Solana price surges 22% fuelled by meme coins BONK and SMOG’s success, despite recent network outage and broader market uptrend.
Solana (SOL) has experienced a price surge of 22% within a week. This surge has propelled SOL to claim the spot of the fourth-largest cryptocurrency by total capitalisation, surpassing Binance’s BNB token.
The surge in SOL’s price, reaching $116, comes amidst a broader market uptrend. According to CoinMarketCap data, SOL’s market capitalisation now stands at approximately $50 billion – edging past BNB’s $49.8 billion.
Solana’s rise to surpass BNB is particularly noteworthy given the recent challenges faced by the network. On 6 February, Solana experienced a five-hour outage due to a bug causing transactions to enter an infinite loop. Despite this setback, SOL has demonstrated resilience and continued upward momentum.
Additionally, Solana’s Total Value Locked (TVL) reached $1.92 billion, marking a remarkable 500% increase since October 2023. This surge in TVL reflects the growing popularity of Solana-based decentralized finance (DeFi) protocols, fuelled in part by successful airdrop campaigns.
Solana’s price surge is consistent with the success of the meme coins within its ecosystem, with the two major players this week being BONK and SMOG.
Solana Memecoin BONK Gains 7% Amid Potential Partnership with Revolut
Solana-based memecoin BONK experienced a 7% price spike following news of a proposed partnership with Revolut, a European fintech firm. The proposed “Learn and Earn Campaign” aims to expand BONK’s user base by 500,000 users through listing on Revolut’s trading platform.
Under the proposed partnership, Revolut users would be incentivised to participate in the campaign, with $1.2 million in rewards available. Despite the positive response to the proposed partnership, the campaign awaits official approval from BonkDAO, the decentralised autonomous organization behind BONK.
New Solana-Based Meme Coin SMOG Surges Over 3,000% in Epic Fair Launch
Amidst the excitement in the Solana ecosystem, a novel meme coin has emerged: Smog (SMOG). Launched on Jupiter on 7th February at 16:00 UTC, Smog immediately caught the attention of traders with a surge of over 1,400% within its first few hours of trading.
A few days later, $SMOG experienced a surge of over 3,000%. The project’s fair launch strategy and innovative airdrop-focused utility have contributed to its rapid ascent.
Smog introduces a novel airdrop mechanism to the Solana network, allowing users to accumulate airdrop points simply by holding the token. With 35% of the total supply allocated to the airdrop, Smog aims to provide an unparalleled airdrop spectacle for its community members.
Moreover, Smog has partnered with Zealy, a social media engagement platform, to facilitate the accumulation of airdrop points through daily and weekly quests. This engagement-driven approach has garnered significant traction, with over 5,500 active members in Smog’s Telegram channel within 24 hours of its launch.
BUY AND STAKE $SMOG FOR 10% DISCOUNT
The project’s experienced team that are rumoured to be the team behind Sponge has instilled confidence in investors. $SMOG has quickly emerged as one of the top trending pairs on the DexTools dashboard, with over 10,000 holders and $1.2 million in its liquidity pool.
Furthermore, the team’s commitment to security and decentralisation is evident in their decision to lock liquidity through Team Finance and renounce ownership of the $SMOG contract. These measures ensure the safety of investors’ funds and protect against potential rug pulls or malicious activities.
The Future of SMOG and its Recent Developments
In related news, Ethereum’s upcoming Dencun upgrade, scheduled for 13 March, is anticipated to increase network traffic. Smog, having expanded to Ethereum through portalbridge.com, aims to capitalise on Ethereum’s liquidity and user base, positioning itself as a potential leader in trading volume on the Ethereum network.
Investors continue to back $SMOG with their cash, the project is positioned to make waves in the meme coin space with its incoming airdrop spectacle. With Solana rebounding above $100 and Ethereum preparing for its upgrade, the momentum is in favour of Solana-based tokens like $SMOG.
BUY $SMOG NOW WITH ETH, SOL, USDT, USDC, or BONK
You can acquire $SMOG on Jupiter DeX – connect your Phantom or other Solana wallet and choose from popular currencies like SOL, USDT, or BONK to make your purchase.
Access the Smog community on X, Discord and Telegram to stay tuned with the latest project updates and news.
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