Smog, a dragon-faced meme coin on 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 with early buyers in a moderate profit.
The token is currently ranked in the top 500 cryptocurrencies according to CMC.
As opposed to other tokens, Smog did hold a presale. Instead, the token was launched on DEX. Crypto traders can buy Smog from DEXs or complete Zealy quests to earn airdrop points. These points determine the amount of tokens they will receive in the next planned airdrop.
The market appears to be fond of the tokenomics:
Will Smog’s Rally Continue?
To understand whether Smog’s rally is sustainable, we must first understand why meme coins are rallying. Meme coins are on fire today following a surge in holders and volumes. However, it is not the sole reason for the rally.
Crypto exchanges realized the appeal of meme coins was elevated and began listing new tokens to millions of traders.
Look at What Happened to Floki
Floki, another well-known meme coin was recently listed on Coinhako, a cryptocurrency exchange in Singapore.
When a cryptocurrency is listed at a reputable exchange, the price tends to marginal gains. The most known exchanges that have triggered a substantial rally are Binance and Coinbase.
Nevertheless, Coinhako’s decision to list $FLOKI did not go unnoticed. The token rallied around +80% in the past 24 hours according to CoinMarketCap.
Floki price chart, source: CMC
Dogwifhat, a dog-faced meme coin was listed on Binance earlier this week. The price immediately surged, trading at over $2.00 at the time of this writing. To recap, Dogwifhat was trading under $0.30 in February 2024.
Back to Smog, as meme coins are being listed in crypto exchanges, crypto traders may be betting $SMOG is next in line.
The anticipation has triggered a rally. Fear of missing out (FOMO) then followed, which fueled the rally.
Will Binance List $SMOG?
Meme coins traders are scrambling to find the next token that could be listed in the top exchanges.
It appears that $SMOG was selected as a potential candidate. The fire-spitting dragon coin rose +400% since last month and the rally appears to continue at the time of this writing.
With over 50% of the supply in circulation and trading only on decentralized exchanges, listing on a centralized exchange may push Snog even higher.
It is known that Binance audits the smart contracts via 2 external security audit services. Auditing contracts take time.
The current daily volume of $SMOG is around $11M. If the trading volumes remain consistent while nearing $20M, the odds of being listed in a top-tier exchange increase dramatically.
Binance often lags behind other listings. It is more likely other exchanges will list Smog first (given the volumes will remain elevated) rather than Binance leading the herd.
Coinbase on the other hand is different. When meme coins began trending, Coinbase listed $BONK ahead of Binance, which is the number one exchange when it comes to trading volumes.
Binance did not remain silent and announced it is adding $BONK following Coinbase’s listing.
Smog Price Prediction
When a coin is at its ATH, technical predictions are challenging. Based on the current progress, a listing in a top-tier exchange may inject greater liquidity and volumes, contributing to the upside momentum.
Smog Price Chart, source: CMC
Bearing in mind that other exchanges may follow suit as they all wish to earn a commission from the trading volumes, $SMOG may reach $0.65 upon a new listing.
What is also important to bear in mind is that following a rally, holders tend to take profit on their tokens. Profit-taking could mean a lower price. While it is difficult to determine whether the price will start falling, managing risk is extremely important under such circumstances.
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/
