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chuck up the sponge is a verb meaning "give up in the face of defeat of lacking hope; admit defeat". It carries one recorded sense.
give up in the face of defeat of lacking hope; admit defeat
“In the second round, the challenger gave up”
Definitions, synonyms and semantic relations for chuck up the sponge come from Princeton University’s WordNet. Commonness is measured against a corpus of everyday English. Full sources and licences.