New Solana-based Meme Coin SMOG Aims for 100x Gains as SOL Rebounds from Outage

09.02.2024 / Payment system news

In the early hours of 6 February 2024, the Solana network encountered a significant disruption, leading to a temporary halt in its operations. The outage, which affected the Solana mainnet, known as “mainnet-beta,” commenced around 5:30 am ET, effectively pausing all activities on the chain.

Engineers swiftly responded to the outage, releasing a validator software patch approximately an hour after the incident. This patch, labelled version 1.17.20, aimed to address the underlying issue and facilitate the restart of the network. However, most of Solana’s validators were utilising earlier versions, primarily 1.17.16 or 1.17.18.

The process of restarting the network, a task that typically takes hours, concluded shortly before 10:00 am ET. The restart became feasible as validators with over 80% of the SOL staked collectively became active post-upgrade.

Following news of the outage, the price of Solana’s native token, SOL, experienced a decline. However, as the network recovery progressed, SOL is rebounding, already recovering 2% and trading at $95.14.

A day after Solana’s drop, the new Solana meme coin Smog ($SMOG) had launched, set to capitalise on the dip and rival Bonk’s rise, a Solana meme coin that gained 1,000% from November to December 2023, but has since faced persistent downward pressure.

New Solana Meme Token SMOG Set to 100x as SOL Rebounds

Smog, which launched on 7 February 2024 with a $2 million market cap, has a total supply of 1.4 billion tokens. 

Smog seeks to differentiate itself from other meme coins by skipping a presale and jumping straight into a fair launch with an extensive airdrop campaign, hailed as the ‘Greatest SOL Airdrop of All Time’, designed to engage and reward its community members.

What Sets SMOG Apart

With an anticipated $1 million influx of buys, Smog enters the market with a strong foundation for growth. This strategy mirrors the meteoric rise of past meme tokens like DOGE, which created over 1,000 DOGE-made millionaires who invested early.

Partnering with Zealy – a platform that helps web3 communities drive growth through a work-to-earn mechanism – Smog will launch an airdrop campaign that encourages users to participate in quests and activities to earn points.

As participants compete for a share of the airdrop bounty, the Smog ecosystem becomes more active, and trading volume boosts in return, fuelled by the collective efforts of its members.

Leaderboards showcasing top contributors and community initiatives further encourage activity and trading through the appeal of gamification.

A Promising Future for SMOG

As Solana rebounds from recent setbacks, the launch of Smog brings in a new era of opportunity and growth within the platform’s ecosystem.

With its airdrop, fair launch and strong community focus, Smog emerges as an enticing option in the meme coin arena. 

As users brace for Solana’s resurgence, Smog is set to be the biggest SOL-based meme coin of 2024, adherents have the opportunity to get in early and acquire $SMOG at its lowest price point before it 100x. 

To buy $SMOG, users must head to Jupiter decks and connect a Phantom wallet or other Solana-compatible wallets, then purchase $SMOG with either SOL, USDT, BONK, etc.