Spongebob ($SPONGE), a meme token leveraging Ethereum’s decentralized framework, launched in 2023’s meme coin spring on the heels of coins like Pepe and Turbo. It’s seen enormous gains since then, delivering a more than 2,000% profit from its original launch price.
Investors can still buy the original $SPONGE token for a limited time, but the hype in the meme coin world now is on $SPONGE v2, which is just days away from launch. In this guide, we’ll explain how to buy $SPONGE v1 and v2 tokens and take a closer look at why $SPONGE v2 could be the next big meme coin.
Spongebob Token: An Overview
Over the initial 20 years of its broadcast, the U.S. animated television show SpongeBob SquarePants generated $19 billion in merchandising revenue, securing its place among history’s most prosperous cartoons.
Built on the Ethereum network, $SPONGE is a meme coin inspired by the popular series. Its goals include creating top-notch memes and cultivating a digital asset driven by the community.
$SPONGE launched in May 2023 and surged more than 4,000% after hitting exchanges. The token was an instant success and saw listings on numerous crypto exchanges, including:
After its debut and initial pump, $SPONGE settled into a trading range of around $0.0001 – a 4x gain from its $0.000025 launch price.
Now, with the announcement and coming launch of $SPONGE v2, the price of $SPONGE has soared again. It reached a high of $0.0006 in mid-November. The token has delivered a 2,070% profit for investors since launch.
Why are People Buying Spongebob?
Investors originally bought $SPONGE when it launched because they wanted to be part of the next big meme coin.
At the time, meme tokens like PEPE, DINO, TURBO, and WOJAK were delivering enormous pumps. Meme coin traders were making millions overnight, and many believed that $SPONGE could be the next 100x token.
At its height, $SPONGE nearly was. It grew from a $1 million market cap at launch to a nearly $100 million market cap at its peak. The token listed on major exchanges and attracted thousands of token holders who stuck with the project even after its pump ended.
Now, $SPONGE v1 is the key to getting new v2 tokens. The team behind $SPONGE has set up the v2 launch so that the only way to get tokens initially is through a stake-to-bridge mechanism.
Investors in $SPONGE v1 must permanently stake and lock their v1 tokens to the new v2 smart contract. In return, they’ll receive $SPONGE v2 tokens as staking rewards for the next 3 years, starting when the v2 token officially launches.
That’s driven massive demand for $SPONGE. The token is up 17% in the last 24 hours alone and there’s more than $1.6 million worth of $SPONGE v1 staked and bridged.
Benefits of $SPONGE v2
There’s a lot for investors to look forward to about the shift to $SPONGE v2. Here are some of the highlights of what the team behind $SPONGE has planned.
Bigger Exchange Listings
One of the most exciting developments that $SPONGE v2 will bring is a renewed push to get $SPONGE listed on some of the biggest exchanges in the world. The project plans to apply for listings on Binance and OKX, the world’s two largest crypto exchanges by trading volume.
If $SPONGE v2 lists on either or both of those exchanges, it would likely send the token’s price skyrocketing. It would also be great news for the long-term success of the project, since these exchanges would introduce $SPONGE to more investors and make it easier than ever for new users to buy $SPONGE.
The $SPONGE team also plans to use the v2 token as the basis of a new play-to-earn crypto game. Players will be able to race around Bikini Bottom as Spongebob and his friends, earning $SPONGE v2 tokens as they climb the game’s leaderboard.
The $SPONGE P2E game is already under development and could launch this year, although no release date has been announced. Join the Spongebob Telegram channel to connect with fellow $SPONGE enthusiasts and know more about the coin’s progress.
v2 Purchase Bonus
While $SPONGE v1 tokens remain in the project’s treasury, the team behind $SPONGE is offering an attractive bonus for new investors.
Anyone who buys $SPONGE now and stakes it to bridge to v2 will earn a 100% purchase bonus in $SPONGE v2. That means that if an investor buys $100 worth of $SPONGE right now, they’ll receive v2 staking rewards from that purchase as well as $100 worth of $SPONGE v2 tokens as soon as the new token launches.
In effect, investors can double their investment in $SPONGE v2 when they buy before the new token launches.
Detailed Guide to Buy $SPONGE tokens
You can follow these simple steps to buy $SPONGE tokens via the Uniswap plugin on the Spongebob website. The last step will explain how to stake $SPONGE v1 to bridge to the new v2 token.
Step 1: Download a Web3-Compatible Wallet
Start by downloading a wallet, like MetaMask, Coinbase Wallet, or Trust Wallet.
Step 2: Transfer Ethereum to Your Wallet & Go the Spongebob Website
Send Ethereum (ETH) to your address from an exchange or a different wallet. Remember, you’ll need ETH to acquire Spongebob tokens and pay gas/transaction fees.
Now, visit the Spongebob token webpage and look for the Uniswap plugin.
Step 3: Connect Your Wallet
Click “Connect” at the top right corner of the tool and permit the connection with your crypto wallet. Alternatively, you can directly connect your Uniswap wallet during this step.
Step 4: Pick the Token Pair & Enter the Amount
Select $SPONGE as the desired token and ETH/any other crypto as the payment token. Then, enter the amount of ETH you’d like to spend or the $SPONGE tokens you aim to secure.
Step 5: Check Slippage and Gas Fees
Assess the slippage tolerance and gas fees. The former takes into account possible price variations during the transaction.
Step 6: Validate the Transaction
Hit “Swap” and examine the transaction details, such as the gas fees, exchange rate, and slippage tolerance. Confirm the transaction while the Ethereum network processes it.
Additionally, you can opt to trade $SPONGE tokens through Dextools by following these steps:
- Open Dextools: Select the Dextools icon in the top right section of the Spongebob website to initiate the token trade via Dextools.
- Link Your Wallet: Connect your wallet on the Dextools.io platform (at the top right of the interface). Ensure you possess sufficient cryptos like ETH to trade for Spongebob tokens and cover gas fees.
- Submit Swap Information: Find the DEXTSWAP section and type in the quantity of Ethereum you wish to trade for Spongebob tokens. Soon after, hit “Approve” to verify the transaction.
Step 7: Stake to Bridge to $SPONGE v2
If you want to bridge to $SPONGE v2, stay on the Spongebob website and click “Want to bridge your $SPONGE? Click here.”
Enter the amount of $SPONGE v1 to stake and then stake it. Remember that all $SPONGE staked to the v2 contract will be permanently locked.
$SPONGE v2 token rewards will begin as soon as the v2 token launches.
Inspired by the highly successful SpongeBob SquarePants animated series and built on the Ethereum network, $SPONGE has established itself as a top-tier meme coin while fostering a community-driven digital asset.
After surging nearly 100x, the project is now releasing a new v2 token. The only way for investors to get $SPONGE v2 is to buy $SPONGE and stake it to the new v2 smart contract. $SPONGE v2 has huge potential and could list on some of the world’s biggest crypto exchanges.