Solana (SOL) Price Surges 7% in 24 Hours
The price of Solana (SOL) has seen a significant increase in the past day, rising by 7% from its recent low. This rise comes as the overall crypto market shows signs of recovery after a bearish period in January. Alongside this positive sentiment, the new Solana meme coin called Smog (SMOG) has experienced an impressive pump of 800% since its launch on the Jupiter exchange.
SOL Bounces Back Strongly After Network Outage
Solana (SOL) has managed to bounce back above the crucial $100 level, currently trading around $102. Just two days ago, the network experienced a major outage that lasted for nearly five hours, causing block production to halt and transactions to be unable to process. Despite concerns about Solana’s reputation, engineers quickly resolved the issue by implementing a software upgrade. This quick resolution demonstrates investors’ continued trust in Solana’s long-term potential and highlights the strength of its developer community.
Broader Market Tailwinds Boost SOL Price
Solana (SOL) has also benefited from a broader uptick in the overall crypto market. Bitcoin (BTC) and Ethereum (ETH), among other established altcoins, have experienced notable gains recently. The CMC Crypto Fear & Greed Index is also showing positive market sentiment, nearing “Greed” territory. While there isn’t a clear catalyst for this bullish trend, factors such as the success of spot Bitcoin ETFs and growing acceptance of crypto as an asset class contribute to the positive sentiment.
Explosive SMOG Token Debut Results in 800% Gain
The new meme coin Smog (SMOG), launched on the Jupiter DEX, has seen a remarkable debut. Within 24 hours, it has pumped by 800%, trading at $0.020 with $1.3 million in volume. Despite no prior marketing or hype, Smog has gained organic interest from the crypto community, as evidenced by high views on its listing page and inclusion in DEXTools.io’s list of top trending pairs on Solana. The token’s credibility is boosted by renounced ownership, indicating trustworthiness in a space often associated with pump and dump schemes.
Hot Take: Smog Token Challenges Established Meme Coins
With its dragon-themed branding and upcoming airdrop event for holders, Smog (SMOG) presents itself as a viable challenger to popular meme tokens like Bonk (BONK). If the team can sustain momentum and execute their roadmap effectively, Smog may continue to gain traction in the coming days and weeks.
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