Established meme coins like Dogecoin (DOGE) and Shiba Inu (SHIB) have posted sizable gains this week, but they’ve been outshined by an under-the-radar token called Smog.

Smog (SMOG) is a dragon-themed meme coin has rocketed over 330% in the past seven days, cementing its status as one of the hottest new tokens on the scene.

SMOG Surges Past Dogecoin After Epic Price Rally

In a meme coin market that’s been heating up considerably in early 2024, one token has begun to make a name for itself – SMOG.

The Solana and Ethereum-based crypto has annihilated the competition with an over 3x price spike since this time last week.

To put SMOG’s returns into perspective, it has risen 18x more than DOGE, which itself has rallied 18%.

DOGE’s meme companion SHIB has also been left in the dust with its 130% weekly increase.

But perhaps most incredibly, SMOG’s vertical rally has surpassed that of fellow meme coin Myro (MYRO), which generated massive hype and buying demand after being listed on Binance this week.

While MYRO is up a respectable 190% this week, SMOG has still lapped it.

With momentum growing by the day, SMOG has quickly staked its claim as a meme coin to watch.

Its weekly returns have it beating heavy hitters and newly listed tokens alike, setting the stage for further gains in the weeks ahead.

Soaring Market Cap & Whale Buying Fuels SMOG’s Rise

SMOG’s exponential price trajectory is backed up by a flurry of other indicators pointing to genuine, self-sustaining momentum.

The token’s market cap has ballooned to $188 million at the time of writing – an increase of over $130 million in the last week alone.

Trading volumes are telling a similar story of relentless appetite for SMOG.

Over the past 24 hours, SMOG’s 24-hour volumes exceeded $13 million across decentralized exchanges (DEXs).

That marks a 369% spike from the previous day’s turnover.

Equally as impressive, SMOG now boasts over 54,000 individual holders after starting February with just a few hundred.

This expansion of its holder base reveals SMOG is rapidly entering the mainstream crypto consciousness.

Adding fuel to the fire are whale investors who have been buying SMOG tokens by the boatload.

On-chain data shows at least three massive buy orders valued at over $15,000 each in the past six hours.

SMOG’s Staking & Airdrop Rewards Set Stage for Long-Term Success

While SMOG’s explosive price action has undoubtedly turbocharged its rise to prominence, the project’s fundamentals and roadmap are also acting as catalysts.

From the start, SMOG’s team has taken an ambitious multi-chain approach – launching first on Solana before quickly expanding to Ethereum’s ecosystem.

This cross-chain integration will allow SMOG to be used and traded across multiple major blockchains in the future.

Another key fundamental is SMOG’s staking protocol, which incentivizes investors to accumulate and hold tokens long-term.

With 42% APY on offer, staking rewards provide a constant source of buy pressure as holders steadily compound their earnings over time.

But perhaps SMOG’s biggest driver has been its ingenious airdrop strategy aimed at rapidly expanding its user base.

By partnering with engagement platform Zealy, SMOG has dished out tens of millions of tokens through continuous airdrops to participants who complete community challenges.

This reward-based marketing has proven wildly successful – SMOG now has over one million completed “quests” on Zealy.

With 35% of the supply earmarked for airdrop rewards, SMOG’s team has the ammunition to continue incentivizing user growth.

As the project continues to execute on its roadmap and expand its ecosystem, it’s clear SMOG is a meme coin to watch in the coming days and weeks.

Visit SMOG Token Website

Disclaimer: The above article is sponsored content; it’s written by a third party. CryptoPotato doesn’t endorse or assume responsibility for the content, advertising, products, quality, accuracy, or other materials on this page. Nothing in it should be construed as financial advice. Readers are strongly advised to verify the information independently and carefully before engaging with any company or project mentioned and do their own research. Investing in cryptocurrencies carries a risk of capital loss, and readers are also advised to consult a professional before making any decisions that may or may not be based on the above-sponsored content.

Readers are also advised to read CryptoPotato’s full disclaimer.

The post Top Crypto Gainers This Week – Smog Token Outperforms All Top Meme Coins appeared first on CryptoPotato.

As Bitcoin hovers near its all-time high, industry experts and investors are keenly watching for signs of its next major move. Alex Thorn, the Head of Research at Galaxy, recently shared his perspective on the Bitcoin price trajectory and the factors influencing its potential breakout. In a detailed post on X (formerly Twitter), Thorn provided insights grounded in historical data and current market dynamics.

“We Will Climb the Wall of Worry,” Thorn proclaimed, setting the tone for his analysis. Bitcoin’s recent price action saw it reaching $69,324 on Coinbase on Tuesday, marking its first all-time high since November 10, 2021. This milestone came after an 846-day period of anticipation and speculation, only for the price to retract 14.3% to an intraday low of $59,224. This volatility, exacerbated by $400 million in long liquidations within an hour, underscores the cryptocurrency’s unpredictable nature.

Despite the pullback, Bitcoin recovered, trading back at $67,000. Thorn remarked, “Volatility is back, and it’s likely to remain as we scale the wall of worry.” He compared the current situation to 2020 when Bitcoin first approached its then all-time high of approximately $20,000 from December 2017.

BTC faced initial resistance, experiencing a 12.33% drop after tapping the barrier twice, before ultimately surging ahead. This pattern highlights the psychological and technical challenges at previous all-time highs, a natural resistance point for any asset class. A similar (second) move could be necessary this time to shake all sellers out of the market.

Describing the “Wall of Worry,” Thorn explained, “By my count, from Jan. 1, 2017 to the Dec. 17, 2017 all-time high of ~$20k, Bitcoin experienced 13 drawdowns of 12%+ (12 were 15%+, and 8 were 25%+). The same story played out in 2020. Between the Mar. 12, 2020 Covid low ($3858) and the Apr. 14. 2021 ATH of $64,899, there were 13 drawdowns of 10% or more (7 of them were 15% or more).”

Notably, Bitcoin already had two 15%+ retracements since the spot ETFs launched on January 11. This week was the second one, the first major drawdown was directly after the ETF launch, with price plunging roughly 20%.

Why Bitcoin Is Just Getting Started

In his analysis, Thorn also touched upon the role of ‘old coins’ or long-held Bitcoin in shaping market movements. “Some old coins did revive and probably sell, possibly helping to create the intraday top,” he explained, pointing to blockchain data that indicated movement of coins mined as far back as 2010. This shift from old to new hands is characteristic of bull markets in Bitcoin, facilitating its broader distribution and acceptance.

Highlighting the significance of market sentiment and investment flows, Thorn noted, “And Tuesday was the Bitcoin ETFs largest ever day of inflows and second largest day of net inflows (+$648m) since DAY 1.” This impressive influx of capital into Bitcoin ETFs underscores the growing interest and confidence in the cryptocurrency, even amidst volatility.

Thorn remains bullish on Bitcoin’s future, suggesting that the current price dynamics are typical of the cryptocurrency’s bull markets, known for their non-linear progression and numerous corrections. He underscored the resilience and potential for growth despite the hurdles, stating, “nothing about yesterday’s price action makes me think we aren’t going higher.”

In conclusion, Thorn’s analysis provides a nuanced view of Bitcoin’s journey towards breaking its all-time high. By comparing current events with past market behaviors, Thorn offers a compelling case for Bitcoin’s continued ascent, but after a potential phase of consolidation with several taps of the all-time high before a definitive breakout. “Buckle up, folks. We are still just getting started,” he advises.

At press time, BTC stood at $66,821.