In the latest major development on Solana, new meme coin Smog Token (SMOG), launched on Wednesday, has announced it is becoming a multichain ecosystem using Wormhole.
Smog Token’s launch on 7th February has seen the coin come from nowhere to hit an undiluted market cap topping $50 million after a 4,703% price gain.
This comes amid news that the SMOG airdrop campaign has already received over 10,000 completed airdrop tasks – amid a flood of volume and interest in the dragon-themed adventure token, coming on the cusp of Chinese new year, which this year just happens to be the year of the dragon.
Smog Token Races Into Multichain Development – With Upcoming ETH Launch Tipped for Later Today
Seemingly not skipping a beat, the Smog development team has revealed that the Smog Token will be launching on Ethereum later today (Friday 9th February), via Wormhole using PortalBridge.com – a cross-chain platform with more than $1 billion total value locked (TVL).
Multichain bridging will require the launch of a SMOG ETH liquidity pool to make it easier for new users to buy SMOG and feed the moonshot.
This will also bring in a new SMOG deposit platform, with a principal 3-month lock-up period. Both over-the-counter (OTC)- and DEX-purchased SMOG tokens will be eligible for deposit.
With the liquidity pool and user bridge opening later today, alongside OTC purchases and locked staking periods, Smog Token is moving quickly to cement its status as the new big player on the block.
SMOG Price Analysis: How Smog Token’s 4,703% Price Pump Launch Unfolded
The SMOG price has risen 4,703% to $0.06816 increase over the past 36 hours, as trader sentiment shifted bullish on the launch of Solana’s newest innovation.
More than $1.2 million in initial 24-hour trading volume sent SMOG surging from a launch price of just $0.001419, to hit an undiluted market cap of $50 million, in a vote of resounding confidence by investors. Market cap based on the total supply values SMOG at $90 million.
The upside move has also left SMOG in a bullish pennant pattern, bolstered by lower support levels available in the event of a retracement at $0.044, $0.030, and $0.0225.
This suggests a positive outlook on the short timeframe, especially given the promising fundamental news surrounding Smog Token’s multi-chain bridge.
An ETH bridge could unlock the additional volume needed to fuel SMOG’s ascent to a $100M undiluted market cap.
How Does Smog Token Work?
To dig down into how Smog Token works, SMOG is intended to shake-up the Solana meme coin sector through a high-octane airdrop adventure campaign.
“No meme coin can survive the fiery flames of Smog,” is the unifying call.
The innovative utility comes as SMOG tokens grant holders access to an expert crypto community dubbed ‘The Dragon’s Court’.
The aim of this hidden community is to unlock unstoppable virality, with the promise and excitement of interactive and sustained multi-airdrop campaigns that gamify the experience for the user.
This interactive adventure element involves a user buying and holding SMOG in order to generate and earn airdrop points, although the specific rewards and plans for the airdrop campaign still remain shrouded in mystery.
To add to the fun, SMOG holders will be able to qualify for their slice of a community bounty generated by the campaign, doubling-down the holding incentive for investors.
In the Chinese Year of the Dragon, Dare to Enter the Dragon’s Lair? Explore Smog Token’s Upcoming Roadmap
With major plans in the works, looking forward to the future of the project, an extensive roadmap can be found which features a number of exciting milestones ahead.
Following the announcement for the launch of a staking feature, it appears that progress is already well underway by the development team.
Rapid traction has been generated by anticipation around Smog’s upcoming airdrop plans, and there is also widespread speculation about the impact of a possible burn mechanism.
Uniquely, the project also lists the milestone target of achieving 10,000+ so-called ‘Loyal Chosen’.
To join this elusive and mysterious group, holders have to be chosen and then pledge to the realm of Smog through a number of community initiation rituals – with the promise of supercharged airdrop rewards.
How to Buy Smog Token
In order to participate in the SMOG ecosystem, market participants need to use a Solana-compatible wallet such as Phantom.