Meme coins surge as Smog aims for $1 milestone
Release: 2024/03/08 23:29 Reading: 988
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Meme coins Pepe and Floki are witnessing significant gains, with increases of 19% and 42%, respectively, signaling a market recovery. Meanwhile, newcomer Smog sees a 36% rise, hinting at potential growth.
The meme coin sector is showing signs of revival, highlighted by the performance of Pepe and Floki, with jumps of 19% and 42%. This follows a recent downturn that now seems to be reversing.
Pepe and Floki surge as meme coin market recovers
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Both Pepe and Floki have enjoyed notable success over the past 24 hours. The price increases follow a short pullback after unprecedented parabola this month.
Pepe is up 19% today, 157% this week and 749% this month. It holds a $3.3 billion market cap and a $1.7 billion 24-hour trading volume.
Besides bullish market conditions, it seems the main reason for Pepe’s outsized pump was its recent partnership with Binance.
The exchange launched Pepe in its “Simple Earn” program, giving away 700,000 Pepe and offering holders up to a 7% APY for depositing their tokens. This provides a new utility for Pepe, something widely embraced by its community.
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Shortly after the announcement, Pepe exploded past its May 2023 ATH of around $0.000001 and is currently trading at $0.000008022.
Yet analysts believe there is lots more gas in the tank.
“Pepe is just hanging out before the next explosive move higher. Don’t panic,” said Max Schwartzman, CEO of Because Bitcoin yesterday.
Based on Max’s price chart, Pepe will reach $0.00029 in the coming weeks, almost a 5x its current price.
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Moving to Floki, the project has also experienced outsized gains. Currently trading at $0.0001939, Floki is up 42% today, 226% this week, and 586% this month.
At the time of writing, Floki holds a $1.8 billion market cap and a $919 million 24-hour trading volume.
Similarly to Pepe’s catalyst, Floki’s staking program is emerging as a bullish narrative.
According to the latest data from Floki’s X account, a whopping $421 million worth of Floki is locked in its staking program for up to four years.
The announcement highlights that this enhances Floki’s “Utility value and long-term stability but also solidifies Floki’s position for dominance.”
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X news alerts account BitcoinLFG noted Floki’s TVL is more than that of Dogecoin, Shiba Inu, Pepe, Bonk, and Dogwifhat combined.
Accordingly, Floki’s price has enjoyed meteoric success, but analysts foresee further gains.
Prominent trader Cryptoknight890 published a chart idea predicting an 88% rise toward $0.00029 in the near term.
The analyst anticipates FLOKI will break its local high before flipping it into support and continuing its uptrend.
Indeed, Pepe and Floki boast great potential in the near-to-mid term, but other meme coins also display immense strength. One of those is Smog, which has exploded by 389% this week.
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Meme coin Smog surges 389% and offers investors 10% discount
Apart from Pepe and Floki, Smog is emerging as a strong contender in the meme coin space. Since its launch, Smog has rallied 389%, partially attributed to a highly anticipated airdrop.
Now trading at $0.3399, Smog’s expansion to both Solana and Ethereum networks has significantly enhanced its liquidity and appeal.
Smog’s offering of a 42% APY staking mechanism further underscores the growing trend of meme coin staking strategies bolstering market value.
With an ongoing 10% discount for purchases through its website, Smog is poised for further gains, potentially reaching the $1 mark.
Read more: Smog meme coin launches on Solana, surges by over 1,300%
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