Solana-based meme coin sensation Bonk ($BONK) is now down by a significant 70% from its all-time-high price set in December.
The project surged by over 700% during the final month of 2023, causing it to achieve meme coin sensation status after hitting a $1.5 billion market cap.
Since its peak, $BONK has dropped substantially, trading in consolidation throughout January.
While $BONK continues to experience its chop, traders are turning their attention to newly emerging projects capable of delivering similar returns.
In particular, SMOG Token ($SMOG) is turning heads after pumping by over 1,400% following its fair launch on Jupiter yesterday, with its unique airdrop utility expected to bring further gains in the coming days.
Is $BONK Dead? Price Continues Chop as Interest in Meme Coin Sensation Fades
$BONK was one of the hottest cryptocurrencies in December 2023, reaching superstardom by hitting an enormous $1.5 billion market cap.
The cryptocurrency had surged over 700% in December to peak at $0.000035, marking an epic return of over 50x for early adopters.
Since its peak, $BONK has been in a consistent downtrend, shedding a devastating 70% from its market cap.
The meme coin has found support at the $0.00001 level and is trading in a period of consolidation.
The market is approaching the apex of a descending triangle pattern, which has some traders believing a recovery is imminent;
Looking ahead, if the buyers can hold support at $0.00001 and push above the upper angle of the triangle, the first resistance lies at $0.000015.
This is followed by $0.00001178 (bearish .382 Fib), $0.00002, and $0.000023.
On the other side, a break beneath $0.00001 would see the first support at $0.0000077, followed by added support at $0.000005 (200-day MA), $0.000004, and $0.0000015.
What Projects Are Traders Looking At Instead?
Even if $BONK breaks to the upside of the triangle, the market cap is now too high to provide the 50x returns it offered initially.
Instead, traders are now looking for newly emerging projects capable of delivering substantially higher gains than those buying $BONK today.
One project, in particular, is causing a frenzy on Solana after fairly launching on Jupiter yesterday.
$SMOG has stormed onto the market with a unique airdrop utility that’s causing a wave of excitement, allowing the token to pump 1,400% in its first few hours.
Newly Launched $SMOG Sees 1,400% Surge After Fair Launch on Jupiter
Newly launched $SMOG surged by an epic 1,400% today after its fair launch on Jupiter.
The project brings a unique airdrop utility that lets users buy and hold $SMOG to earn airdrop points to qualify for a historic airdrop.
Born in the celestial forges of Jupiter, $SMOG promises a fair launch and an unparalleled airdrop spectacle, allowing an equal opportunity for everybody to get positioned.
$SMOG is following the footsteps of popular Solana-based meme coins like $BONK, $MYRO, and $WIF to become the next meme coin sensation in the ecosystem.
The token launched on the Solana blockchain at 16:00 UTC and saw a wave of buying pressure in its first few minutes, causing it to surge by over 1,400%;
Traders are quickly rushing to get positioned on any dips as the project exhibits the fingerprints of an expert Web3 team, with rumors quickly spreading that it could be the same team that delivered $SPONGE – a meme coin hit that delivered 100x returns in May 2023 on Ethereum.
Airdrop-Focused Meme Coin Set to Start New Trend on Solana Blockchain
$SMOG is bringing a new trend to Solana with its airdrop-focused narrative. The project describes itself as the most rewarding token on the Solana network, with an enormous 35% of the total supply set aside for its airdrop campaign.
The airdrop campaign is facilitated through Zealy, a social media marketing tool that brings massive engagement to projects.
Users participating in the Zealy campaign can build up airdrop points by completing daily, weekly, and monthly quests.
The quests include tasks such as following SMOG on Twitter and engaging in social media discussions on Discord.
Community members with the highest number of airdrop points will also be shown on a leaderboard, bringing a competitive spirit to the campaign.
$SMOG Starts Trending on Popular Trading Dashboards as Traders Look for Entry Opportunities
$SMOG has already secured its position as a hotly trending meme coin In just a few hours of launching.
For example, it surged to the Solana Dextools hot pairs section;
🔥 Smog has just entered Solana Dextools hot pairs
Token: $SMOG
Dextools: https://t.co/oTwBzWxzLp— CryptoTrending (@DexBotOG) February 7, 2024
It also secured its place as the top overall gainers on its Daily Gainers List;
Overall, with the hype swiftly building, $SMOG is expected to provide at least 10x returns to early adopters over the coming days once the social media engagement kicks in and participants look toward its airdrop.
$SMOG could potentially become one of the hottest trending meme coins in February and shouldn’t be faded. Best of all, $SMOG is on Solana, so small investments below $100 are always welcomed due to the low transaction costs.