Meme coins have been making headlines this week, with a surge in trading volumes and market anticipation. One notable meme coin that is gaining attention is Sponge token ($SPONGE). Despite the recent increase in trading volumes across meme coin charts, $SPONGE has managed to stand out. In the last 24 hours, its trading volume has risen by 17.88%, indicating a growing interest from meme coin traders. This surge in trading volumes can be attributed to the upcoming launch of $SPONGE staking on November 1.
The rise in trading volumes is not unique to $SPONGE alone. Top meme coins like Dogecoin ($DOGE) and HarryPotterObamaSonic10Inu ($BITCOIN) have also witnessed significant increases in volume. Dogecoin has experienced a staggering 62% increase in trading volume over the past 24 hours, while $BITCOIN has seen a growth of 28.8%. This resurgence in trading volumes is a clear signal of the renewed interest in meme coins, driven by Bitcoin’s recent price recovery and the emergence of an altcoin season. Among these meme coins, $SPONGE is quickly becoming a favorite among traders, especially with the launch of staking just around the corner.
The upcoming launch of $SPONGE staking is a significant milestone in the Sponge project roadmap. Staking is expected to bring about positive price action for $SPONGE and incentivize long-term holding through lucrative staking rewards. This new feature is also an attractive entry point for new market entrants. With technical structures strengthening over the last month and a growing interest in meme coins, $SPONGE has demonstrated its potential for impressive growth.
The chart below highlights the recovery of $SPONGE in comparison to other meme coins. Despite its relatively low market capitalization, $SPONGE has outperformed top coin $DOGE due to its superior performance. In Uptober’s market-wide recovery, $SPONGE has consolidated at a higher support level above $0.00010. This upward trend positions $SPONGE for potential dramatic growth leading up to the staking launch.
At its current market cap of just $2.72 million, $SPONGE can be considered undervalued. With over 11.39k holders and more than $3.4 million in liquidity locked, $SPONGE stands out among meme coins with similar liquidity and dedicated holders. This suggests that even a moderate inflow of funds or a few significant trades could easily result in a 4x increase in value. The launch of staking is highly anticipated by current holders, who have patiently waited for this milestone.
The launch of $SPONGE staking is expected to go live on November 1 at 10AM UTC. This event offers an attractive APY incentive, especially for new entrants who can take advantage of the low price point and potential value accrual. As the Season 1 Sponge Airdrop comes to an end, airdrop winners will be selected in conjunction with the staking launch. Additionally, rumors are circulating within the Sponge Discord community about a possible burn mechanism and major partnerships in the works, adding even more excitement and speculation to the future of $SPONGE.
With easy access through various exchanges such as Gate.io, MEXC, Bitget, Poloniex, BTCEX, and CoinW, investors have the opportunity to join the $SPONGE rocket before its product launches. As the crypto market enters an expected bull cycle, there is a strong possibility of $SPONGE rallying back to its all-time high price of $0.0023. Don’t miss out on this high-growth potential meme coin.