Meme Coin Sponge Token Gains Strength Ahead of Staking Launch
As trading volumes surge in the meme coin market, Sponge token ($SPONGE) is also experiencing a rise in trading volume. The highly anticipated launch of $SPONGE staking on November 1 has attracted the attention of meme coin traders, leading to a 17.88% increase in trading volume over the past 24 hours.
Market-wide Comeback and $SPONGE’s Consolidation
The recent altcoin season triggered by Bitcoin’s price recovery has resulted in an 18.9% increase in trading volumes across meme coin charts. In October, $SPONGE token consolidated at a higher support level above $0.00010, positioning itself for potential growth leading up to the staking launch.
Undervalued Status and Growth Potential
Sponge token is currently considered undervalued with a market cap of just $2.72 million despite having 11.39k holders and over $3.4 million liquidity locked. Most meme coins with similar liquidity and dedicated holders have market caps in the eight figures, suggesting that even a moderate inflow or a few whale trades could lead to significant growth for $SPONGE.
The Launch of $SPONGE Staking
The launch of $SPONGE staking on November 1 marks an important milestone for Sponge token’s project roadmap. It offers an attractive APY incentive, especially considering the low price point for new entrants, potential value accrual, and variable staking rewards.
Airdrop Winners and Speculations
The staking launch coincides with the end of the Season 1 Sponge Airdrop, with winners being selected tomorrow. Speculations are emerging in the Sponge Discord community about a potential burn mechanism and major partnerships in the works.
Joining the $SPONGE Rocket
With easy access to investors through platforms like Gate.io, MEXC, Bitget, Poloniex, BTCEX, and CoinW, it’s not too late to join the $SPONGE rocket ahead of the product launch. As the crypto market enters an expected bull cycle, there is potential for $SPONGE to rally back to its all-time high price of $0.0023.
Hot Take: Seize the Opportunity with Sponge Token
If you’re looking for a high-growth prospect in the meme coin market, don’t miss out on Sponge token. With increasing trading volumes and anticipation for the staking launch, now is the time to consider investing in this promising meme coin.
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