As the memecoin market heats up, crypto whales are accumulating the SPONGE V2 token in anticipation of major exchange listings that could drive significant price appreciation.

SPONGE V2 is the new iteration of the popular SPONGE token that launched in May 2023 and rapidly grew to over $100 million market cap amid viral meme coin mania. Existing SPONGE holders were airdropped SPONGE V2 tokens when the project migrated to the Polygon network.

Technical analysis suggests SPONGE V2 could be gearing up for a major rally. The token is trading around $0.003 with a $1.1 million market cap after retracing from recent highs. It has found support around $0.0027 and appears positioned to target resistance at $0.00365 amid bullish trading momentum.

What makes SPONGE V2 intriguing is its planned utility through a Play-to-Earn (P2E) gaming ecosystem. Users will be able to earn tokens by playing the game and earning rewards based on leaderboard rankings. Both free and paid game modes utilizing SPONGE V2 tokens are planned.

If SPONGE V2 can replicate even a fraction of the success of its predecessor, which was listed on over 10 major centralized exchanges at its peak, then the potential upside could be immense from current levels according to whales accumulating the token.

While still a speculative play, the combination of meme culture appeal, incoming exchange listings, and P2E utility has piqued the interest of large investors eyeing SPONGE V2's low cap as an opportunity. The project's evolution will be worth monitoring closely in the coming months.