Amid a particularly bullish week in the crypto market, Solana-based meme coins are tasting outsized success, with Bonk and Myro pumping 11% and 41%, respectively.
However, new whipper-snapper Smog left both cryptos in the dust, up 52% today. The token is currently gearing for an airdrop, drawing tremendous excitement from investors.
Bonk and Myro Surge as Solana Continues to Show Strength
The Solana ecosystem is enjoying tremendous bullish momentum this week as SOL climbs 23%.
SOL has seen a market cap increase of over $10 billion in the last week, with significant liquidity also finding its way to Bonk and Myro.
Solana’s impressive performance follows its first network outage in almost one year last week.
However, analysts and community members are even more bullish following the outage.
Crypto research firm Kaiko said the project’s reaction to the outage is “yet another sign of strength” in a report on Monday.
This sentiment has spilled over to meme coins, propelling the BONK price towards its local resistance of $0.000014.
Currently, Bonk is up 11.2% today and 36% this week, but remains down 7.24% this month. It is also down 59% from its 15 December 2023 ATH of $0.00003419.
But with its recent relative strength, analysts are backing Bonk for a bright future.
An analysis by Saint Pump labeled Bonk as having a “clear, unbreakable horizontal support.”
While Saint Pump did not provide a price prediction, the analyst illustrated that Bonk had broken a descending triangle, a move typically followed by a reversal to the upside.
Meanwhile, The Trading Wizard posted a similar chart idea on TradingView, speculating an ATH is on the horizon.
“Bonk finally broke the descending triangle after almost two months of consolidation. The ideal would be for the price to retest and continue its upward movement. I am bullish with altcoin season coming,” wrote the analyst.
Moving to Myro, its price has climbed 41% today and 61% this week, but is down 32% this month and 65% from its 19 January 2024 ATH of $0.2607.
Similarly to Bonk, analysts are rallying behind Myro, anticipating a move toward its highs.
In a popular tweet, Myro community member Henok said, “MYRO is preparing to go parabolic and break the ATH. Diamond hands are about to be rewarded, and we’re not even in the bull run yet.”
Meanwhile, analyst XENsm speculates Myro is heading toward $0.24, almost 3x from its current price. “Myro is about to explode,” said the analyst.
But while Bonk and Myro have both enjoyed notable gains, the newly launched Smog token is seeing even more success, pumping 52% in the last 24 hours.
Trending Smog Token Goes Multi-Chain Following Airdrop Hype
Smog token launched on 7 February, immediately garnering hype as it laid plans for a vast airdrop.
35% of the Smog supply is allocated to the giveaway, and the campaign is ongoing. Market participants can gain eligibility through buying and holding SMOG and other tasks outlined on the project’s Zealy page.
The project saw a 1,400% pump in its opening hours, but the hype has continued, with Smog pumping 52% today.
That said, it remains down 7% this week, presenting a timely buying opportunity ahead of the next potential leg up.
Another factor attributing to Smog’s hype is that it recently went multi-chain. Now, investors can buy Smog on Solana or Ethereum, the two most prominent meme coin markets.
According to the Smog team, the project has already amassed over 16K holders.
Meanwhile, DEX Screener data shows 606 buys to 382 sells in the last six hours, illustrating the community’s continuous expansion.
Ethereum users can buy Smog on the project’s website and stake their tokens for a 42% APY.
Solana users can purchase SMOG from a DEX like Jupiter or Birdeye. Those who want to stake theircan bridge them to Ethereum using Portalbridge.com and then stake them on the Smog website.
