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The meme coin mania taking over the crypto market has reached a new level, with multiple tokens smashing price records.
In a wave of speculative demand that shows no signs of slowing down, Smog (SMOG), Floki (FLOKI), and dogwifhat (WIF) all hit never-before-seen highs in the past few hours.
SMOG Token Blasts Past ATH as Investor Hype Reaches Fever Pitch
Leading the charge is the SMOG token, which has pushed through its previous all-time high (ATH).
The dragon-themed token has gone parabolic in the past day, reaching a new high of $0.361.
SMOG’s ATH capped off a remarkable 40% price swing in the past 24 hours alone as the hype around the token reached a fever pitch.
As speculative traders piled in, spot trading volumes topped $11 million during the day’s session.
SMOG’s tokenomics have fueled demand further, given that over half of the 1.4 billion token supply has been made available to investors.
The remainder has been set aside for airdrop and marketing purposes.
On-chain data also reveals that “whale” wallets have been frantically buying SMOG tokens while the price remains relatively low.
One high-net-worth buyer even purchased $105,000 worth of SMOG yesterday.
Driving even more aggressive accumulation are SMOG’s innovative airdrop rewards and high-yield staking program.
By simply holding the token, investors can earn passive income through additional SMOG.
All in all, with a new all-time high in the bag, the future appears ripe for even more explosive growth.
Floki & dogwifhat Join ATH Party Amid Meme Coin Mania
Smog isn’t the only meme coin to have etched its name into the record books in the past 24 hours.
Two other meme cryptos, Floki and dogwifhat, have also soared to new highs amid the broader market pandemonium.
The Floki token, which began as a cheeky homage to Elon Musk’s pet dog, breached $0.00022 for the first time in over two years today.
While a fraction of a penny may not sound impressive, it marks a whopping 78% single-day rally for the dog-inspired project and its army of investors.
Trading volumes on exchanges surged simultaneously, with over $1.3 billion worth of FLOKI changing hands in the past 24 hours.
The token’s market cap also swelled to $2.2 billion – making it the 55th largest cryptocurrency in the world.
Not to be outdone was dogwifhat, the Solana-based meme coin that has been turning heads in recent weeks.
WIF pumped to $2.35 earlier today, a new all-time high representing gains of 37% in the last day.
Low-Cap Meme Coins Also Benefit from Speculative Buying Wave
While the impressive Smog, Floki, and dogwifhat breakouts have grabbed the headlines, they were far from the only meme cryptos to experience price pumps.
The speculative demand has filtered down to comparatively smaller tokens as investors scramble to find the next hidden gem.
Sponge V2 (SPONGEV2), the Polygon-based revival of the original Sponge meme coin, saw its value rocket 50% since yesterday to hit $0.00365 per token.
This represents a new all-time high for SPONGEV2.
Despite having a market cap of just $148 million, there are now over 51,000 token holders worldwide.
Meme Ai (MEMEAI), which allows users to generate custom meme NFTs, was another beneficiary of the retail speculation.
The MEMEAI token hit $0.0157 today, its highest price since launching in January.
Another top performer was Myro (MYRO), a Solana-based meme coin that aims to rival BONK and WIF in popularity.
After being listed on Binance last week, MYRO hit an ATH of $0.421 on Wednesday.
From established players to under-the-radar projects, it’s becoming evident that no meme coin is too small or ridiculous to escape the ongoing speculative frenzy.
Whether this frenzy will continue is anyone’s guess, but for now, investors are eager to capitalize on the meme coin wave.
