Memecoins
The $SPONGE meme coin seeks community input on the distribution of staking rewards prior to listing
The crypto gaming space is exciting as $SPONGE, a gaming meme coin that offered a staggering 10,000% return to its early backers, turns to its community for guidance on distributing staking rewards.
Notably, this strategic move comes as $SPONGE prepares for the conclusion of the presale and eyes potential listings on major exchanges.
According to an official announcement, the $SPONGE team launched a survey on X (formerly Twitter) from May 16 to 21 to determine how to distribute staking rewards. The survey offers four options: immediate access to rewards at the end of May, a one-month lock-in, or vesting of rewards in six months or a year.
Originally launched on Ethereum, $SPONGE recently moved to the Polygon network. This migration includes three groups eligible to claim tokens: pre-sale participants, those who connected to Polygon before February 5, and holders who manually switched to a claim agreement after the snapshot.
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The upgrade to $SPONGE V2 on Polygon follows a significant attack on the liquidity pool, accelerating the planned migration and improving the protocol’s staking model.
Since its launch in May 2023 at $0.000025, $SPONGE has seen exponential growth, with recent highs reaching $0.002763. The V2 update on Polygon includes a revamped staking model that offers a 335% yield, which should attract more stakers as the project gains traction. The community’s choice on the distribution of staking rewards will determine the immediate landscape of the token.
Adherents are bullish on $SPONGE, anticipating listings on major exchanges such as Binance and OKX, which could significantly increase the token’s visibility and accessibility. The upcoming Sponge-themed play-to-earn (P2E) game, set in a virtual version of Bikini Bottom, aims to supplement the game with incentives, further distinguishing $SPONGE from other meme coins.
The $SPONGE project combines meme culture with tangible utility through its dual-income model, which includes staking rewards and games. This innovative approach positions $SPONGE as a potential disruptor in the meme coin market, challenging established tokens such as $PEPE, $DOGE, and $WIF.
Early backers are encouraged to participate in the staking rewards survey and take advantage of the pre-sale window before $SPONGE potentially goes mainstream with listings on exchanges.
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