$SMOG rises higher. Will the rally continue?
Smog, the dragon face meme coin for SOL and ETH, has surged from $0.06 to over $0.30 at the time of this writing. Smog already has over 60,000 holders and early buyers receive a modest return.
The token is currently included in the top 500 cryptocurrencies according to CMC.
Unlike other tokens, Smog had a pre-sale. Instead, the token was launched on a DEX. Cryptocurrency traders can earn airdrop points by purchasing Smog on DEX or completing Zealy quests. These points will determine the amount of tokens you will receive in the next planned airdrop.
The market appears to favor token economics.
Will the smog rally continue?
To understand whether Smog’s rally is sustainable, we first need to understand why meme coins are rallying. Today, Meme Coin is on fire, with holders and trading volume surging. But this is not the only reason for the rally.
Cryptocurrency exchanges realized the increased appeal of meme coins and began listing the new tokens to millions of traders.
Look what happened to Floki
Another well-known meme coin, Floki, was recently listed on Singapore-based cryptocurrency exchange Coinhako.
When a cryptocurrency is listed on a reputable exchange, its price tends to see negligible gains. The most well-known exchanges that have sparked significant rallies are Binance and Coinbase.
Nonetheless, Coinhako’s decision to list $FLOKI did not go unnoticed. According to CoinMarketCap, the token is up around +80% in the last 24 hours.
Floki price chart, source: CMC
Dogwifhat, a meme coin with a dog face, was listed on Binance earlier this week. The price immediately soared, trading above $2.00 at the time of this writing. To summarize, Dogwifhat was trading below $0.30 in February 2024.
Coming back to Smog, with the meme coin being listed on cryptocurrency exchanges, cryptocurrency traders can be confident that $SMOG will be next on the list.
Anticipation fueled the rally. Then, the FOMO (Fear of Missing Out) phenomenon continued, fueling the rally.
Will Binance list $SMOG?
Meme Coin traders are scrambling to find the next token that can be listed on the top exchanges.
$SMOG appears to have been selected as a potential candidate. Fire-breathing Dragon Coin is up +400% since last month and the rally appears to be continuing as of this writing.
Since more than 50% of the supply is in circulation and only traded on decentralized exchanges, listing on a centralized exchange could push Snog even higher.
Binance is known to audit its smart contracts through two external security audit services. Contract audits take time.
Currently, $SMOG’s daily trading volume is approximately $11 million. If your trading volume stays constant near $20 million, your chances of being listed on a top exchange increase dramatically.
Binance often lags behind other listings. It is more likely that another exchange will list Smog first rather than Binance taking the lead (given that volumes will continue to rise).
Coinbase, on the other hand, is different. When meme coins started gaining popularity, Coinbase listed $BONK before Binance, the number one exchange in terms of trading volume.
Binance did not remain silent and announced that it would be adding $BONK following its listing on Coinbase.
smog price forecast
Technical predictions are difficult when a coin is at ATH. Depending on what’s going on, listing on a top exchange could inject more liquidity and trading volume, contributing to upward momentum.
Smog price chart, source: CMC
Keeping in mind that other exchanges may follow suit as they all want to collect fees from trading volume, $SMOG could reach $0.65 upon new listing.
Also important to keep in mind is that after a rally, holders tend to profit from their tokens. Taking profits can mean lower prices. It is difficult to determine whether prices will fall, but risk management is very important in these situations.
Meme coins are highly speculative and volatile.
References
https://coinmarketcap.com/view/memes/
https://finance.yahoo.com/news/crypto-meme-coin-prices-surge-051600527.html
https://www.tradingview.com/news/coinedition:ed8e131a3094b:0-floki-surges-45-after-listing-on-singapore-s-biggest-exchange/
