Last Thursday, the total amount of investments in Sponge V2 exceeded the $15.6 million mark. However, the popular token did not stop there. At the moment, users have transferred about $15.6 million via blockchain bridge and staking. Such a jump occurred after it became known about the launch of V2 in the Polygon network.
That said, the transition of the new version of Sponge to Polygon is not the only thing that pushed the coin to new record highs. In fact, this event is very favorably combined with an update for Ethereum Dencun. The latter’s goal is to significantly reduce gas fees and speed up the flow of transactions in the Ethereum layer 2 network.
The fact is that Polygon is great for prospective gaming platforms. This network provides lower fees and high transaction speeds compared to Ethereum. It is not surprising that the developers decided to move the coin to it, given that they are preparing to release a new exciting P2E game.
Also of note: support for the original V1 tokens was discontinued on February 5. Because of this, demand for V2 started to rise again. As a result, there are now over 15 billion Sponge V2 coins in staking – almost 20% of their total number. At the same time, all users who have locked their assets will be able to get up to 189% per annum based on Ethereum and 909% – based on Polygon.
However, the developers warn: the release of the coin on the listings should take place very soon. So, investors don’t have much time left to buy Sponge V2 and start earning on steaking.
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The price of Sponge V2 is now 6.064% higher than the starting price of V1. What to expect next
News of the move to Polygon has driven the price of SPONGEV2 to $0.0012. This is 4.716% higher than what the V1 was once showing. The mentioned popular meme-token could be purchased for $0.000025 at the start of sales.
Experts note that SPONGEV2 is developing much faster than its predecessor. As of today, the asset has overcome the historical maximum of V1 at $0.0012. Its diluted market capitalization is estimated at $49.5 mln. If we take into account the total volume of supply, the valuation of SPONGEV2 will be about $183.9 mln. At that, the liquidity in SPONGE/WMATIC pair will increase to almost $559 th.
At the moment, the token is in the consolidation channel. This means that soon the asset is able to form a bullish flag around it, and after that it will move to new highs.
Sponge V2 is capable of achieving great success in the crypto-games segment
Despite the fact that games are one of the most popular niches in the digital currency industry, their prospects sometimes seem not quite clear. The fact is that, as a rule, these kinds of projects do not offer users the necessary experience and have low transaction speeds. Because of this, demand drops and all the benefits of the blockchain architecture are negated.
This is why Sponge V2’s move to the Polygon network is so important. The latter is capable of conducting about 7 thousand transactions per second, while Ethereum processes only up to 25 transfers at the same time. Theoretically, Polygon has everything necessary to accelerate to 65 thousand transactions per second in some cases. After the launch of the Dencun update, this figure can become even higher. So the developers of Sponge V2 were right in deciding to move their asset to this network.
In general, the creators of the meme token have chosen a reliable strategy for the development of the project. They not only decided to stick to the roadmap and use all the advantages of the Ethereum blockchain, but also turned to the Polygon network. This scaling solution is necessary for a project that aims to take a leading position among crypto-games.
It is currently unknown what the new architecture will look like. The developers do not disclose any details. However, the very news of such changes has led to an unprecedented excitement around the meme coin. Investors only have to wait for the third phase of the Sponge V2 roadmap to experience the new game.
It is reported that at this point, the scope of work is all set and the team is ready to move directly to the creation of the project.
In total, the developers have issued about 150 billion tokens. Of these, 4.47% is aimed exclusively at creating a crypto game. Another 7.5% is intended for marketing needs, and 8% is allocated for P2E rewards. Meanwhile, 43.09% of the coins will be accrued for 4 years as steaking rewards. It is also worth mentioning that 26.93% of assets are involved in the implementation of Stake-to-Bridge technology, and 10% will provide liquidity on centralized exchanges.
Of course, it is too early to draw any definite conclusions. However, experts believe that Sponge V2 has everything necessary to conquer the P2E-games segment. Therefore, investors should hurry up: after the release on the stock exchanges, the price of the asset may increase several times.
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Author: Saifedean Ammous, an expert in cryptocurrency economics.
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