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- 1 With the positive performance of airdrop phase 1, sponge memecoin can again support an increase in prices.
- 2 The memecoin rally supported the initial pricing of the sponge coin and earned a good return for the investors.
- 3 The sponge coin was launched for investors who missed the very first phase of memecoin popularity
Sponge memecoin (SPONGE) is a zero-tax memecoin and is not affiliated with the popular cartoon character SpongeBob Squarepants. However, it is derived from it. It is a unique approach in the world of crypto. The main aim of Sponge Memecoin is to create a community within the crypto space around the cartoon character and provide the crypto world with the best meme coin. This coin is created using a secret recipe, like the hamburger in the original cartoon.
The Sponge coin was launched on Uniswap directly and gained significant momentum immediately after its launch. The developers of the memecoin are anonymous. These memecoins are being promoted on social media platforms. Popular social media platforms are Twitter, Telegram, and Discord. On these social media platforms, there have been engaging discussions with the community about the project.
Objectives of Sponge Memecoin
The main goal of Sponge Coin is to provide an opportunity to all those users who missed an investment opportunity in the rally of other memecoins, such as PEPE, to benefit from the early price explosion. According to the development team, Sponge has a strong community and a dedicated team that is working hard to ensure the success of the project.
Sponge crypto would be used for gaming and entertainment. It is designed to facilitate in-game item purchases, participate in games, and earn rewards.
Unique Characteristics of Sponge Memecoin
Unique Tokenomics: Sponge is getting significant momentum in the crypto market because of its unique tokenomics. It is its character that differentiates it from other memecoins. Sponge Memecoin has a total supply maximum of 40.4 billion tokens, out of which 61%, or 24.644 billion tokens, are reserved for decentralized exchanges (DEX) to provide liquidity, 29%, or 11.716 billion, are designated for unity, and the remaining 10%, or 4.04 billion tokens, are reserved for centralized exchanges (CEX).
Partnership with Tamadoge: Tamadoge is a Web3 gaming project, and Sponge has partnered with it. It is one of the unique characteristics of the sponge coin. This partnership has resulted in an airdrop that has created a lot of hype among Web3 and crypto enthusiasts.
Recognizable: Sponge is based on the famous Nickelodeon cartoon. It is neither associated with Spongebob Squarepants nor Nickelodeon. However, this creates high recognition and relatedness. It is one of the many reasons for the Sponge memecoin’s popularity during memecoin season.
Market Fundamentals of Sponge Coins
The current volume of sponge memecoin is 15.034k tokens. The current 24-hour trading volume is close to $759,443. The technical indicators, such as oscillators and moving averages, suggest a sell trend. As per analysts as well, sponge coin is currently following a sale trend. It marked its all-time high in May 2023, following the rally of memecoins.
Security of Sponge Coin
The Sponge coin was launched on the Ethereum blockchain. A proof-of-stake consensus mechanism secures the blockchain. To process and secure the network, validators stake 32 ETH.
Performance of Sponge Coin
The SPONGE coin can be bought and sold through various exchanges, such as Uniswap (V3), Gate.io, Poloniex, Bitget, MEXC, and more. The Season 1 airdrop currently has around $100,000 distributed among participants in November 2023.
The competitive season 1 airdrop enticed more than 20,000 active participants to complete a series of sponge challenges tied to engagement, trading, and sponge token holding.
Participants are getting points from two sources: holding points (H points) for the quantity of sponge tokens held in the wallen and trading points (T points) that reward high sponge token trading volume on Uniswap. The combined total score (H points + T points) is then converted into an equivalent amount of sponge tokens distributed in the airdrop.
Winners of Sponge Series 1 Airdrop
More than 20,000 participants were competing to secure their points. The top 3 participants collectively accumulated 58 million Sponge tokens. The top participant managed to accumulate 41 million total points. The second participant managed to secure 10 million total points, valued at $1,151. This competition’s third participant managed to earn 7 million points, valued at $1,053.
No participant was left behind, with a total distribution of more than 833,000,000, with all 747 participants receiving a share in the $100,000 airdrop. All of these airdrop transactions are trackable on Etherscan, ensuring complete transparency as Season 1 comes to an end. Sponge holders are now looking forward to the next airdrop scheduled for Season 2 next year.
Launch of Sponge Staking
The month of November marked the successful launch of Sponge stacking, available to 11,000 token holders. The stacking APY% for the sponge token is variable and adjusts in real-time based on the quantity of sponge staked through the dashboard. The stacking lock-up period is set to be a minimum of a 7-day lock-up period, offering standard APY rates and several opportunities for holders.
If a stack is made for a longer period, such as a 30-day lock-up, it will offer 1.5x rewards. A 60-day lock-up will offer 2x rewards, and a 90-day lock-up period will offer 3x staking rewards.
Conclusion
Sponge coins have gained popularity in a very short time and earned a good return and airdrop. With the development of the crypto market and other memecoins, the Sponge Coin will also gain momentum. Social media has played a very important role in the initial popularity of the coin. The coin had a very positive presale market gain and attracted many crypto investors and enthusiasts.
Phase 2 of the airdrop, which is scheduled for 2024, will also bring momentum to the prices of SPONGE meme tokens. It will earn a good return for investors in the form of H points as well as T points. Despite all the positive sentiments, sponge memecoin is subject to uncertainties and risks involved in the crypto market.
Amanda Shinoy is one of the few women in the space invested knee-deep in crypto. An advocate for increasing the presence of women in crypto, she is known for her accurate technical analysis and price prediction of cryptocurrencies. Readers are often waiting for her opinion about the next rally. She is a finance expert with an MBA in finance. Quitting a corporate job at a leading financial institution, she now engages herself full-time into financial education for the general public.
