New Meme Coin SMOG Token Skyrockets Over 4,700% After Solana Launch

The crypto meme coin sector has a new fan favorite with the entry of Smog Token (SMOG), which has taken the market by storm since its launch on February 7th. The Solana-based token has seen parabolic growth of over 4,700% in its first 36 hours of trading, reaching an undiluted market valuation of $50 million.

TLDR

• SMOG is a new meme coin launched on Solana that has seen a 4,703% price increase since its release on February 7th
• The token has quickly reached an undiluted market cap of over $50 million
• SMOG is expanding to Ethereum later today using a bridge via Wormhole and PortalBridge
• The token grants holders access to an expert crypto community for advice and interactive airdrop campaigns
• Upcoming plans include staking features, potential token burns, and recruiting 10,000+ loyal community members

Bolstered by bullish sentiment from investors, SMOG’s launch price of $0.001419 has exploded nearly 5000% higher to $0.06816 at the time of writing. Trading volume over $1.2 million confirms genuine interest behind the price action rather than manipulation.

Following in the footsteps of meme coin predecessors DOGE and SHIB, SMOG differentiates itself through a dragon theme and ambitious roadmap that includes staking rewards, token burns, and interactive community airdrops. The team also revealed plans to bridge SMOG to Ethereum later today.

Holding SMOG tokens grants access to an expert crypto community named The Dragon’s Court for advice and discussions. Through fun airdrop quests, users can earn points and win their share of community bounties. This gamification aims to drive virality and engagement within the project.

The mysterious Loyal Chosen group also beckons loyal community members who pass certain initiation rituals, promising enhanced airdrop rewards. So far over 10,000 users have signed up for the airdrop campaign as interest in the realm continues swelling.

From a charting perspective, SMOG appears poised for continuation higher after establishing a bullish pennant pattern on its 4-hour chart. The pennant forms within a strong ascending channel, suggesting bulls remain in control.

Lower support levels present around $0.044, $0.030, and $0.0225 in case of pullbacks, providing safety nets for prospective buyers. Breaching channel resistance at $0.075 would expose upside targets at $0.10 and $0.125.

The SMOG roadmap details several upcoming developments that could catalyze further meteoric price rises if successfully implemented. This includes the creation of staking rewards to incentivize holding, implementing token burns to manage supply, and continuing to recruit loyal community members.

Expanding to Ethereum via a bridge later today also opens the doors to new investors previously unable to buy the Solana-only token. This represents a crucial driver of additional trading volume and capital entering the ecosystem.