SMOG: Experts Name the Flagship Crypto of the Solana Ecosystem

After a year 2023 full of surprises, Solana continues to impress the crypto-sphere. Likewise, its memecoin hub recently welcomed SMOG, a cryptocurrency that is currently rising and close to its all-time high.

Read more about SMOG and find the latest financial news of the dya with our companion app Born2Invest.

Smog: the SPL token draws an explosive bullish pattern

Smog is a memecoin launched in early February on the Jupiter exchange, a flagship decentralized exchange of Solana. The crypto parodies the dragon Smaug, a fictional character created by writer JRR Tolkien in his bestselling novel The Hobbit.

Smog aims to become the new successful memecoin of the Solana ecosystem , thus crushing already established behemoths like Bonk, Myro or Dogewifhat. One of the strong points of the project is its extension to other platforms in the sector such as Ethereum via the Wormhole protocol.

This therefore allows crypto to be purchased with ETH and staking in order to benefit from an APY set at 42%. Thanks to this possibility, the crypto is already owned by more than 21,000 people currently and its market cap already exceeds 100 million dollars.

Over the last 7 days, SMOG is up 160% and continues to gain popularity in the crypto-sphere. After last week’s rally, the SMOG/USD chart has taken a pause, demonstrated by the current trading range . We can thus observe a chartist figure in a pennant. The break of this pattern is potentially explosive.

According to chart measurements, SMOG’s price prediction based on a popular chart pattern is at $0.14 by March 2024.

In one week of existence, the project’s official X account already has around 26,000 followers.

A success that Smog owes mainly to its internal economic structure which judiciously distributes its supply of 1.4 billion tokens . In fact, 50% of SMOG’s offering is dedicated to promoting the project in the crypto-sphere.

35% of this supply is intended for the various airdrop rewards planned by the project and the rest of the tokens, approximately 15%, will ensure the liquidity of SMOG on CEXs and DEXs in the sector.

Currently, SMOG is offering a 10% discount for all users of the Ethereum blockchain

Indeed, for all investors who go through its site and use ETH to acquire their first tokens, they can benefit from a 10% reduction on their purchases.

Furthermore, another advantage of the project is its airdrop. In fact, Smog wants to reward the first 10,000 users adopting its ecosystem in the long term. The project calls them the 10,000 Chosen Loyals.

To be part of this privileged list, you must collect airdrop points by interacting with Smog, either by purchasing crypto or by participating in the various quests organized by the project in partnership with the Web3 Zealy platform. io .

Simply go to the official Smog website and click on the Airdrop tab to be redirected to the game’s official page. Around 100,000 quests or tasks have already been completed so far and the game is already recording over 4,000 participants.

To maximize your chances, you must participate on a daily basis in order to appear on the Zealy leaderboard .

Solana memecoins perform well

Recently, Solana has benefited from the various marked increases experienced by the cryptocurrency market. Its token, SOL, even briefly surpassed BNB in ​​terms of market capitalization. In addition, the Solana ecosystem is also home to gems that take full advantage of the current craze around its ecosystem.

Currently, according to the CoinGecko website , the market for memecoins issued on Solana is estimated at around $1.4 billion. The headliner is obviously the crypto Bonk , which was recently listed by Revolut and could also be airdropped for users of the service.

With over $1 billion in market capitalization, Bonk is closely followed by Dogewifhat (around $400 million) and Myro (around $97 million).

In addition, another element that could promote the growth of memecoins on the Solana blockchain is the success of the pre-sale of its Phone Saga Chapter 2, which has already exceeded 100,000 orders in less than a month.

Has the bull run just started on the crypto markets?

The cryptocurrency market is booming. The recent performance of Bitcoin which exceeds $50,000 is palpable proof of this. Likewise, the Fear & Greed crypto index is slowly starting to flirt with peaks of greed, signaling renewed investor interest in cryptos.

However, some analysts argue that it is still too early to talk about the start of a bullish cycle in crypto markets. Additionally, with these recent rises, investors should also be cautious as large corrections could soon occur.

It would therefore be wise not to give in to FOMO (Fear of Missing Out) too quickly and to continue to study market movements.

__

(Featured image by GuerillaBuzz via Unsplash)

DISCLAIMER: This article was written by a third party contributor and does not reflect the opinion of Born2Invest, its management, staff or its associates. Please review our disclaimer for more information.

This article may include forward-looking statements. These forward-looking statements generally are identified by the words “believe,” “project,” “estimate,” “become,” “plan,” “will,” and similar expressions. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed in the following cautionary statements and elsewhere in this article and on this site. Although the Company may believe that its expectations are based on reasonable assumptions, the actual results that the Company may achieve may differ materially from any forward-looking statements, which reflect the opinions of the management of the Company only as of the date hereof. Additionally, please make sure to read these important disclosures.

First published in  ActuFINANCE. A third-party contributor translated and adapted the articles from the originals. In case of discrepancy, the originals will prevail.

Although we made reasonable efforts to provide accurate translations, some parts may be incorrect. Born2Invest assumes no responsibility for errors, omissions or ambiguities in the translations provided on this website. Any person or entity relying on translated content does so at their own risk. Born2Invest is not responsible for losses caused by such reliance on the accuracy or reliability of translated information. If you wish to report an error or inaccuracy in the translation, we encourage you to contact us