By Solana meme coin markets are heating up, and a new Elon Musk themed token, ELON, has ignited in the latest skyrocket move.
This article will provide an analysis of ELON’s current price trends and look to see whether a newer meme coin, SMOG, represents a more promising investment opportunity at this time.
Elon Musk has just entered Solana Dextools hot pairs
Token: $ELON
Twitter: @sitepad_editor
Dextools: https://t.co/ALz76J5H76
— CryptoTrending (@DexBotOG) February 27, 2024
The popular Musk reference has clearly fuelled ELON’s virality and success, with a flood of capital soon after launched now being linked to promotions by DEX bots on Crypto X (formerly Twitter) – sending signals to quickfire traders.
Unsurprisingly, this isn’t the first time an Elon Musk-themed meme coin has pumped, with multiple past instances seeing similar traction in October 2023.
ELON Price Analysis: As Elon Musk-Themed Solana Meme Coin Continues To Climb – How High Can ELON Skyrocket Go?
As price action continues to climb in the chart, ELON is currently trading at a market price of $0.006697 (representing a 24-hour change of +8,037%).
This comes amid a sensational launch, which saw the Solana meme coin gather impressive initial traction with an almost instant skyrocket, a move that would ultimately see early backers sat atop more than 259x gains.
On the climb up, ELON price established lower support levels between $0.00096 and $0.002, then later on once more around $0.005 – offering multiple footholds in the event of a downtick.
Despite the whopping gains, the move has been fuelled by a surprisingly small influx of just $99k in trading volume, which now leaves 240 holders left in the game – as price continues to hammer the upper trendline.
Yet, with a market cap sat high at $660k, it seems that ELON could grow significantly from here, with as much as a 5x return still easily available with a further influx of volume.
Indeed, with buy pressure maintaining a tight grip over transactions (over the past hour buys represented 57% of transactions), it seems unlikely that a retracement move could be initiated here.
For this reason, alongside the strong fundamentals stemming from Elon Musk’s meme value, it seems unlikely that ELON will retrace at this point in time.
However, FOMO traders should exercise some caution due to the unlocked and rather modest liquidity pool, which could expose holders to undue risks.
So, for investors seeking a safer skyrocket opportunity in the Solana meme coin market, it could be worth considering a new airdrop campaign that has just launched – SMOG.
Better Play Than ELON Price Analysis? SMOG Token – Defiant New Solana Meme coin Sets Out to Trigger Viral Airdrop Campaign
$SMOG champions the slogan “No meme coin can survive the fiery flames of SMOG,” offering holders access to the elite ‘The Dragon’s Court’ crypto community.
This community aims to achieve unmatched virality in the meme coin domain.
They do this by launching exciting, interactive, and continuous multi-airdrop campaigns to playfully engage users.
To participate, individuals must purchase and retain $SMOG, which allows them to earn airdrop points. Although the exact rewards and specifics of the airdrop campaigns are yet to be revealed, the sense of anticipation is growing.
Moreover, $SMOG holders can benefit from a community bounty produced by the campaign, further incentivizing the retention of their holdings.
SMOG Token Aims To Unlock Major Virality Through Airdrop Campaign Community – Huge 50% of Token Supply Designated to Marketing
The Smog project’s tokenomics highlight the team’s commitment to achieving viral success for their airdrop campaign.
Developers have earmarked a significant 50% of the supply for marketing, showcasing their ambitious plans.
They have reserved a significant 35% of the supply for future airdrop rewards, highlighting the promise of attractive prizes.
Efforts to decrease the circulating supply position the SMOG token for a stronger start compared to previous Solana meme coin surges like BONK, which has seen an impressive +862% year-to-date (YTD) gain despite its pullbacks.
Discover The Dragon’s Lair: Exploring Smog Token’s Extensive Plans to Beat ELON Price Analysis./
The project’s future is outlined in a detailed roadmap, showcasing several exciting milestones.
Key highlights include the introduction of a staking feature suggesting upcoming airdrop initiatives. Additionally, discussions of a potential burn mechanism and plans for multiple future airdrop launches are noteworthy.
Uniquely, the project also lists the milestone target of achieving 10,000+ so-called ‘Loyal Chosen’.
Joining this exclusive and enigmatic group requires selection and a pledge to the SMOG realm via several community initiation rituals. This commitment comes with the promise of enhanced airdrop rewards.
How to Buy SMOG Token and Participate in SMOG Airdrop Campaign?
In order to participate in the SMOG airdrop campaign, traders will need to use a Solana-compatible wallet such as Phantom.
Then using SOL, USDT, or BONK tokens users can swap for Smog via the Jupiter DEX aggregator or Birdeye.
To improve your likelihood of selection for the Loyal Chosen and enhance your airdrop earnings, engage in completing the community task list on Zealy.
Join the Smog community on X (Twitter), Discord, and Telegram to stay tuned with the latest news and updates.
Explore the Lite Paper to find out more.
The post ELON Token Skyrockets 259x in a Day, Spotlight on Next Low Cap Gem Set to Surge appeared first on Cryptonews.
