Tuesday, October 31, 2023
– Meme coins have shown strength this week in the midst of a surge in trading volumes, and early-2023 breakout Sponge token ($SPONGE) hasn’t been left behind as crypto market anticipation grows for the launch of $SPONGE staking on November 1.
This comes as trading volumes across the meme coin charts gain 18.9% following an emergent altcoin season, triggered by Bitcoin’s recent price recovery.
Top meme coin Dogecoin ($DOGE) has seen a whopping 62% increase in trading volume over the past 24 hours, and this has been matched by HarryPotterObamaSonic10Inu ($BITCOIN) which has seen volume grow 28.8%.
The rapid increase in trading volumes signals a return to market interest in moonshot-worthy meme coins and low market cap $SPONGE is quickly becoming a traders’ favorite ahead of the coin’s staking launch tomorrow. This marks a major milestone in the Sponge project roadmap.
How Could $SPONGE Staking Launch Reinvigorate Price Action?
The launch of Sponge token staking holds all the promise of the $SPONGE community’s original rallying call to ‘absorb the damp’.
The new staking mechanism is expected to reinvigorate Sponge token price action in a double-bubble play that will incentivize long-term holding with lucrative staking rewards, and entice new market entrants to capitalize on a strong entry point in the charts.
Indeed, $SPONGE has seen technical structure strengthening over the last month, bolstered by renewed interest in meme coins from investors hunting big gains.
The below chart demonstrates how $SPONGE (in blue) has recovered alongside a broader ‘everything’ rally in the meme coin vertical, even outperforming top coin $DOGE (in orange) due to Sponge token’s superior low market capitalization.
Uptober’s market-wide comeback has left $SPONGE token in consolidation at a higher support level above $0.00010, with the nostalgic meme coin set to end October in the green.
This leaves $SPONGE token poised for potentially dramatic growth ahead of the launch of staking tomorrow.
Currently, Sponge token can be seen as undervalued, with an alluringly low market cap of just $2.72m despite a steadfast 11.39k holders and more than $3.4m liquidity locked.
Diligent investors will note that the majority of meme coins that can boast such impressive liquidity and dedicated holders sit at 8-figure market caps.
This suggests that it would take only a moderate inflow, or a handful of whale trades, for $SPONGE to easily make a 4x move from here.
Don’t Miss Out Sponge Staking Goes Live at 10AM UTC on November 1
The launch of $SPONGE staking has been patiently awaited by bag-holders, and marks real progress along Sponge token’s project roadmap.
Expected to go live at 10AM UTC on November 1, $SPONGE staking will offer an attractive APY incentive – especially considering the low price point for new entrants, potential value accrual and variable staking rewards.
🌟 $SPONGE Staking goes LIVE tomorrow at 10am UTC! 🚀
Get ready to surf on the waves of passive rewards 🌊💰
— $SPONGE (@spongeoneth) October 31, 2023
Furthermore, the staking launch has been timed to coincide with the end of the Season 1 Sponge Airdrop (now closed), with airdrop winners being selected tomorrow in conjunction with the staking launch.
Airdrop rewards (speculated to be as much as 10% of $SPONGE supply) will be distributed one week after the winners are revealed.
In the midst of the pre-staking hype, unverified rumors are now abounding in the Sponge Discord suggesting that a novel burn mechanism and major partnerships could be in the works.
With that said, it’s not too late to absorb the damp and join the $SPONGE rocket ahead of the product launch. The token is currently listed on Gate.io, MEXC, Bitget, Poloniex, BTCEX, and CoinW – ensuring easy access to coy investors.
As a potential rally back to an all-time high price of $0.0023 appears on the cards during an expected crypto bull cycle, don’t miss out on this high-growth prospect meme coin.
Buy $SPONGE Here