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Crypto billionaire and Tron founder Justin Sun recently transferred $14.7 million worth of ETH from the Binance exchange to a private wallet address. This huge wallet transfer is interpreted as a preparation for some kind of purchase. Since Sun’s interest in meme coins is known, this news may indicate his intention to increase his interest in the meme coin market.
It is common to interpret transfers out of exchanges as an indicator of long-term retention. However, in some cases, the transfer may indicate that the ETH owner wants to purchase very low-value coins that are not available on Binance. Sun announced in May that he decided to “start actively trading meme coins.”
There is a wallet on Etherscan with the generic name “Justin Sun”. The value of its tokens is estimated at $21.6 million. Another address on Etherscan named “Justin Sun 4” holds $530 million worth of cryptocurrencies, and that is where SPONGE is located. Justin Sun is the owner of 108 million SPONGE V1 worth 43 thousand 246 dollars.
Accordingly, Justin Sun, the founder of the Tron blockchain and Poloniex exchange, is one of the whales who own a large portion of SPONGE and are expected to convert it into SPONGEV2 token. Speculations that he may be preparing to invest in the Sponge ecosystem have become a hot topic.
Investors are considering purchasing Sponge Token V2 after this news. SPONGEV2 appears as a potential opportunity in 2024. Let’s take a closer look at the details of this meme coin.
Sponge V2 (SPONGEV2) – Meme Coin That Could Convince Tron Founder Justin Sun to Invest
This token is a clear indication that investors’ appetite for SpongeBob-themed products continues. It has significant growth potential with a market value reaching tens of millions. Just like its predecessor, SPONGE token, it can create a significant investment opportunity. If you missed the 100x growth in SPONGE token, don’t worry, there is another potential. That is SPONGEV2 token.
In the Sponge ecosystem, the transition from V1 to V2 will happen naturally. Token holders will be allowed to stake their SPONGE and earn Sponge V2 tokens. Currently, it is also planned to give a special V2 token bonus for those who purchase and stake Sponge Token V2.
In addition to these features, play-to-win game (P2E) will also be introduced to earn more SPONGE, offering a benefit-based perspective to the project. This game is expected to be welcomed with excitement by users. It is also said that the game will have both a free and paid version.
For those looking for a coin that is both meme-focused and play-to-win, Sponge V2 may be the ideal choice. To learn more about the project, we highly recommend exploring its associated social media channels.
Sponge Ecosystem
The SPONGE token, created as a homage to the cartoon character SpongeBob but unrelated to the Nickelodeon channel, was launched in May 2023. As with most meme coins, its price quickly increased 100x for early buyers.
The token’s current market value is 10 million dollars, and there are at least 11,800 token holders. He has a strong social influence with more than 24 thousand followers on X. The growth of the Sponge project, like the growth of many other famous meme coins, was based on speculation and FOMO (fear of missing out).
The launch of SPONGE created such a stir that it was even featured in New York Magazine’s Intelligencer section. It was widely read on Wall Street and beyond.
Important Features of Sponge V2 Project
Below we have summarized the main points you need to know about the Sponge V2 project:
- Sponge V2 was designed as a successor to the original Sponge token. Simply put, it’s a meme coin that wants to offer a similar return on investment of 100x or more.
- The only way to purchase Sponge Token V2 is to stake Sponge V1 token. You can do this directly from the Sponge V2 website.
- If you don’t currently have any V1 tokens, you can purchase some from the Sponge V2 website. V1 tokens will be automatically bridged to Sponge V2 and staked. This special staking method, stake-to-bridge is called.
- Purchased tokens can be viewed in the Staking V2 dashboard and claimed when SPONGE V2 is launched.
- The more V1 tokens staked and the longer the period, the more V2 tokens can be earned.
- Early investors have the chance to secure tokens at a low entry price.
- You can purchase tokens by connecting your crypto wallet to the Sponge V2 website. You can then purchase SPONGEV2 using “ETH” or “USDT” or credit card options.
Conclusion
Investors like Justin Sun can once again take advantage of opportunities in this Sponge ecosystem thanks to the V2 upgrade. Additionally, the Sponge team seems committed to securing new listings for these tokens from leading exchanges. They will also now focus on the rapidly developing gaming industry.