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Verb: chuck up the sponge
Usage: US, non-standard
  1. Stop trying or participating; admit defeat
    "In the second round, the challenger chucked up the sponge";
    - drop out, give up, fall by the wayside, drop by the wayside, throw in, throw in the towel, quit

Derived forms: chucking up the sponge, chucks up the sponge, chucked up the sponge