Is Bonk dead? Smog Token Emerges as Next Big Coin Solana Meme

The meme coin craze on Solana has been one of the big talking points during the second half of 2023, with dog-themed token Bonk (BONK) leading the way. However, many traders are wondering if the hype around BONK is finally over, given that the token is now trading 69% below its all-time high.

While BONK struggles, a new token called Smog (SMOG) is hoping to grab the attention of the Solana community and become the next big thing in the meme coin space after an 800% surge.

Based on Solana BONK plunges from record low as investors lose interest

The price of BONK has been in a steady decline for almost two months, with the token now hovering around $0.00010.

This dramatic fall began on December 15, at the end of an incredible rally that saw BONK’s value jump more than 10,500% in just eight weeks.

However, BONK has recorded steady bearish closes since the December high, placing the token below its 50-day exponential moving average (EMA) on the daily time frame.

More worryingly, BONK’s trading volumes are much lower than they were in the final weeks of 2023, suggesting that coin investors are looking elsewhere for yield opportunities.

Although BONK is now integrated into 118 decentralized applications (dApps) and has nearly 650,000 holders, most investors have chosen to take profits rather than wait for another bullish leg.

With PEPE now surpassing it in terms of daily spot trading volume and social media hype fading, BONK’s future appears uncertain.

Can Bonk Token make a comeback in 2024?

So, is BONK officially dead, or could the token be making a comeback?

Honk (HONK), another Solana coin, performed better in early 2024, bucking the overall downtrend of meme tokens. HONK hit an all-time high of $0.024 on January 26, a whopping 788% increase in just three days.

For BONK to return to its former glory and post HONK-like gains, market sentiment would need to change dramatically, much like it did during the Bitcoin ETF spot hype wave.

New use cases, like its P2E gaming, could also bring renewed utility to BONK and spark investor interest.

Although unlikely in the short term, endorsement from an influential celebrity could also put BONK back on the map.

For now, however, it appears that the typical coin life cycle of exponential growth and even faster decline is playing out – meaning BONK has a tough road ahead to return to the highs previous ones.

SMOG Aims To Be Solana Meme’s Next Explosive Piece With Exclusive Airdrop Opportunity

As BONK struggles, a new coin called Smog has emerged and is being touted as the next big thing in Solana meme tokens.

Launched yesterday on the Jupiter exchange, SMOG bills itself as “one coin to rule them all” – a direct challenge to BONK’s former dominance.

SMOG’s value increased by 800% in less than 24 hours – and even started trending on DEXTools.io, according to a tweet from @DexBotOG.

With clever dragon-themed marketing, SMOG aims to produce the same type of viral social media hype that has propelled BONK and HONK to unprecedented heights.

Additionally, with 35% of the total supply of 1.4 billion tokens reserved for the “largest airdrop in history,” SMOG is already building a loyal community.

To participate in the airdrop, all investors need to do is purchase and hold SMOG, then join the Smog community on Zealy to earn additional airdrop points.

SMOG’s tokenomics also includes a 50% allocation for marketing efforts, meaning the project has the resources to fuel major influencer campaigns.

If it can get the support of the right people, SMOG could achieve the same level of visibility as previous buzzworthy Solana coins.

The token’s visibility will also likely be improved if creators can implement the plans outlined on Smog’s roadmap, which include more airdrops and even a possible token burning protocol.

With liquidity locked in and a current value of just $0.020, SMOG could be a coin to watch in the coming weeks.

Visit the Smog Token Website

DISCLAIMER: THIS IS A SPONSORED ARTICLE

reference: watcher.guru

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