$SPONGE Price Prediction – Is This Meme Sensation Set to 1,000x?

It’s been an excellent year for meme coins, with the likes of DOGE, PEPE, and SHIB generating tremendous price momentum.

However, with price movements in many meme coins slowing down, there’s a unique opportunity for new projects to enter the fray and capture investors’ attention.

Sponge Token ($SPONGE) is one project making waves in this regard – after an explosive launch in May, where the price rocketed more than 4,000%, the token is now on the verge of launching a new v2 token.

So, is this once-big meme coin set for another surge? Find out in our $SPONGE price prediction.

Could $SPONGE 100x?

Since DOGE burst onto the scene in May 2021, investors have become enamored with the possibilities that meme coins offer. However, only a select few have gone on to produce exponential returns immediately after launching since these coins often require extensive community backing before exploding.

This wasn’t the case for $SPONGE, which enjoyed an unprecedented launch in May. Unlike other meme coins, $SPONGE wasn’t hyped up before release – it was listed on the Uniswap DEX with little-to-no fanfare. The token’s modest arrival mattered not, with the token’s price roaring upwards in the first few days after its listing. Having launched for $0.00005844, the price soared to an all-time high of $0.00106 on May 9 – a more than 4,000% (40x) price increase as 24-hour trading volume reached over $100 million.

The token was quickly listed on CoinMarketCap and featured on its “Top Crypto Gainers” page, becoming one of the biggest trending coins in the space. $SPONGE also listed on major crypto exchanges including:

• MEXC
• Poloniex
• Gate.io
• Toobit
• LBank

And many others.

However, amid poor macroeconomic conditions, interest in $SPONGE – and meme coins in general – waned and the token dipped back below $0.0001 during August and September. However, October and November have proven to be incredible bounceback months for the token after $SPONGE announced the launch of a new v2 token with more utility than the original $SPONGE.

Heading into 2024, $SPONGE is now up 300% in a month and reached a local high of $0.0006 in mid-November. In the past 24 hours alone, $SPONGE is up 17%.

The only way to get $SPONGE v2 is by staking and permanently locking $SPONGE v1 tokens. In a show of just how excited investors are about the new token, there is now more than $1.6 million worth of $SPONGE locked to the v2 smart contract.

According to Etherscan, there are now almost 12,000 unique token holders with on-chain data revealing there are still several whales holding more than 100 million tokens each.

Having already achieved 40x gains after launch before a large dip, there remains a long road to a 100x increase from its launch price. But all the stars are aligning for $SPONGE. The new v2 token launch has generated huge excitement at the same time that a 2024 crypto bull run is heating up. Billions of dollars are flowing into the crypto world, and a large portion of that could be directed towards $SPONGE.

How Will $SPONGE v2 Affect the Token’s Price?

The shift from $SPONGE v1 to v2 is expected to have an enormous impact on the price of this token. Already, trading volume in $SPONGE has spiked and the token hit a 6-month high in November.

$SPONGE v2 is having such a big impact on the price of $SPONGE v1 because the only way to get v2 tokens ahead of the launch is by bridging from v1. Investors in $SPONGE must permanently stake and lock their v1 tokens. They’ll then earn $SPONGE v2 tokens as a staking reward for the next 3 years.

On top of that, investors who buy $SPONGE v1 now and bridge to v2 will earn a 100% purchase bonus in v2 tokens. The bonus v2 tokens will be released to investors as soon as the new v2 token launches.

$SPONGE v2 Increases Token’s Utility

The $SPONGE v2 token is also expected to dramatically increase the utility of this project and make the community more engaged.

First, the team behind $SPONGE plans to apply to list the new v2 token on major exchanges like Binance and OKX. Listings on the world’s largest crypto exchanges would be huge for the price of $SPONGE, which could soar higher.

On top of that, the team is currently developing a play-to-earn crypto game where players can race around Bikini Bottom as Spongebob, Patrick, and other characters from the show. Players will need to pay $SPONGE v2 to join the game and can earn $SPONGE tokens as they climb the game’s leaderboards.

Sponge Token Price Prediction – How High Could $SPONGE Go?

If you’re wondering how to buy Sponge Token today, you’re not alone. $SPONGE’s resurgence over the last month and the coming launch of the v2 token have reignited interest in a token that was already one of the best performers of 2023.

However, as with all trending meme coins, many in the investment community are already speculating as to whether $SPONGE can sustain this momentum – and if so, where the price could ultimately go.

As was seen with meme coin success stories earlier this year, including with $SPONGE, Pepe Coin and Turbo, token prices can keep going up and up. This often seems illogical, considering the lack of utility these coins have – but it also highlights the tremendous power of the crypto community.

$SPONGE has now added utility through its staking pool and airdrops, and it aims to launch a new play-to-earn game as part of the upgrade to v2. So, it may not take a lot of momentum to push the token to a new all-time high.

$SPONGE continues to see huge growth in its socials, with the Sponge Token Twitter page now heading towards 30k followers. In addition, $SPONGE’s Telegram community is inching closer to 10,000 members as more investors aim to learn about the developers’ ambitions for the coin.

Ultimately, there’s no way of accurately predicting which price $SPONGE could reach, given the volatility in meme tokens. However, based on $SPONGE’s trajectory, there’s a solid chance that the token could hit $0.0010 in early 2024 after the $SPONGE v2 token officially launches.

If $SPONGE succeeds in becoming one of the new listings on Binance and OKX, as the project plans, it could shoot significantly higher. We think a price of $0.0025 could be within reach, which would represent a 100x gain from the launch price of the original $SPONGE token.

While these eye-popping gains might be short-lived, we’re also bullish on the long-term potential of $SPONGE. The token has a huge community and the new play-to-earn game will keep players engaged with $SPONGE.

In addition, the team behind this project has demonstrated with the v2 launch that they’re dedicated to making $SPONGE a project where investors will want to stick around.

Best Place to Buy Cryptocurrencies

Even though you can’t buy $SPONGE on Binance yet, you can buy over 350 other cryptocurrencies including popular coins like Bitcoin and Ethereum and meme coins like FLOKI, DOGE and MEME.

Binance boasts some of the lowest spot trading fees of 0.1%, and you can even buy coins directly with a credit card. Granted, this comes with higher fees, but it’s a fast and convinient way if you’re in a hurry.

As a Binance user, you get access to useful features including:

• Binance Earn where you lock your coins for a pre-determined period of time and you earn annual percentage return.
• Binance Launchpad where you get access to new coins that are yet to be listed.
• Crypto options and futures where you can trade on leverage and speculate on future price of various crypto assets.
• Automate your trading with trading bots and copy trading.

Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong.

Why Has $SPONGE Exploded & What Are Analysts Saying?

Many in the crypto community are already discussing why $SPONGE has exploded in price and why similar tokens have not.

Crypto analyst Jacob Bury shed light on this earlier this year, stating that investors who missed the boat with PEPE and TURBO appear to be looking towards $SPONGE as a viable alternative. Bury even stated in a YouTube video that $SPONGE could be yet another meme token that might 1,000x in value, although this was when the token first hit the market.

With 2024 expected to be a huge year for crypto, with potentially billions of dollars flowing into the ecosystem and trickling down into meme coins, $SPONGE could yet hit new heights in the next 12 months.

Institutionally investment is expected to reach unprecedented levels – with the likes of Standard Chartered predicting that Bitcoin could hit $120,000 by the end of next year. A healthy BTC will drag the rest of the market with it and, as has been seen in previous bull runs, those making profits from large cap coins tend to cycle into more speculative investments such as meme coins.

$SPONGE already has the name recognition and now the utility to see huge price increases should market conditions continue to improve.

Connor Brooke

Editor

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Connor Brooke

Editor

Connor is a Scottish financial expert, specialising in wealth management, equity investing, and blockchain technology. Based in Glasgow, Connor writes full-time for a wide selection of financial websites, including Techopedia, whilst also helping write business plans for SMEs seeking funding. Holding a Bachelor’s degree in Finance from the University of Strathclyde, and a Master’s degree in Investment Fund Management from the University of Glasgow, Connor has extensive knowledge in the investing space. He has authored two theses on mutual funds and the UK market - one of which was chosen for publication.

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