The price of Smog (SMOG), a new Solana-based meme coin, has surged 21% over the past 24 hours – pushing its fully diluted market cap above $100 million.
Given the massive price pump, many crypto investors are wondering if now is the time to buy SMOG before it’s too late.
SMOG Surges Past Key Levels as Investors Jump In
After the surge seen in the past day, SMOG is trading around $0.073 – nearing its all-time high from February 16.
The meme coin has seen two bullish daily closes in a row and looks poised to make it three.
This shows strong momentum behind the recent price pump, with SMOG breaking past key resistance at $0.070 yesterday.
Further positive news is that SMOG now boasts over 32,000 unique holders.
Trading volume is also surging, with a 23% increase in SMOG trades over the past 24 hours.
Taken together, these factors have contributed to the bullish outlook for SMOG.
Additionally, investors have been attracted by SMOG’s tokenomics, which are designed with the community in mind.
The token’s creator only holds 0.43% of the total SMOG supply, meaning it is fairly distributed.
Ownership has also been renounced, so the creators cannot mint any more tokens or alter the contract.
With strong technicals, growing holders, and increasing trading volume, SMOG’s price might have even more room to run.
Why is Viral Meme Coin SMOG Taking Over Solana?
But what exactly is SMOG, and what is driving interest in this new meme coin?
In simple terms, SMOG is a community-focused meme coin launched on Solana in early February.
The creators aim to leverage memes and viral marketing to promote engagement and drive awareness.
One of SMOG’s key features is its massive airdrop campaign with Zealy, where 35% of the total supply will be distributed to community members.
This amounts to 490 million tokens – representing $36.2 million in value based on the current SMOG price.
SMOG holders can also stake their tokens to receive attractive yields of up to 42% per year.
The staking rewards, hilarious visuals, and airdrop incentives have helped SMOG build up a sizable community on social media platforms like Twitter.
Furthermore, the token has also caught the eye of several high-profile crypto influencers.
For example, YouTube personality Matthew Perry, who has 211,000 subscribers, stated that he believes it could be the “king of Solana meme coins.”
Considering Perry’s influence in the crypto space, his endorsement has likely contributed to the growing interest in SMOG.
Multi-Chain Approach & Planned Burn Protocol Set Stage for Success
Moreover, the broader market trend of Solana meme coins gaining traction, as seen with Bonk (BONK) and dogwifhat (WIF), is also playing a role in SMOG’s popularity.
There has been an explosion of meme coins launching on Solana lately, aiming to take advantage of its low fees and high transaction speeds.
Solana has proven to be a breeding ground for viral meme coins, with CoinGecko data showing this niche is now worth a whopping $2.7 billion.
Although SMOG undoubtedly benefits from being hosted on Solana, the token’s creators are taking things one step further with their multi-chain approach.
SMOG was also recently deployed on Ethereum, broadening access to the token for a wider audience.
The ability to tap into the liquidity and community on both chains positions SMOG to dominate most new meme coins in terms of exposure and adoption.
Smog’s roadmap even includes plans for a burn protocol that could accelerate its growth further.
Although still speculative, SMOG looks well-positioned to capitalize on the growing interest in meme coins among investors, both new and experienced.
