As the broader crypto market turns bullish, Bonk has seen exceptional results, pumping 7% today and 29% this week.
But with a market cap of over $800 million, traders are eagerly searching for the next Solana meme coin to surge. One promising contender is Smog, which soared 1,400% in its opening hours.
Bonk Follows as Solana Gathers Momentum
Bonk’s 29% uptick was enabled by SOL pushing ahead, recently flipping BNB to become the fourth largest cryptocurrency by market cap. Solana’s surge has resulted in a 19% increase this week.
Growing demand for SOL has benefitted Bonk’s price because it is native to the Solana blockchain.
The increase has pushed BONK above the 50-day EMA. Furthermore, since breaking above on Friday, it has consolidated which signals a bullish trend continuation is likely.
However, the United States’ CPI figures for January have just been announced at 3.1%. This was higher than expected, with consensus anticipating 2.9% inflation.
Consequently, volatility has ensued in the crypto market, with Bonk taking a small dip. This may affect its chances of holding the 50-day EMA in the days ahead.
Nevertheless, long-term price predictions remain bullish. According to TradingView analyst The Trading Wizard, Bonk is poised for over a 2x move from its current price to $0.000033.
The Trading Wizard highlights that Bonk recently broke a descending triangle chart pattern on the 4-hour time frame and speculates a trend line retest before an explosive pump.
Meanwhile, analyst Babyblockchain noted a double bottom pattern formation and anticipates a move toward $0.000017.
“BONK, Solana’s meme coin, exhibits resilience! Holding above the $0.0000095 support, it forms a double bottom pattern with three reversals. At the current $0.0000167 price, it aims for a 53% rise towards $0.0000178 resistance,” wrote the analyst on X.
But with Bonk’s market cap already over $800 million, traders are actively seeking new alternatives with more upside potential. Currently, the hottest Bonk alternative is Smog, a multi-chain meme coin that soared 1,400% in its opening hours.
New Meme Coin Smog Offering Airdrop, 42% Staking APY and Multi-Chain Functionality
While Bonk is Solana’s leading meme coins, several other projects like Dogwifhat and Myro have been snapping at its heels, seeing outsized gains in recent months.
But the latest meme coin hype, Smog, looks to take Bonk’s crown once and for all, powered by a generous airdrop and multi-chain functionality.
Available on Solana and Ethereum, Smog has access to a much deeper liquidity pool, enabling price stability and organic long-term growth.
Despite launching on 7 February, it already holds a $24 million market cap. This illustrates massive community interest, likely driven by its airdrop.
35% of Smog’s total supply is allocated towards the airdrop. Based on its FDV of $42.5 million, this equates to $4.875 million worth of $SMOG.
There are numerous ways to gain airdrop eligibility, the first being to buy and hold the token. Potential participants can learn other ways to enter or increase their chances of winning on the Smog Zealy page.
Those who buy Smog on the Ethereum network can also stake their tokens to earn passive rewards. The staking APY is 42%, and so far, over two million Smog have been staked.
Solana Smog holders can bridge their tokens to Ethereum using Portalbridge.com and stake them on the project’s website.
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