Meme coins have been making headlines recently as their trading volumes surge. Among these meme coins is Sponge token ($SPONGE), which has shown great promise in the crypto market. As the launch of $SPONGE staking approaches on November 1, the trading volume of the token has risen by 17.88% in the last 24 hours. This increase in trading volume is part of a larger trend, with meme coin charts experiencing an 18.9% surge amid the emergence of altcoin season.
The highly anticipated staking launch of Sponge token has garnered significant attention from meme coin traders. The surge in trading volumes across various meme coin charts, including Dogecoin ($DOGE) and HarryPotterObamaSonic10Inu ($BITCOIN), indicates a renewed interest in moonshot-worthy meme coins. Sponge token, with its low market cap, has quickly become a favorite among traders. The launch of $SPONGE staking is seen as a major milestone for the project, aligning with the community’s rallying call to “absorb the damp.”
The introduction of the staking mechanism for Sponge token is expected to have a positive effect on its price action. By offering lucrative staking rewards, the new mechanism incentivizes long-term holding and attracts new market entrants. Over the past month, $SPONGE has shown technical strengthening, driven by growing investor interest in meme coins. Despite the broader rally in the meme coin vertical, $SPONGE has outperformed top coin $DOGE due to its lower market capitalization. The token has consolidated above the $0.00010 support level throughout October and is poised for potential growth leading up to the staking launch.
Despite its promising outlook, Sponge token is currently undervalued. With a market cap of just $2.72 million, it presents an appealing investment opportunity. The token boasts over 11.39k holders and more than $3.4 million in liquidity locked, figures that are typically associated with meme coins at much higher market caps. Therefore, it would only take a moderate influx of investment or a few significant trades for $SPONGE to experience a fourfold increase in value.
The launch of $SPONGE staking has been eagerly awaited by bag-holders and signifies progress along the project roadmap. Scheduled to go live at 10AM UTC on November 1, it promises an attractive Annual Percentage Yield (APY) incentive. This is particularly enticing considering the current low price point for new entrants, the potential value accrual, and variable staking rewards. The countdown to the staking launch has coincided with the conclusion of the Season 1 Sponge Airdrop. Airdrop winners will be selected tomorrow and will receive their rewards one week later, adding to the excitement surrounding the staking launch.
Unverified rumors circulating in the Sponge Discord suggest the possibility of a novel burn mechanism and major partnerships in the works. These potential developments could further enhance the growth and value of Sponge token. For interested investors, Sponge token is currently listed on multiple platforms, including Gate.io, MEXC, Bitget, Poloniex, BTCEX, and CoinW, ensuring easy access to the token’s potential.
Don’t miss out on the opportunity to join the $SPONGE rocket and ride the waves of passive rewards. As the crypto market enters an anticipated bull cycle, Sponge token has the potential to rally back to its all-time high price of $0.0023. Embrace the damp and seize the high-growth prospects offered by this meme coin.
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