How to Buy Sponge V2 Token – Beginners Guide 2024

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Sponge Token is one of the most successful meme coins this year; securing gains of 100x after its May 2023 launch. The newly created Sponge V2 offers a chance to target similar gains.

This guide explains how to buy Sponge V2 Token in 2024. We cover the stake-to-bridge investment model, what returns to expect, and which exchange listings to look for.

Sponge Token V2 Key Points

The key takeaways for Sponge V2 Token are summarized below:

  • Sponge V2 is the continuation of the original Sponge Token. Put simply, it’s a meme coin designed to produce similar investment returns of 100x or more.
  • The only way to buy Sponge V2 is to stake V1 tokens. This can be done directly on the Sponge V2 website.
  • If you don’t currently own any V1 tokens, you can buy some from the V2 dashboard. The V1 tokens will automatically be bridged and staked to Sponge V2.
  • Investors will receive their Sponge V2 tokens before they’re listed on exchanges. This gives investors the best chance possible of securing a low entry price.

How To Buy Sponge V2 ($SPONGEV2) Tokens – Beginners’ Guide

We’ve created a detailed step-by-step guide on how to buy Sponge V2 tokens in 2024. This ensures that crypto investors of all skill sets can invest seamlessly.

Note: If you already have Sponge V1, there is no requirement to buy any more tokens. We explain how to stake-to-bridge V1 to V2 further down.

Step 1: Get a Crypto Wallet

The first step is to get a crypto wallet for your preferred device. One of the best crypto wallets is MetaMask. It’s available as a browser extension or mobile app. As explained in our MetaMask review, the wallet is free, secure, and used by over 100 million crypto investors. Therefore, we’ll explain the Sponge V2 investment steps with MetaMask.

How to install MetaMask

Once you’ve downloaded MetaMask to your preferred device, open it. You’ll be asked to choose a password or PIN. Make sure this is something nobody else can guess. Next, MetaMask will display your backup phrase. This is a string of 12 words; you’ll need to write them down on paper in the correct order.

The backup passphrase will be required if you forget your password/PIN or you lose the respective device. Never share it with anyone, as it provides access to the MetaMask wallet remotely.

Step 2: Add ETH or USDT to the MetaMask Wallet

You’ve now installed MetaMask. The next step is to fund it with Ethereum (ETH) or Tether (USDT). These are the two cryptocurrencies accepted on the Sponge V2 website.

These digital assets are listed on the world’s best crypto exchanges, including Binance, OKX, MEXC, eToro, and Coinbase. The cheapest option is to use one of these exchanges to buy ETH or USDT, and transfer the tokens to MetaMask.

MetaMask buy crypto with debit card

Alternatively, if you favor convenience over cost-effectiveness, you can also buy ETH or USDT on MetaMask. It uses third-party payment processors like MoonPay and Mercuryo.

You can instantly buy ETH or USDT with a debit/credit card after completing a quick KYC process. Expect to pay 3-5% in transaction fees.

Step 3: Connect MetaMask Wallet to the Sponge V2 Website 

You’ve now got ETH or USDT in your MetaMask wallet. Next, visit the Sponge V2 website and click on the ‘Connect Wallet’ button.

A pop-up box will appear asking for your preferred wallet; select ‘MetaMask’. This needs to be done on the same device that MetaMask is installed.

Connect MetaMask Wallet to the Sponge V2 Website

Before MetaMask confirms the connection to Sponge V2, it will ask for your authorization. Simply click on the MetaMask notification that appears and confirm the connection.

Step 4: Choose How Much V1 to Buy and Stake for Sponge V2 

Your funded MetaMask wallet is now connected to the Sponge V2 website. Next, click ‘ETH’ or ‘USDT’, depending on which cryptocurrencies are currently held in MetaMask.

How to buy SPONGE V2

You’ll then need to type in the total investment amount. The equivalent number of SPONGE V1 will be updated in the order box. In our example above, we are buying 250 USDT worth, which gets us 542,321 SPONGE V1.

Once you confirm the swap, a MetaMask notification will appear. This asks for your confirmation for the token swap. After providing authorization, MetaMask will transfer the ETH or USDT to Sponge’s wallet.

Step 5: V1 Tokens are Automatically Staked for Sponge V2 

At this stage, you’ve purchased Sponge V1 tokens. The V1 tokens will automatically be sent to a staking pool. This will generate staking rewards that are paid in Sponge V2.

Crucially, the V1 tokens can never be withdrawn; they’re prominently locked. Moreover, the Sponge V2 staking rewards will continue to be paid over four years.

Sponge V2 tokens

After the initial stake-to-bridge process is over, you will receive your Sponge V2 tokens. This will be announced on social media in due course.

After that, Sponge V2 will be listed on crypto exchanges. According to the project, tier-one exchanges with the most liquidity and trading volume are being targeted.

Manually Swapping Sponge V1 for V2

  • If you already own Sponge V1 tokens, you can manually swap them for V2.
  • Visit the Sponge website and click the ‘WANT TO BRIDGE YOUR $SPONGE?’ button. This is located within the order box toward the top of the homepage.
  • Next, select your preferred wallet from ‘MetaMask’ and ‘WalletConnect’. This needs to be the wallet that currently holds Sponge V1.
  • Once you confirm the swap, your V1 tokens will be permanently locked. In turn, you’ll receive Sponge V2 staking rewards over the next four years.
  • After the stake-to-bridge process is over, you’ll receive your initial batch of Sponge V2 tokens.

What is Sponge V2?

Sponge V2 is a brand-new meme coin. It’s following on from the success of the original Sponge token. For those unaware, Sponge V1 was launched in May 2023. It uses the popular cartoon character SpongeBob as its mascot. Within days of launching, Sponge went on a parabolic run. It went from an initial market capitalization of $1 million to almost $100 million. This secured gains of nearly 100x for early investors.

Like many popular meme coins, Sponge’s success was based on hype, speculation, and FOMO (fear of missing out). Sponge V2 is the continuation of Sponge V1. It will deploy the same marketing strategy and aims to replicate similar, if not better returns. This means that meme coin investors have a second chance to generate huge returns. After all, the team behind Sponge has proven they know how to bring a new meme coin to the market.

Although many meme coin launches opt for a presale/ICO, Sponge V2 is doing things differently. It has developed a stake-to-bridge model, which is the only way to buy Sponge V2 tokens. There are two options in this regard. First, those holding Sponge V1 can swap their tokens for Sponge V2. Second, those without Sponge V1 can buy some on the Sponge website.

Accepted cryptocurrencies include ETH and USDT.  In both cases, the Sponge V1 tokens will be permanently locked in a staking pool. Investors will receive staking rewards; paid in Sponge V2. After the stake-to-bridge phase is over, investors will receive their Sponge V2 tokens. Sponge V2 will then be listed on crypto exchanges.

Considering the crypto markets are significantly more bullish than they were in May 2023, the upside on Sponge V2 could be sizable. However, like all meme coins, Sponge V2 doesn’t have any utility. As explained on the Sponge V2 website, the tokens don’t have any “intrinsic value or expectation of financial return”. Therefore, it’s important to consider the risks before proceeding.

Why Buy Sponge V2 Tokens?

Now that we’ve explored the basics, let’s take a deep dive into the investment thesis. Read on to discover why Sponge V2 tokens could be the next crypto to explode.

Second Chance to FOMO in on the Sponge Craze

Put simply, many analysts believe that Sponge V2 will replicate the success of the original Sponge V1. Some commentators argue that the returns could be even bigger, considering the strong sentiment on Bitcoin and other cryptocurrencies right now. As we mentioned, Sponge V1 increased by almost 100x after its May 2023 launch.

During this period, the total value of all cryptocurrencies was $1.1 trillion. Today, this figure stands at almost $1.6 trillion. Therefore, there’s a lot more capital flowing into cryptocurrencies. In addition, although meme coins have little to no use cases, they remain hugely popular with crypto investors. Consider Pepe, a meme coin that was launched in April 2023.

Bloomberg on crypto meme coins

In just 17 days, Pepe increased by over 7,000%, as explained by Reuters. And then there’s Bonk, which has increased by over 1,000% in the prior month, as per Bloomberg. So what does this mean for Sponge V2? Well, even traditional financial publications like Reuters and Bloomberg are picking up on the meme coin craze.

This coincides with broader bullishness on cryptocurrencies, with Bitcoin ETF approvals and the next halving event expected next year. This means that Sponge V2 is launching at the perfect time. In fact, its whitepaper states that the tokens will be listed on exchanges at the start of the bull cycle.

Stake-to-Bridge Launch Gives Early Investors a First-Mover Advantage

The best meme coins usually hold a presale campaign. This raises funds from investors before the tokens launch on crypto exchanges. Sponge V2 has opted against a conventional presale. Instead, the only way to buy Sponge V2 is by staking and bridging V1 tokens.

This means that early investors can still secure a first-mover advantage. However, everyone secures the same price. Nonetheless, after the stake-to-bridge phase is over, Sponge V2 will likely list on crypto exchanges at a higher price point.

This means that early investors can secure an immediate upside. That said, the initial upside available will likely be much lower than Sponge V2’s true potential. Therefore, many investors will wait for the team to bring Sponge V2 to the masses. After all, hype and FOMO are two key ingredients shared by the most successful meme coins.

Earn Sponge V2 Rewards Passively for 4 Years

Although the biggest upside will come from Sponge V2’s price appreciation, additional returns can be made from staking. As we’ve established, bridging V1 tokens is the only way to buy Sponge V2.

Sponge V2 stake-to-bridge

Although this locks the V1 tokens permanently, it entitles investors to Sponge V2 staking rewards. These rewards will be distributed over four years, forming a generous flow of passive income.

Loyal Community Following Spurned Large-Scale Exchange Listings

The original Sponge token did an excellent job in building its community. According to EtherScan data, there are over 11,600 unique SPONGE token holders. This is a sizable amount, considering Sponge was only launched in May 2023.

It’s no secret that tier-one exchanges favor cryptocurrencies with a strong community – even meme coins without any intrinsic value. For instance, Sponge V1 is already listed on MEXC, Gate.io, and Poloniex. These three exchanges alone attract billions of dollars worth of daily trading volume.

Sponge V2 is expected to take the same strategy. It will initially engage in an aggressive marketing campaign. This will help generate hype and exposure to a large audience of potential investors. After that, Sponge V2 aims to secure many tier-one exchange listings, even becoming an upcoming coin on Binance. After all, Binance has listed similar meme coins this year, such as Bonk and MEME.

Sponge V2 Play-to-Earn Game

Although Sponge V2 doesn’t have any intrinsic value, the project is building a use case for its tokens. In a nutshell, Sponge V2 is launching a play-to-earn game. Users can buy credits with $SPONGEV2, enabling them to win more tokens.

Sponge V2 play-to-earn game

There will also be a free version, although players won’t be eligible to earn $SPONGEV2. Ultimately, the play-to-earn game will help Sponge V2 amplify its community of token holders. The more token holders a project has, the more attractive it is for new investors.

Sponge V2 Price Prediction – What is $SPONGEV2’s Potential?

Nobody can predict the volatile and speculative nature of cryptocurrencies, especially meme coins. That said, CNBC explains that ‘Meme Mania’ is back, with significant interest in meme coins like Sponge, Pepe, and Bonk.

We’ve established that Sponge V1 generated returns of 100x in May 2023. Today, the broader cryptocurrency markets are worth almost 45% more. The markets are expected to grow considerably in 2024, with some analysts predicting a $100,000 Bitcoin price.

This is good news for meme coins like Sponge V2. After all, when Bitcoin is bullish, this brings the rest of the market up. In turn, investors are more inclined to take a risk on unproven, small-cap meme coins. Therefore, while Sponge V1 made significant returns for early investors, Sponge V2 could take things to the next level.

Conversely, there is no guarantee that Sponge V2 will perform well. The cryptocurrency markets are unpredictable, meaning its value could decline. Never invest more than you can afford to lose. What’s more, it’s important to diversify across a wide range of new cryptocurrencies.

Conclusion

In summary, some analysts believe Sponge V2 could be the next billion-dollar meme coin. While the original Sponge returned 100x for early investors, V2 could generate even bigger gains.

The only way to buy Sponge V2 is by bridging and staking V1 tokens. Those without V1 tokens can buy some with ETH or USDT. The V1 tokens will then be swapped for Sponge V2 automatically.

References

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Kane Pepi
Editor
Kane Pepi
Editor

Kane Pepi is an accomplished financial and cryptocurrency writer who has an extensive portfolio of over 2,000 articles, guides, and market insights. With his expertise in specialized subjects such as asset valuation and analysis, portfolio management, and financial crime prevention, Kane has built a reputation for providing clear explanations of complex financial topics. He holds a Bachelor's Degree in Finance and a Master's Degree in Financial Crime, and is currently pursuing his Doctorate degree, which focuses on investigating the complexities of money laundering in the cryptocurrency and blockchain technology sectors. Kane's wealth of knowledge and experience in the field make…