Monday, May 27, 2024 – The community for Sponge ($SPONGE), a popular meme coin that brought its early supporters returns of up to 10,000%, has voted to receive the project’s lucrative staking rewards instantly.

This means all accrued staking rewards will be paid out to $SPONGE holders after the claim goes live on May 30, at 10AM UTC.

Sponge polled its X followers between May 16 and May 21, asking the community to decide between accessing the large volume of staking rewards immediately, locking them for a month, or vesting the rewards linearly over either six months or a year. The logic for the community vote was explained in a follow-up post, and was mostly to do with price stability.

It’s time to vote, #SPONGERS!!

Vote on the $SPONGE staking rewards claim structure below!

The poll closes on the 21st of May.

Absorb that DAMP! #SpongeV2 #Polygon #MemeCoins

— $SPONGE (@spongeoneth) May 16, 2024

However, a near-unanimous 85.5% voted for instant claim to immediately take advantage of the project’s lucrative dynamic rewards rate, which currently offers 326% APY for stakers on Polygon.

$SPONGE recently migrated from Ethereum to Polygon. Three groups are eligible to claim tokens on May 30: those who bought tokens through the presale widget, those who bridged to Polygon before February 5th, and holders who didn’t bridge but who were captured in a snapshot taken on February 5th after the $SPONGE V1 token was discontinued.

The last group can claim an equitable number of Polygon $SPONGE V2 tokens without any extra staking rewards.

Those who held the V1 token on centralized exchanges before its discontinuation have had their tokens swapped for the V2 $SPONGE token on Polygon.

Lucrative rewards are just one reason investors are moving to Sponge in a bid to catch some potentially explosive price action. In the coming months, $SPONGE will play a central role in crypto’s most exciting new staking/gaming/meme coin ecosystem.

Sponge: A Meme Coin with a Plan

As global crypto adoption continues apace, investors are piling into Sponge before it gets listed on major exchanges.

$SPONGE is a unique project that is organically building its own staking and video gaming community through word-of-mouth, lucrative incentives, and viral marketing. Three significant milestones lie ahead: the long-awaited claim of the new Polygon $SPONGE token on May 30, top-tier CEX listings, and the release of an upcoming Sponge video game.

Meme coins have both soaked and squeezed value more than most projects throughout Bitcoin’s 2024 rebound. Their whimsical price movements often leave the industry wondering if it’s on the verge of another bull run.

Any crypto meme project that wants to survive the dog-eat-dog pre-adoption market has to offer more than just laughs if it wants longevity.

Investors believe $SPONGE is one such speculation. When it launched in May 2023, $SPONGE was priced at $0.000025. In less than a year, it has posted recent highs of $0.002763, or returns of around 10,000%.

Clearly, early-stage supporters want $SPONGE to establish itself as a major player on the meme coin scene.

3 Days left until the token claim goes live, #SPONGERS!

Thursday, 30th of May at 10AM UTC.

Join our Telegram & Discord if you have any questions! #SpongeV2 $SPONGE #ETH #PEPE pic.twitter.com/mmUzBzCFSa

— $SPONGE (@spongeoneth) May 27, 2024

$SPONGE’S Undersea Journey So Far

Launched with little-to-no fanfare, $SPONGE V1 quickly won the hearts of investors by offering an alluring ecosystem with lots of opportunities for participants to put their time and money to work to claim rewards.

Foregoing a traditional prelaunch ICO in favor of direct listing, $SPONGE bounded out the starting gate with a discreet listing on Uniswap, before quickly spreading to centralized exchanges (CEXs) like Poloniex, MEXC, LBank, Gate.io, Toobit, and more.

$SPONGE rallied a humbling 4,000% and nearly hit a $100 million market cap less than a week after launch, on May 9th 2023.

The token recently upgraded (and migrated) to a V2 on Polygon, the widely utilized Ethereum Layer 2 scaling solution. It is currently priced at $0.002103 in a presale relaunch. This means those that held $SPONGE since the V1 launch, when it was priced at $0.000025, are now in profit by 8,414%.

Although the chain migration had been planned at least since January, a recent liquidity pool attack expedited the move.

It actually furthered the team’s plans by allowing it to deploy a huge early update to the protocol’s staking model, enhancing the reward rate. It also brought forward the still-unconfirmed launch date of the token’s eponymous racing game.

#SPONGERS, the votes are in!

A whopping 85.5% of our community voted for instant claim! As promised, we’ll honour your choice.

All $SPONGE tokens will be available for instant claim on Thursday, 30th of May at 10AM UTC

Get ready to absorb the damp! #SpongeV2 pic.twitter.com/cbxsSitUdx

— $SPONGE (@spongeoneth) May 21, 2024

$SPONGE is Absorbing Many Millions of Dollars

$SPONGE’s V2 upgrade introduced a couple of key improvements, the foremost of which being a new staking model.

This yield varies according to the number of stakers and tokens locked up and currently sits at around 326% for Polygon stakers. To date, an eye-watering 10 billion $SPONGE tokens have been staked with the total value of tokens staked and bridged sitting at $24 million, according to the website.

Meme coiners expect these numbers to increase in the coming weeks as Sponge blows up within the meme coin and Web3 gaming sectors.

It’s likely that $SPONGE will land on some of the world’s biggest crypto exchanges soon, like Binance and OKX. Top-tier CEX listings form an integral part of the project roadmap and the listings could catalyze further explosive price action as $SPONGE becomes more accessible to everyday retail buyers.

After claim and potential CEX listings comes the Sponge-themed play-to-earn racing game, where players race around Bikini Bottom collecting $SPONGE rewards.

With its dual-revenue staking and gaming model, $SPONGE is looking to seriously disrupt low-utility larger market cap meme coin rivals like $PEPE, $DOGE and $WIF.

Take advantage of this window of opportunity to buy and stake $SPONGE before exchange listings take the project mainstream.

Stay updated and join the engaged community of 36,500 followers on X.

Buy And Stake SPONGE On The Website

The post Holders Of Viral Multimillion Dollar Staking & Gaming Meme Coin $SPONGE Vote For Instant Staking Rewards appeared first on Cryptonews.