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Solana ICOs and meme coins continue to be in high demand, following the remarkable success of tokens like Bonk, Wen and Dogwifhat during this crypto bull run.
Analysts believe this trend will continue over the coming months, considering that Solana is still yet to retest its November 2021 ATH and smart-money traders are using meme coins as beta bets on their respective blockchains. The Solana price has traded as high as $210 in 2024, before a correction.
However, the aforementioned meme coins already have a high valuation and may offer limited returns. Some traders have now shifted their attention to mid-cap and low-cap Solana meme coins, searching for the next token that could deliver 1000x returns.
Smog (SMOG) is one such token that has already delivered high post-ICO returns, rallying over 25,000% in its first month of trading. The token has experienced a correction since then, but for the past few days there has been an attempt by the community to push its value back up again.
The Smog price chart is still in an uptrend, however, the Peng price chart has flipped market structure. Will it recover from its bearish trend?
Peng Price Crashes 90% from Highs – Can it Recover?
As its name suggests, Peng (PENG) is a penguin-based meme coin that launched on 8th of March with a listing price of $0.015. In a span of just a few days, the Solana meme coin reached an all-time high of $0.6736, representing a stunning 4400% price rally.
However, the token’s recent performance on the weekly charts has been less than ideal. Following Bitcoin’s latest retrace to its $65k support, the Peng price has experienced a drop of more than 60% over last week.
As the daily timeframe Peng price chart below shows the selling pressure has been consistent even though the token went live on LBANK on March 18th, 2024.
Peng’s social media also lies barren as the last update was on March 17th.
Even though the meme coin continues to get some engagement from crypto enthusiasts, the devs have not posted anything, giving an impression that it is another one of those meme coin stories that ended as soon as they peaked.
DEXtools show that its drop has been consistent as consecutive red candles are forming, indicating early enthusiasts may not be interested in this token much anymore.
At present, Peng’s price is around the $0.20 level, which is more than 90% below its peak. Unless we see other meme bulls coming together to boost Solana meme coins, PENG will experience another dip, becoming another forgotten meme coin.
Is Smog Still The Best New Solana Meme Coin To Invest In?
Since the start of the current bull market, experts have been warning investors against the hype of the “next best thing”. New tokens often have a strong start after their ICO but are soon replaced by the next shiny object in the market. Even worse, some ICOs are outright scams or rug pulls.
Consequently, analysts such as Franklin Emanuel believe that Smog could still be the best Solana meme coin to invest in following its post-ICO success. Even after $SMOG’s recent pullback, it still has an FDV of over $275 million.
Analysts believe that Smog could reach a $1 billion FDV, with some speculation it may even secure a Binance listing as well.
There continues to be some hope for this utility-focused meme coin as after dropping to the $0.16 mark, there was a 66% bounce, making it still one of the best meme coins on the Solana blockchain.
What Separates Smog From Other New Solana Meme Coins?
Smog’s publicly available roadmap reveals a number of factors that will continue to pique the interest of the meme coin community.
Smog has launched an ambitious airdrop campaign, promising the “greatest airdrop in Solana history”. Ironically, the meme coin was initially launched on the Jupiter Exchange, which has been credited for pulling off one of the best airdrops in crypto history with its $JUP token.
The Smog airdrop aims to reward over 10,000 loyal community members. Investors simply need to hold $SMOG tokens and register for the airdrop on the Zealy platform by completing a few very basic steps. Afterwards, investors could also compete daily quests on Zealy to increase their likelihood of a large airdrop allocation.
As per the latest data, the Smog airdrop already has 20,000 participants, with over 1.8 million quests completed.
The project’s roadmap also hints at more airdrop campaigns in the future, which could reward over 100,000 community members. It also reveals that several burn events will be organized, which could give a major boost to the $SMOG price.
Smog also organizes a number of giveaways that investors can take advantage of.
How To Buy New Meme Coin Smog
Investors looking to buy Smog with SOL will simply need a Solana wallet such as Phantom, after which they can connect to Jupiter or Birdeye and purchase the token by swapping SOL, USDT or BONK.
However, Smog is also now available on the Ethereum network at a limited-time 10% discount. Investors buying with ETH will have the advantage of earning staking rewards – currently at an APY of 42% – through which they can also earn airdrop points.
Buyers can simply use the OTC widget available on the Smogtoken.com website to buy with ETH.
It is also important for investors to sign up for the airdrop on Zealy and complete daily quests to earn more points.
*Cryptonomist did not write the article or test the platform.
