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New Solana-Based Meme Coin SMOG Goes Viral – Here’s Why Some Traders Are Backing This Airdrop Spectacle For More Gains

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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.

Visit SMOG Website

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BTC Rejected Off $64,000 As Crypto Market Suffers $600 Million Of Liquidations

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The price of Bitcoin (BTC) experienced massive volatility on Wednesday, soaring to nearly $64,000 before sinking again to $60,500 within one hour.

Amid the chaos, crypto traders have experienced $638 million in liquidation over the past 24 hours, including $391 million of liquidations in the past 4 hours alone.

  • According to Coinglass, about $55 million of liquidations in the last hour impacted a consortium of little-known altcoins, while $96 million was liquidated on BTC trades directly.
  • Meanwhile, ETH traders suffered $45 million of liquidations, and DOGE traders lost $29 million.
  • In the past 24 hours, a massive 168,988 traders were liquidated. The largest single liquidation occurred on OKX on a BTC-USDT trade for $9.45 million.
  • The price of BTC is $61,400 at writing time, up 21% within the past five days alone.
  • Many credit the asset’s recent surge to the launch of several bitcoin ETFs last month.
  • BlackRock’s Bitcoin ETF – the largest of all newcomers – now holds over $8 billion in BTC, and absorbed a record $520 million of flows on Tuesday.
Bitcoin / USD. Source: TradingView
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BlackRock Bitcoin ETF Smashes Daily Inflow Record, Ranks 2nd In United States

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BlackRock’s Bitcoin (BTC) ETF has cracked a new daily inflow record, helping push Bitcoin’s above $60,000 for the first time since November 2021.

The iShares Bitcoin Trust (IBIT) absorbed another $520 million on Tuesday, bringing the fund’s total flows since launch above $6.5 billion. Furthermore, thanks to Bitcoin’s rising price during that period, the value of the firm’s Bitcoin stash has appreciated to over $8 billion.

BlackRock Breaking Record

By comparison, Fidelity’s Bitcoin ETF now holds $5.6 billion in BTC, but absorbed a much smaller $126 million flow on Tuesday.

Meanwhile, Grayscale – IBIT’s largest competitor – suffered another $125 million of outflows. Though Grayscale still bears a significant lead in total assets at $25 billion, BlackRock’s ETF is slowly gaining ground against the incumbent fund due to its much lower management fee.

According to Bloomberg ETF analyst Eric Balchunas, BlackRock’s stellar inflow figure made it the number two ETF for inflows in the United States yesterday, only behind BlackRock’s iShares Core S&P 500 ETF (IVV).

“This means a good portion of that massive volume was new buying vs arb/algo,” Balchunas wrote to X on Tuesday.

The analyst also noted that individual trades for IBIT’s ETF surpassed those of both the SPY and QQQ. This suggests that a large component of buyers trading the ETFs are retail-based – an unexpected finding given the ETF’s popularity as an institutional trading ground.

Bitcoin ETFs And Surging Price

The price of Bitcoin has skyrocketed by over 25% in the past five days, now trading at over $63,000 at writing time. Many analysts credit its success to the launch of Bitcoin spot ETFs, which have collectively absorbed over $6.7 billion of flows since going live on January 11.

After 30 days, BlackRock and Fidelity’s Bitcoin funds had already broken records as the two most successful ETF launches in history based on flows. BlackRock also tapped a new daily high for trading volume on Monday, surpassing $1.3 billion and entering into the top 11 ETFs in the country by volume.

Bitcoin now approaches its all-time high of $69,000 USD, though, in some currency denominations, it has already broken its prior records. For instance, one BTC is now worth over 95,000 Australian dollars, compared to $87,000 at its peak in November 2021.

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3 Catalysts That Suggest More Gains for Bitcoin After Price Broke $60K

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Bitcoin surged above $61,000 on Wednesday, marking its highest level since November 2021. The rally seems fueled by significant inflows into US-based spot Bitcoin ETFs.

With bullish momentum building, all eyes are on the leading crypto asset’s trajectory, and data suggest that it might be able to break its previously established all-time high of $69,045.

MVRV Ratio Signals Buying Opportunity

The MVRV Ratio, derived from dividing an asset’s market capitalization by its realized capitalization, serves as a pivotal metric in cryptocurrency trading. When below 1, it indicates most holders are at a loss, signaling a potential buying opportunity.

On the other hand, a rising ratio suggests increased profit-taking, potentially leading to selling pressure and market corrections.

Historically, an MVRV Ratio nearing 4 signaled market tops, though this threshold has decreased in each cycle. According to Intotheblock’s latest observation, the value stands at 2.22, essentially hinting at a bullish market that is not yet excessively overheated.

Bitcoin MVRV. Source: ITB
Bitcoin MVRV. Source: ITB

Subdued Retail Crowd

Despite Bitcoin’s remarkable price movement, current data suggests an absence of retail investors. While there has been a rise in the number of new addresses, Intotheblock said it is likely attributed to active market participants engaging with Ordinals.

However, new addresses have since declined and remain relatively consistent. The same pattern is observed with active addresses. Both Google trends and app store data show no significant surge in retail interest yet.

On-chain volume is gradually increasing, reminiscent of the early phases of the 2021 bull market, but it has not reached the frenzy levels seen during the peak.

This implies that institutional investors might be driving this phase, with attention focused on ETFs as potential accumulators.

Meanwhile, those monitoring altcoins are speculating on whether renewed retail interest will shift Bitcoin’s upward trend towards broader market movements. However, the upcoming halving could change this dynamic and push the crypto asset to a new peak.

Bitcoin Halving: A Major Catalyst

The analysis from ITB suggests that the upcoming Bitcoin halving in April typically triggers a surge in price according to historical patterns. However, in the current cycle, the price rally has occurred earlier than anticipated.

This deviation may imply that investors are aware of the potential impact of the halving and are adjusting their investments accordingly ahead of time. In short, these market players are anticipating and acting upon the expected price movement associated with the halving event well before it actually takes place.

Bitcoin Price History. Source: ITB
Bitcoin Price History. Source: ITB
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