After 2,400% progress in 2023, PEPE holders switching to new meme coin

There was a decisive shift within the meme coin market, as holders of Pepe (PEPE) are actually migrating to new contender Sponge V2 (SPONGEV2). Sponge V2 is the subsequent iteration of the favored Sponge (SPONGE) meme coin and has seen greater than 5 billion tokens staked because it was introduced in December.

The Sponge V2 innovation

The unique SPONGE surged by virtually 1,000% after launching on Uniswap in Could.

At its peak, SPONGE hit a market cap of $100 million and had over 13,000 holders worldwide.

Though this peak was short-lived, SPONGE managed to take care of strong group backing all through 2024, even because the token’s value fell dramatically.

Now, the Sponge group is again and seeking to reignite the spark with SPONGEV2.

One key draw is the introduction of a play-to-earn (P2E) racing recreation that can enable gamers to earn SPONGEV2 via participating gameplay mechanics.

This mixture of gaming and monetary incentives is predicted to develop SPONGEV2’s enchantment past simply hypothesis.

In accordance with Sponge V2’s whitepaper, there will likely be a free and paid model of the sport, with month-to-month leaderboards including an additional layer of competitors for gamers.

Stake-to-bridge mechanism for Sponge V2

The event group has initiated a “stake-to-bridge” setup the place holders of the unique SPONGE token can completely lock up their holdings and earn SPONGEV2 as yield.

The the annual yield is over 310% – with greater than 5 billion tokens staked.

As soon as the staking interval ends, stakers can declare their accrued SPONGEV2 tokens via the sponge.vip web site.

Moreover, builders intend to record SPONGEV2 on Uniswap to offer broader accessibility and enhance liquidity.

A number of influencers, together with YouTuber Jacob Bury, again the token to rally on itemizing.

PEPE holders switching to SPONGEV2?

Because of the momentum of SPONGEV2, some PEPE holders are making the change and investing within the SpongeBob-themed token.

Whereas PEPE noticed spectacular positive aspects exceeding 2,400% final 12 months, the token has stagnated since October attributable to its lack of utility.

However, SPONGEV2 has clear utility via its P2E racing recreation integration.

Moreover, PEPE might be thought of on the “mature” section of its lifecycle, that means the exponential returns seen final 12 months are doubtless a factor of the previous.

In distinction, SPONGEV2 hasn’t but launched, so the potential for speedy progress stays untapped.