As meme coin markets show signs of recovery with a 4.53% increase in volume, the Sponge token’s recent introduction of a new staking mechanism has sparked optimism in the $SPONGE price chart.
The strengthened position of Sponge token’s price seems to result from renewed interest in this promising meme coin’s undervalued potential. It offers an enticing entry point and the chance to double down thanks to significant staking returns.
🎉 The time is finally here, #SPONGERS! 🧽$SPONGE Staking is NOW LIVE! 🚀 Dive in and start earning passive rewards! 🌊💰
Stake your $SPONGE and let the rewards begin! 🎊#SpongeStaking #Crypto #Web3 pic.twitter.com/MjoV2cM5Jv
— $SPONGE (@spongeoneth) November 1, 2023
Sponge token’s price has seen a notable 10.99% increase in the past month, highlighting the resurgence of interest as new capital flows in to participate in the staking launch.
Sponge Token’s Highly Anticipated Staking Mechanism
More than 11,000 bag-holders eagerly awaited Sponge token’s new staking mechanism, which brings long-term incentives for holders through staking rewards.
Bring it on 🧽🧽🧽🧽💦💦💦#Crypto #Trading $PEPE $SPONGE pic.twitter.com/xuMd4AhWRO
— $SPONGE (@spongeoneth) November 1, 2023
The Sponge token’s staking Annual Percentage Yield (APY %) is variable and adjusts in real-time based on the amount of $SPONGE staked through the dashboard. Despite its variability, analysts expect the Sponge staking APY to remain high, offering consistent market-beating returns.
At launch, the staking yield is an impressive 1578% APY, providing a compelling reason for Sponge holders to stake their tokens early. The staking period offers three tiered lock-up options: a 30-day lockup with a 1.5x APY return, a 60-day lockup with a 2x APY return, and a 90-day lockup with a 3x APY return. Holders also have the option to opt-out, with the standard APY staking return available for a 7-day minimum lockup.
$SPONGE holders can access the live staking feature through the Sponge token staking dashboard.
$SPONGE Emerges as a Strong Contender in the Meme Coin Market
The meme coin market, known for its high volatility, is showing signs of a potential shake-up, with $SPONGE gaining attention as a promising candidate for the next significant price surge.
Compared to the second-ranked meme coin, Shiba Inu token, $SPONGE is emerging as an outperforming asset. During the recent ‘Uptober’ rally in meme coin valuations, $SPONGE established a strong support level above $0.00011, demonstrating resilience in the face of market fluctuations.
Unlike $SHIB, which experienced highly volatile retracements, $SPONGE has maintained a bullish trajectory, trading at a higher percentile. This indicates positive market sentiment surrounding the Sponge project.
One possible reason for this outperformance is the relatively low market cap of $SPONGE, which suggests undervaluation at $2.78 million. Comparable meme coin alternatives, such as Tamadoge ($11 million market cap) and Wall Street Memes ($38 million market cap), imply that $SPONGE could potentially yield a return of 4x to 14x from its current position.
This undervalued status has not gone unnoticed, as evidenced by a recent video from Crypto World Daily, highlighting a 17% increase in $SPONGE volume.
Sponge Token’s Future Speculations
The launch of staking marks a significant advancement for the Sponge token, sparking excitement in the $SPONGE holder community and fueling speculations about what’s on the horizon.
The Sponge roadmap hints at potential Tier-1 centralized exchange (CEX) listings and a potential airdrop for dedicated $SPONGE holders. Additionally, there’s an unverified rumor about the Sponge dev team introducing an innovative burn mechanism in the coming weeks. This tokenomics move could reduce the $SPONGE supply, potentially driving further price growth for holders.
There are also rumors of potential major partnerships with other growing meme coins in the space, which could lead to new product launches that support the token’s price.
For the latest updates, keep an eye on the $SPONGE Discord channel, Telegram group, and X account.
As the Sponge price stands poised, don’t forget to “absorb the damp”!
Important:Â Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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