The Solana meme coin sector has witnessed a major move as Myro, a coin named after the Solana founder’s dog, experienced a 15% drop in value.
This article will provide an analysis of MYRO’s current price trends and look to see whether a newer meme coin, Smog, represents a more promising investment opportunity at this time.
Myro token exploded amongst a wave of Solana-based meme coins in January 2024, in a magnificent rally move, which at its peak saw MYRO token trading at more than a +1,500% gain.
Fuelled by viral success on social media, MYRO token’s traction in the Solana community stems from the good-natured love of the token’s namesake Dog – Myro.
A nice double bottom printing on $MYRO
Full send. pic.twitter.com/0suqcWICmx
— The Rabble (@TheRabb1e) February 7, 2024
And despite the downside move in Myro token price, sentiment in the crypto community has once again shifted bullish on the young meme coin, with traders noting the formation of a double-bottomed support pattern as a potentially positive development for technical structure.
MYRO Price Analysis: Can Founder of Solana Dog Themed Token Bounce Back From Baseline Support?
With price action once again pushing up, MYRO is currently trading at a market price of $0.065 (representing a 24-hour change of +8,97%).
This comes after almost two-weeks of downside slide, which was triggered on January 28 as MYRO price hammered down -77%, amid the loss of support from the 20DMA.
Indeed, the loss of the 20DM (now sat above price action at $0.126) has been tumultuous for MYRO price, with the key moving average providing a supportive foothold for much of the price climb in early January.
Yet, the emergence of a resilient double-bottomed support over the past week has bolstered MYRO’s technical structure, representing a well-defended consolidation at these lower price levels.
This technical structuring also coincides with bullish overtures from the RSI, which is currently displaying oversold bullish divergence at 40.07 – suggesting MYRO price could push up again on the short-time frame.
Meanwhile, the MACD contrasts this bullish tune with a minor bearish divergence at -0.01086 (reflecting the stifled momentum, and limited velocity in price moves).
Overall, MYRO price analysis reveals a snapshot of a healthy token price retracement, which is now poised on the verge of pushing up once more on the short-time frame – unique amongst Solana memecoins.
To the upside, MYRO has a target of $0.09392, offering a +42.87% potential gain.
Conversely, the downside risk could pull the MYRO price down to $0.05167, marking a -21.40% potential loss.
Thus, MYRO token presents a risk: reward ratio of 2, indicating a favorable entry point with a strong chance for short-term upside movements.
While MYRO struggles to break free from consolidation, the newly launched Solana memecoin, SMOG token, emerges as a promising option. It gives investors a chance to engage in the largest airdrop campaign of 2024.
Introducing SMOG Token: Defiant New Solana Memecoin Sets Out to Trigger Viral Airdrop Campaign in Meme Coin First
$SMOG leads with the motto “No meme coin can survive the fiery flames of SMOG,” granting holders entry into the exclusive ‘The Dragon’s Court’ crypto community.
This group aims to achieve unparalleled virality within the meme coin space, promising thrilling, interactive, and ongoing multi-airdrop campaigns to gamify user engagement.
Participation requires users to buy and hold $SMOG, enabling them to accumulate airdrop points. While the specific rewards and airdrop campaign details remain undisclosed, the anticipation builds.
Additionally, $SMOG holders stand to gain from a community bounty generated by the campaign, enhancing the appeal of maintaining their investment.
SMOG Token Aims To Unlock Major Virality Through Airdrop Campaign Community – Huge 50% of Token Supply Designated to Marketing
The Smog project’s tokenomics highlight the team’s commitment to achieving viral success for their airdrop campaign. A significant 50% of the supply is earmarked for marketing, indicating the developers’ ambitious plans.
Additionally, a substantial 35% of the supply is set aside for future airdrop rewards, suggesting lucrative prizes are in store.
With strategies aimed at reducing circulating supply, the SMOG token is set for a more robust debut than earlier Solana meme coin surges, such as BONK, which has achieved a remarkable +862% YTD increase despite recent retracements.
Discover The Dragon’s Lair: Exploring Smog Token’s Extensive Roadmap
The project’s future is outlined in a detailed roadmap, showcasing several exciting milestones.
Key highlights include the introduction of a staking feature, suggesting upcoming airdrop initiatives. Additionally, discussions of a potential burn mechanism and plans for multiple future airdrop launches are noteworthy.
Uniquely, the project also lists the milestone target of achieving 10,000+ so-called ‘Loyal Chosen’.
Joining this exclusive and enigmatic group requires selection and a pledge to the SMOG realm via several community initiation rituals. This commitment comes with the promise of enhanced airdrop rewards.
How to Buy SMOG Token and Participate in SMOG Airdrop Campaign?
In order to participate in the SMOG airdrop campaign, traders will need to use a Solana-compatible wallet such as Phantom.
Then using SOL, USDT, or BONK tokens users can swap for Smog via the Jupiter DEX aggregator or Birdeye.
To improve your likelihood of selection for the Loyal Chosen and enhance your airdrop earnings, engage in completing the community task list on Zealy.
Join the Smog community on X (Twitter), Discord, and Telegram to stay tuned with the latest news and updates.
Explore the Lite Paper to find out more.
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