Meme coin $SPONGE has seen a 26% increase in price over the past seven days, reaching $0.000117, following the announcement of the introduction of staking on November 1st. Although there are no specific details about the annual percentage yield or lock-up periods yet, $SPONGE staking will allow token holders to earn a yield from their digital assets. This news comes at a perfect time as meme coins experience a rally in the market. $SPONGE is an attractive option for investors looking to dollar-cost average into the market and capitalize on potential upside. Other meme coins such as Shiba Inu, Dogecoin, Pepe, and Floki have also seen significant increases in price recently. The launch of staking is just one way that $SPONGE aims to enhance its value for token holders. Other possibilities include exploring gaming integration and financial engineering options like burning tokens and buybacks. Additionally, there have been talks of potential partnerships with other projects to further boost the coin’s value. The $SPONGE team is committed to implementing initiatives and products that support the price of the coin and attract market interest. There is currently an ongoing airdrop for $SPONGE, with entries closing on October 30th and winners chosen on November 1st. It’s worth noting that implementing token staking, buybacks, and dApps powered by native tokens have proven successful strategies for other meme projects to generate interest in their tokens. With its new staking utility and potential future developments, $SPONGE has the potential for significant returns for investors. Despite its current modest market cap of $2.74 million, compared to its liquidity of $3.4 million and 11,400 holders, there is belief among HODLers and liquidity miners that $SPONGE has great potential. With more product news and possible partnerships on the horizon, $SPONGE could potentially rally back to its all-time high price of $0.0023, delivering a gain of over 20x. The altcoin season is just getting started, and it’s not too late to get involved with $SPONGE and potentially see substantial returns.
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