPONGE V1 in a transition contract to SPONGE V2 and whether it will do token bridging.
Another wallet address linked to Sun (0x9fcc67d7db763787bb1c7f3bc7f34d3c548c19fe) contains $282 million worth of cryptocurrencies, mostly ETH. It is said that a small portion of this amount deposited into Sponge may cause the price of meme coin to rise.
According to Dextools data, there are currently 12 thousand 100 SPONGE token holders. However, this figure does not include tokens held in central exchanges and those put into play in the V2 transition contract. According to Coinmarketcap, SPONGE’s 24-hour trading volume reached $2.06 million.
Play-Win Feature Coming with Sponge Token V2
In addition to the attractive returns and significant revenue-generating potential of the game, SPONGE V2 will also launch on what the site describes as “bigger and better” exchanges. SPONGE token is currently available on major exchanges such as Gate.io, MEXC, Bitget and Poloniex, but is said to also provide access to market leaders such as OKX, Kucoin and possibly Binance.
The customized P2E game was created specifically to increase fun and engagement in the ecosystem. On the other hand, it allowed users to accumulate SPONGE tokens through gaming and reach higher rankings in the leaderboard.
Two versions of the game will be available: free version and paid version. The paid version will offer incentives. Users will need to spend SPONGE to obtain game credits within the ecosystem, which will allow them to participate in events.
As we mentioned above Buying Sponge Token V2 The only way is to start staking using the V2 staking contract available on the project’s website.
With the excitement generated by cryptocurrency experts and speculation regarding Justin Sun’s involvement, investors appear poised to buy Sponge V2 early to replicate the gains seen during SPONGE’s initial bull run.
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