Outside Source
Floki (FLOKI), the popular meme coin inspired by Elon Musk’s Shiba Inu, has experienced a 50% price surge in the past week.
This surge comes alongside gains in the broader meme coin market as tokens like Dogecoin (DOGE) and Shiba Inu (SHIB) reach yearly highs.
As investors become increasingly interested in meme coins, one captivating newcomer is Smog (SMOG), a Solana-based token attracting attention due to its eye-catching branding and stellar roadmap.
FLOKI Price Takes Off as DWF Labs Invests Heavily in the Token
Floki’s impressive price pump in the past week hasn’t been without solid technical backing.
The daily chart reveals a clear breakout pattern, with FLOKI surging past the key resistance level at $0.000042.
This marks the first time FLOKI has traded above $0.000042 since May 2023.
FLOKI’s price rise is supported by a significant increase in trading volumes – positioning it as the fifth most-traded meme coin worldwide.
Yet, the main reason for FLOKI’s bullish performance is that DWF Labs, a giant in digital asset market making and Web3 investments, has committed $10 million to purchase FLOKI tokens.
This follows a $5 million investment made in May 2023.
Unsurprisingly, the market has reacted positively to such a large investment from a respected institutional player like DWF Labs.
In turn, this has fueled even more buying pressure from retail investors, forcing FLOKI’s price higher.
Meme Coin Mania Returns as DOGE & SHIB Lead the Charge
While DWF Labs’ investment was one of the main catalysts for FLOKI’s surge, broader factors are also contributing to its upward momentum.
Meme coins as a whole have seen renewed interest in recent weeks, driven by rising optimism in the crypto market.
After enduring a challenging period in early February, top coins like Dogecoin (DOGE) and Shiba Inu (SHIB) have rebounded strongly and are nearing December’s highs.
This improving sentiment has cascaded down to smaller meme coins, too.
Solana-based tokens like dogwifhat (WIF) and Bonk (BONK) have seen considerable gains in the past 24 hours, while Avalanche-based project Coq Inu (COQ) is up over 7%.
Investors who had fled the meme coin market earlier this year are returning in their droves, feeling more confident about regaining exposure to these risky assets.
FLOKI has emerged as one of the primary beneficiaries of this trend – and looks well-placed to continue capitalizing on the hype.
Could New Solana Gem SMOG Hit $1 in 2024?
Another project looking to capitalize on the momentum around meme coins is Smog, a Solana-based token launched on February 7.
Trading around $0.048, SMOG has gained over 66% in the past two weeks as social media buzz kicks into high gear.
SMOG token made its market debut via a fair launch and features an ambitious airdrop program that will distribute 35% of the total token supply to community members.
This equates to 490 million SMOG tokens – worth $23.5 million based on today’s price.
Bolstering SMOG’s appeal even more is the token’s high staking rewards, which currently stand at 42% per year.
Combine this with the project’s exciting roadmap, which includes plans to launch a token burn protocol, and it’s clear why many early backers believe it could follow in the footsteps of FLOKI and other top meme coins.
According to CoinGecko, the Solana meme coin market is now valued at over $2 billion and brings in more than $300 million in daily trading volume.
With a market cap of just $1.1 million, there’s ample room for SMOG to grow in this thriving ecosystem.
Additionally, if the development team manages to secure listings on leading CEXs, SMOG’s visibility would skyrocket.
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.
This article first appeared at CryptoPotato
