The Solana meme coin frenzy shows no signs of cooling down, with Peng (PENG) exploding over 90% in the last 24 hours.
This new project is now third on DEXTools.io's trending tokens list as new money continues to pour in from retail investors.
With meme coin mania in full swing, some traders speculate that Smog (SMOG) could be next to experience another bullish leg.
The PENG token recovers and reaches more than 19,000 holders
PENG has been booming for the past day, and the penguin-themed meme coin is now trading at $0.594.
The rally has added to PENG's staggering gains of over 5,000% since its launch on the Solana blockchain last Tuesday.
This speculative frenzy shows no signs of slowing down, and PENG now has over 19,000 holders and an impressive Market cap of $61 million.
For context, that's larger than many legitimate utility tokens and DeFi protocols launched on Solana in recent months.
Driving the rumor is PENG's growing social media presence, with the token amassing over 14,000 followers. On twitter in just one week.
Use cases for PENG are still scarce, but that hasn't stopped hordes of retail traders from piling in and sparking a full-blown bull run.
The token's meteoric rise has even raised eyebrows in the influencer space.
@CryptoTalkMan, who has more than 54,000 followers, tweeted that 2024 is the “year of the penguins”.
PEPE Vibes and a huge airdrop fuel Peng's rise
Although PENG has gone parabolic, many traders are still wondering what this project is all about.
It turns out that PENG is capitalizing on the recent mania surrounding Pepe (PEPE), the world's third largest meme coin by market capitalization.
According to their websitePENG represents a cartoon penguin that bears more than a passing resemblance to Pepe the Frog but with a unique twist.
The project's creators are leaning into this partnership, calling PENG the “icy addition to the Solana blockchain.”
However, beyond the cheeky branding, the Peng token appears to be a pretty standard meme coin so far.
Its tokenomics includes a limited supply of 100 million tokens with no taxes on purchases or sales.
Liquidity has also been permanently burned to prevent the carpet from collapsing.
To help fuel PENG's rise, the team has also announced plans for a $100,000 airdrop for holders of the popular Pudgy Penguins nft collection.
As the hype around PENG continues to grow, investors are clamoring to get involved before the token goes mainstream.
SMOG Staking Returns and Growing Community Position It as the Next Gem of the Solana Meme Coin
While the PENG token has been gaining attention on DEXTools.io, another highly talked about project by the name of Smog may be a dark horse we need to pay attention to next.
Unlike PENG, which thrives on a simplistic design, SMOG has taken a more strategic approach by positioning itself as a true multi-chain meme coin.
Although initially launched on Solana, SMOG has already joined ethereum, tapping into a larger pool of potential investors.
What really caught the eye is SMOG's huge airdrop campaign, which reserves over a third of the total token supply for community members.
Combined with an innovative mission system in ZealSMOG has built a dedicated community faster than many of its peers in the Solana meme coin space.
The rumor surrounding the SMOG airdrop has sent the token's price and social sentiment skyrocketing.
SMOG is up 22% today to $0.1995, with 99% of investors expressing bullish sentimentaccording to the cryptanalysis platform birdeye.so.
For those who missed the initial PENG pump, SMOG could be a second chance to participate in the hype surrounding Solana-based meme coins.
Furthermore, since SMOG offers yields of 42% per year For gamblers, it presents an opportunity for those seeking passive income.
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