The Resurgence of Meme Coin Mania on Solana
The “meme coin mania” is back in the crypto market, with hot coins on Solana’s blockchain seeing massive spikes in interest lately, especially since the end of last year.
Leading meme coins like BONK and WIF have surged, but a new challenger has emerged that could leave them both in the dust. Enter SMOG: the Solana meme coin quickly captivating the market with its viral potential.
BONK Roars Back to Life, But Is the Leading Solana Meme Coin Too Expensive Now?
BONK, the self-proclaimed third biggest Doge-inspired meme coin, has roared back to life this week – notching an impressive 30% surge. However, at $0.000013, BONK is still far away from its all-time high around $0.000024 set back in December.
As seen on the BONK/USDT chart below, the coin has been trading inside a parallel channel since late December after its parabolic rise in late 2023. BONK is now breaking resistance at $0.000013, but the next key level and channel top is set around $0.000017, then $0.000018. Breaking above this would mean BONK finally breaks out from this multi-month consolidation.
With a current market cap around $820 million, BONK making another 50x or 100x surge from here that most meme coin investors covet seems a bit unrealistic, at least in the short to medium term.
After the surge in late 2023, BONK was the talk of the crypto town. But its parabolic rise also meant that anyone getting in now is likely too late without significant new developments. The most famous Solana meme coin has probably become too expensive for the average investor looking to get rich quick.
Is WIF a Better Bet Among Solana Meme Coins?
So if you missed out on BONK while it was still cheap, is dogwifhat (WIF) a better bet for big meme coin gains on Solana?
After notching a 47% gain this past week, WIF is certainly seeing some positive momentum. However, at a current price around $0.33, WIF is still down significantly from its all-time high of about $0.45 set in mid-January this year.
Much like BONK, WIF benefited from the surge in interest around Solana-based meme coins. It has a circulating supply of 998 million coins, with no additional WIF left to be created.
Across short, medium and long-term timeframes, WIF’s RSI sits around 50 – indicating neither overbought or oversold conditions. This means there could be room left for this Doge-inspired meme coin to run.
With a market capitalization now above $300 million, WIF still has potential for massive gains compared to meme coins in the billions. A 50x or 100x surge could potentially take WIF up to $15+ – although still an ambitious target.
While BONK and WIF have shown they can yield windfall gains for early investors, their multi-hundred million dollar valuations make significant near-term multiples tougher to achieve.
SMOG – The New Solana Meme Coin With Room To Run
SMOG is a newly launched meme coin on Solana, going live on Feb 7th. In the few short days since, it has been in a clear uptrend. With a current market cap around $51 million and price of $0.066, SMOG has much more room for exponential growth ahead.
As we reported yesterday about the SMOG meme coin mania heating up, the coin hasn’t stopped running since. In just four days, SMOG has increased more than tenfold as trend followers and speculators pile in.
Minor pullbacks are to be expected with any surging meme coin. But with SMOG, buyers have so far used these dips to get in on the action – signaling a likely overarching bull run ahead.
In a big development announced yesterday, SMOG investors can now purchase and stake coins directly through the project’s website. The meme coin also launched on leading Solana exchange Jupiter, improving accessibility and liquidity.
The SMOG concept seems carefully designed to tap into viral success factors. With a diluted market cap now above $105 million, SMOG has shown glimpses of its potential. At the same time, there remains substantial room for upside if momentum continues.
Listings on major centralized exchanges like Binance or Coinbase could turbocharge SMOG’s growth. This would expose it to millions of new investors and traders who could pile in to chase gains. The team behind the project is planning these exchange listings in the weeks ahead.
Adding fuel to the fire, the SMOG community eagerly awaits an upcoming airdrop event. This – combined with amplifying social media buzz – makes the perfect recipe for meme coin mania.
In a strategic marketing push, the SMOG project continues building anticipation for its airdrop through diverse campaigns. As expected, this has ignited a bull run and helped SMOG quickly amass a large base.
With 35% of supply set aside for airdrops and an interesting 50% for marketing, SMOG has all the ingredients for virality. The rest is intelligently allocated to liquidity and operations to enable stability and growth.
As the current lunar year draws to a close, the Year of the Dragon in the Chinese zodiac starts with the recent Chinese New Year 2024. Playing into this symbolism around the mystical dragon, SMOG seems deliberately designed to drive community excitement – while capturing interest in Solana innovations.
Given the immense surge after its stealth launch, SMOG shows ingredients to outpace leading meme coins BONK and WIF. While BONK notched 900% 1-year returns, SMOG could leave those figures in the dust if momentum sustains.
So for investors and speculators searching for the next explosive meme coin on Solana, SMOG checks all the boxes. With room to run on market cap and the perfect storm brewing in terms of the hype and viral marketing, SMOG just might emerge as the leading Solana meme coin of 2024.