Memecoins
Smog Price Rises as Holders Speculate Which Meme Coins Could Mirror GameStop’s Surge
GameStop has made countless headlines this week after skyrocketing, both as shares of the popular company and as a meme coin. Both skyrocketed following the return of Roaring Kitty, one of the traders behind the short squeeze in early 2021, when Reddit traders pushed back against institutional investors who were shorting GameStop shares.
The GameStop token surge eventually translated to the rest of the meme coin industry, leading many major joke cryptocurrencies to post significant gains.
An example is the one based on the dragon Smog (SMOG)which runs on the Solana network.
Smog Price Rises as Meme Coin Industry Explodes
Smog has seen a significant drop in prices over the past month. After struggling to break above the resistance at $0.10 in the second half of April, the token’s price rejected towards the end of the month, plummeting to $0.060.
In early May, the token experienced another surge as it concluded the first phase of its airdrop, once again sparking interest in its token. However, this surge was quickly reversed after the token reached the price of $0.080 and corrected again towards $0.040.
The surge in GameStop shares and tokens brought the meme coin hype back into vogue, and SMOG responded as well, rising nearly 30% between Monday, May 13, and Friday, May 17.
The token is still struggling to breach the resistance at $0.060 as the hype has started to die down, but SMOG could still breach this resistance and turn it into new support.
SMOG Airdrop continues with season 2 still ongoing
As previously mentioned, Smog is currently in the midst of a launch that has been dubbed “the greatest Solana launch of all time.”
The project requires users to complete various tasks or exchange tokens to earn XP. Depending on how much XP they have at the end of the event, they will receive a certain amount of SMOG tokens as a reward.
The project allows users to get SMOG on their website at a 10% discount. However, the offer won’t be available for much longer, so anyone interested should move quickly before it expires. SMOG tokens can be purchased with ETH, USDT, or a credit/debit card.
Once in traders’ possession, they can be staked or traded to quickly earn XP and become eligible for airdrop rewards.
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