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It’s been an incredible week for meme coin investors as Pepe (PEPE) continues to rally, surging 443% since last Monday.
Riding the meme coin momentum, Bonk (BONK) also smashed its all-time high earlier today
While PEPE and BONK steal the spotlight, the Solana-based Smog (SMOG) token has quietly amassed an army of followers – and could be the next meme coin to explode.
Frog-Themed PEPE Rockets to $3.1 Billion Market Cap
PEPE is leading the charge in the meme coin space, with the frog-themed token reaching a new all-time high of $0.0000074 today.
The token’s market cap has ballooned to an astounding $3.1 billion on the back of massive 24-hour trading volumes, which hit $3.4 billion.
This growth has seen PEPE become the 8th most traded cryptocurrency in the world in the past 24 hours.
PEPE has posted a bullish close in eight of the last nine days – and looks on track to continue this momentum today.
Investors have piled into the market to buy PEPE ever since Binance announced its Simple Earn promotion ten days ago.
Since then, PEPE’s gains have outpaced popular meme coins like Dogecoin (DOGE) and Shiba Inu (SHIB).
Unusually large PEPE futures liquidations suggest that short covering may also be turbo-charging the rally, with over $7 million in short positions forced to settle since yesterday.
As trading volumes surge to record highs, PEPE’s momentum shows no signs of stopping.
Solana’s BONK Token Hits New All-Time High Due to Enormous Demand
PEPE isn’t the only meme coin taking off – Solana-based BONK is also skyrocketing.
BONK set a new all-time high of $0.0000359 earlier today as its market cap swelled to $2.2 billion.
The token also saw more than $1.1 billion in spot trading volume over the past 24 hours, making it the 15th most traded crypto globally.
BONK’s price is up 172% since last Monday and 66% from yesterday’s low.
Like PEPE, investors have been clamoring to buy BONK tokens as they don’t want to miss out on potentially massive gains.
Fear of missing out, or FOMO, appears to be driving demand for BONK and other top meme coins.
However, some analysts are cautious, believing that the rallies may have gone too far and need to pull back.
This hypothesis is supported by BONK’s Relative Strength Index (RSI), which is now deep in overbought territory.
So, although the meme coin space is undoubtedly hot right now, a short-term cooling-off period may be inevitable based on current technical indicators.
Under-the-Radar SMOG Hints At Breakout Potential with Airdrop & 42% Staking Rewards
Although major coins like PEPE and BONK dominating the headlines, SMOG is quietly putting together an impressive run of its own.
Since last Monday, the token has surged over 110% to trade around the $0.103 level.
With a fully diluted market cap of $144 million, SMOG is beginning to make its mark on the meme coin space.
SMOG’s technicals are flashing bullish signals that could hint at further upside.
The token passed key resistance at $0.10 on Saturday and has since returned to confirm it as support.
Additionally, SMOG’s RSI on the 1-hour chart remains in the mid-range rather than overextended like some of its peers.
As such, SMOG may have more room to grow compared to tokens like BONK, which are in overextended territory.
Adding to the buzz around SMOG is its innovative airdrop and staking rewards program.
A massive 35% of the SMOG supply has been set aside for a giveaway to incentivize community building and adoption.
SMOG holders can participate in this airdrop scheme by completing activities and quests through the partner platform Zealy.
Those who stake SMOG will also enjoy a generous 42% APY on their tokens.
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