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Pepe Coin hit an all-time high in May. He could not fully recover from his shocking collapse. PEPE lost approximately 12 percent more value in the weekly outlook.
Pepe Coin’s recent depreciation can be attributed to several factors that have created concern among investors. Pepe suffered two security breaches in a short period of time. First, PEPE’s official Telegram channel was hacked. This situation caused a wave of sales in the market.
Another negative event was that the PEPE community was shaken by a series of unexpected transactions on August 24, 2023. The case in question involved the theft of approximately 16 trillion PEPE tokens, worth approximately $15 million, from the project’s multi-signature CEX wallet. The team reported that most, if not all, of the stolen tokens were quickly sold on OKX and Binance exchanges following the incident.
As a result, Pepe coin faced a massive token theft and the fact of a recently hacked Telegram account. This raised concerns about the future performance of the token. The token’s lack of a clear utility means PEPE is vulnerable to rapid price declines.
After a rapid rise last year, Pepe coin has become one of the most iconic meme coins in the industry. However, this decline in the value of PEPE is attributed to many factors as investors shift their focus to alternative meme coins. An upcoming project is on its way to becoming one of the top players in the crypto market.
Sponge V2 token has made an impressive entry into the market. This week, it further convinced investors to buy Sponge Token V2 by announcing its 2024 roadmap. Let’s take a closer look at the details of the project.
Sponge V2 Token Announces 2024 Roadmap and New Crypto Game
Sponge (SPONGE), one of the most successful meme coins of 2023, is back to suck up the moisture, as the project calls it. Announced 2024 roadmap and play-to-win (P2E) updates for its community.
The Sponge project was inspired by the popular cartoon character SpongeBob SquarePants. However, he officially has no connection with that project. It appears as a tax-free, community-oriented meme coin.
After its launch in May, its value increased nearly 100-fold, reaching a market cap of $100 million, and gained the attention of the crypto world. Now the SPONGE token is back with a V2 version that the project team is promoting as “bigger, better.”
The new token SPONGE V2 promises to deliver huge returns to early investors, specifically targeting listings on major exchanges such as Binance and OKX. Staking can currently be done on the project’s website. There is also a statement here that a game will be released soon.
Purchasing Sponge Token V2 allows you to earn more SPONGE tokens in this exciting new play-to-win game.
Until now, SPONGE was just a meme coin created for entertainment purposes, with no utility whatsoever. However, thanks to the emergence of the V2 token, the project now offers staking rewards. This indicates that the initial offering of SPONGE V2 could make a strong entry into the market.
SPONGE V2 Key Features
Let’s take a closer look at some important features that distinguish the SPONGE V2 token from other meme coins.
Stake to Bridge
Sponge V2 is a new ERC-20 token that can only be obtained using the unique staking mechanism. Currently the only way to get SPONGE V2 is by staking V1 tokens.
Investors who already have SPONGE tokens can stake from the project’s official website. From here, one can stake V1 tokens to earn V2 tokens. This action will permanently lock your V1 tokens.
New investors who will purchase Sponge Token V2 can purchase SPONGE V1 through the project site and then lock this token into the V2 smart contract. to this system stake to bridge It is said.
SPONGE V2 tokens will be released when the last V1 tokens are exhausted. Locked tokens will be phased out once Sponge V2 is released. However, those who continue to stake Sponge tokens will be able to increase their holdings over a 4-year period, starting from a minimum of 40 percent APY.
At the time of this writing, Sponge V2 offers a 1322 percent annual interest yield (APY) and users have already staked more than 1.2 trillion SPONGE tokens.
Massive Community Support
SPONGE is not a standard crypto pre-sale with a project starting from scratch. On the contrary, this project already has a large community gathered over almost a year of token launches and promotions.
There are currently more than 11 thousand SPONGE token holders, and the market cap of the coin is more than 4.4 million, according to the team’s own data. The Sponge project has a community of 24 thousand followers on X and about 8 thousand subscribers on Telegram.
Conclusion
As Sponge V2 begins its journey, the project’s commitment to utility, staking, and play-to-play play positions it as a closely watched effort. Stay tuned for updates on social channels and witness the evolution of Sponge V2 token in the crypto seas.
Click to review Sponge Token V2.