Cryptocurrency
New Solana-Based Meme Coin SMOG Goes Viral – Here’s Why Some Traders Are Backing This Airdrop Spectacle For More Gains
![](https://letizo.com/wp-content/uploads/2024/02/new-solana-based-meme-coin-smog-goes-viral-heres-why-sometraders-are-backing-this-airdrop-spectacle-for-more-gains_65c8be2fc92d1.jpeg)
Brand new Solana-based meme coin Smog Token (SMOG) is going viral this week after surging by over 3,000% following its fair launch on Jupiter.
The meme coin caused FOMO as investors scrambled to get positioned on any dips to be eligible to participate in its airdrop utility, slated to be the biggest airdrop on Solana.
With the hype and momentum growing, traders are backing SMOG to continue surging as it establishes its position as becoming a promising token on the Solana Network.
SMOG Trading On Jupiter With Epic Fiar Launch and Explodes By Over 3,000%
Smog Token (SMOG) launched on Jupiter on February 7th at 16:00 UTC and immediately surged by over 1,400% in its first few hours.
A few days later, SMOG is up by a whopping 3,000% as traders pile into the project before its airdrop utility kicks in.
Smog is bringing a novel airdrop mechanism to the Solana network that lets users buy and hold tokens to earn airdrop points and qualify for its historic airdrop.
The project’s website describes Smog as a meme coin born in the celestial forges of Jupiter as it promises a fair launch and an unparalleled airdrop spectacle.
Given its impressive market entrance, it’s clear investors are backing Smog as a candidate to become the next Solana-based meme coin sensation as it seeks to follow in the footsteps of $BONK and $WIF.
“The Greatest SOL Airdrop of all Time” – SMOG Brings Novel Airdrop-Focused Utility
The novel airdrop utility from SMOG allows users to accumulate airdrop points by simply holding the token. In addition, there’s a Zealy campaign lined up that will enable participants to build up more airdrop points.
Zealy is a social media engagement platform, and users can participate in daily and weekly quests to accumulate points.
The quests require users to follow specific tasks like following Smog on X and joining the Discord community.
With 35% of the total supply allocated to the airdrop, SMOG certainly has the potential to provide an airdrop spectacle for those accumulating airdrop points.
Community members with the highest number of airdrop points are also showcased on a leaderboard, bringing a competitive spirit to social engagement.
Hallmarks of Experienced Web3 Professionals With Top-Tier Marketing Gets SMOG Trending
Smog quickly gathered traction following its launch as investors realized that the project exhibited the hallmarks of experienced Web3 professionals.
The project has an expertly crafted marketing campaign, which caused the number of active members in its Telegram channel to increase beyond 5,500 people in under 24 hours. Furthermore, there are an additional 8,400 followers on X.
With such a large community already engaged, it’s clear something is driving SMOG beyond the typical meme coin hype, and investors are wondering if the anonymous team behind the project is the same team that caused meme coin heavyweights like $SPONGE to surge in 2023.
The credibility of the team is also exhibited by the fact that SMOG has already exploded into the top trending pairs list on the DexTools dashboard;
In addition, SMOG has managed to cross an astonishing 10,000 holders in its short 48 hours of being live.
It also has an incredible $1.2 million in its liquidity pool, making it the perfect project for whale activity.
The team behind Smog clearly understands the tenants of what causes meme coins to become successful after locking the liquidity in the pool through Team Finance. This third-party security firm ensures liquidity funds are locked away to prevent a rug pull for investors.
Finally, the team has also renounced ownership of the SMOG token contract, meaning they cannot mint any more SMOG or make changes to the code.
Best of all, Smog Token has launched at the perfect time, with Solana rebounding above $100 and Jupiter continuing to outshine other popular DEXs like Uniswap. It’s clear that the momentum is with Solana-based tokens, and the next meme coin sensation in crypto is likely to come from Solana again.
Those looking to purchase SMOG will need to do so through Jupiter using SOL. Follow the directions provided on the project’s website for more information.
Overall, given its incredible traction already seen so far, SMOG seems primed to continue to make waves in the meme coin space with its incoming airdrop spectacle, and traders are backing it with their cash.
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Cryptocurrency
Top 10 Solana (SOL) Ecosystem Projects by Development Activity
![](https://letizo.com/wp-content/uploads/2024/09/top-10-solana-sol-ecosystem-projects-by-developmentactivity_66dc47b18afea.jpeg)
TL;DR
- Due to recent growth, Solana and its projects have gained popularity.
- Ecosystem meme coins like Dogewifhat (WIF) and Bonk Inu (BONK) have seen significant declines after a substantial surge earlier this year.
The Unsurprising Leader
Solana and numerous projects built on it have brimming in popularity in 2024. Some factors that could have contributed to this might be SOL’s bull run at the end of 2023 and the beginning of 2024, the growing community, and innovations in the ecosystem.
The crypto analytics platform Santiment recently outlined the top 10 Solana-based projects in terms of development activity in the past 30 days.
Somewhat expected, the first spot belongs to Solana itself, which collected a score of 186.33. It is worth noting that the protocol’s native token – SOL – has been experiencing a downfall since the end of July, plunging by approximately 30% and currently trading at around $127 (per Coingecko’s data).
Wormhole holds the second position with a ratio of 90.5. It acts as a bridge connecting various blockchain networks, such as Solana, Ethereum, BNB Smart Chain, and others. It enables users to transfer digital assets and data across these blockchains without a centralized intermediary.
Pyth Network is third, with a score of 68. It operates as a decentralized oracle network where multiple providers contribute to a collective data feed.
JITO and Neon round up the top 5 list. The other Solana-based projects down the line include Drift, Orca, Helium IOT, Helium Mobile, and Metaplex.
The Missing Ones
It is interesting to note that meme coins, which are part of Solana’s ecosystem, did not make the list. Such tokens, including dogwifhat (WIF), Bonk Inu (BONK), and many more, were among the top-trending topics in the crypto space at the start of the year due to their skyrocketing prices.
However, their progress has stalled as of late. WIF – the biggest Solana-based meme coin in terms of market capitalization – currently trades at around $1.52, representing more than a 70% decline from the ATH registered in April.
BONK (the second-largest) is worth approximately $0.00001666 as of the moment, or 60% less than the peak in May.
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Cryptocurrency
These Altcoins Bleed Out as Bitcoin (BTC) Price Fell by $4K in Hours (Weekend Watch)
![](https://letizo.com/wp-content/uploads/2024/09/these-altcoins-bleed-out-as-bitcoin-btc-price-fell-by-4kin-hours-weekend-watch_66dc47b73b311.jpeg)
Bitcoin’s nosedives continued in the past 24 hours as the asset slumped from an intraday high of $57,000 to under $53,000 within hours.
The altcoins are also in the red, and the total crypto market cap has dumped to $2 trillion for the first time in over a month.
BTC’s Troubles Keep Coming
The primary cryptocurrency lost the coveted $60,000 level last week, and the true downfall followed suit. Aside from a brief attempt to overcome that line on September 3, the bears have been predominantly in control, which culminated yesterday.
Before that, it was rejected a couple of times and marked lower daily highs. A relief rally came on Friday when the US released the job report for August, which showed that there was a slight decline in the unemployment rates.
BTC reacted quickly with a price increase from $55,500 to $57,000. However, that turned out to be a false breakout, and the cryptocurrency headed south immediately after. In a matter of minutes, it plummeted to $54,000 before the bears initiated another leg down that pushed it to a monthly low of $52,700 (on Bitstamp).
Despite recovering to just over $54,000 now, it is still 4% down on the day and more than 8% in the past seven days. Its market cap has plunged to $1.070 trillion, while its dominance over the alts is down to 53.5%.
Alts in Red Yet Again
The bearish scenario repeated once again, and the altcoins are back in red. Ethereum is among the leaders in this adverse trend, having lost over 4% of value. As a result, it now struggles at $2,250. BNB is down by 3%, XRP by 3%, and SOL by 2.5%.
DOGE has dumped the most from the larger-cap alts. The OG meme coin has seen 5% of its value evaporate over the past day and is below $0.1.
Further losses come from the likes of TON, BCH, SHIB, LTC, OKB, XMR, and many others.
The total crypto market cap has declined by another $50 billion and is down to $2 trillion on CG.
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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.
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Cryptocurrency
Vitalik Buterin Pledges L2 Tokens to Support Public Goods in the Ethereum Ecosystem
![](https://letizo.com/wp-content/uploads/2024/09/vitalik-buterin-pledges-l2-tokens-to-support-public-goods-inthe-ethereum-ecosystem_66dc47bce1201.jpeg)
Ethereum co-founder Vitalik Buterin has pledged to donate all Layer 2 (L2) tokens he holds to support public goods within the Ethereum ecosystem or broader charitable causes.
This announcement comes a few days after accusations that he had sold millions in Ether (ETH) for personal gain.
Vitalik Buterin Denies Profit Motive
Buterin was quick to respond to the allegations, emphasizing that he has not sold any ETH for personal profit since 2018. Instead, he clarified that any proceeds from his ETH sales have been directed toward projects that contribute to the Ethereum ecosystem or other charitable initiatives.
In a September 5 update, he expanded on his stance, pledging to donate all L2 tokens he holds, including not-yet-liquid assets, to support similar causes.
He wrote, “All proceeds will be donated, again either to support public goods within the Ethereum ecosystem or broader charity (e.g., biomedical R&D). I also do not intend to invest into L2s or other token projects in the foreseeable future.”
He explained that his aim in funding projects is to support initiatives he believes are important, particularly in situations where other parts of the ecosystem may not fully recognize their value.
The Allegations
On August 30, an X user accused him of selling over $2 million worth of ETH shortly after posting a positive update about Ethereum’s future.
Later on, Lookonchain also revealed that Vitalik had transferred 800 ETH, worth around $2 million, to a multi-signature wallet. Shortly after, the wallet swapped 190 ETH for 477,000 USDC.
Further analysis from Lookonchain indicated that on August 9, he had moved an additional 3,000 ETH, valued at over $8 million, to the same multi-sig wallet.
These transfers fueled speculation that the Ethereum co-founder was liquidating his Ether holdings to realize profits.
Buterin had previously disclosed that his entire Ether holdings came from the Ethereum pre-mining period, which allocated 11.9 million ETH (about 10% of the total supply) to early contributors. As one of them, he received 700,000 ETH for his role in the network’s creation.
According to blockchain tracker Arkham Intelligence, his current holdings amount to approximately 240,000 ETH. This is a reduction of around 460,000 ETH from his initial stash.
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