Sponge Token Volumes Surge +17% as Meme Coin Markets Position for Sponge Price Explosion Ahead of Staking Launch Tomorrow
– 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 $SPONGE staking on November 1.
Sponge token trading volume has risen 17.88% over the last 24 hours as eagle-eyed meme coin traders rush to take position ahead of the highly anticipated staking launch.
This comes as trading volumes across the meme coin charts gain 18.9% following an emergent altcoin season, triggered by Bitcoin’s recent price recovery.
Top meme coin Dogecoin ($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.
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
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