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The Doginphire price soared more than 8,170% over the past week to trade at $0.003551 as of 8:45 am EST as investors rush to buy into the new meme coin.
The Doginphire Price Falls Out Of A Bullish Channel
1-hour chart for FIRE/USDT (Source: TradingView)
The Doginphire price dropped out of a short-term positive price channel that formed on its hourly chart throughout the past couple of hours. This has resulted in the meme coin’s value hovering around the $0.003442 support level. It has already broken below this key price point twice in the past 5 hours, but bulls were able to boost its price back up.
Should it close an hourly candle below this mark, it may be at risk of dropping to the subsequent support level at $0.002395 in the next 12 hours. This bearish thesis could be invalidated if the crypto recovers to back within the ascending price channel in the upcoming hours. In this alternative scenario, the Doginphire price may continue climbing to reach new heights.
Room For The Doginphire Price To Rise
The Relative Strength Index (RSI) indicator on FIRE’s 1-hour chart shows that the meme coin is closer to overbought territory than oversold territory. Despite this, there is still a fair amount of upside potential for the crypto. There is also a lot of buy pressure present on the crypto’s chart, which is evident by the large wick under the current hourly candle. Both of these factors could be a sign that the meme coin’s price will rise for the next 24 hours.
FIRE is not the only Solana altcoin that is performing phenomenally well at the moment, with the newly-launched Smog bursting onto the scene and surging more than 1,280% in the past 24 hours.
An Airdrop Investors Will Not Want To Miss
Welcome to #SMOG, noble adventurers! 🐉✨
The time has come for a grand ceremony under the watchful gaze of the dragon! 🏰
The greatest #SOL #Airdrop in history, where loyalty is rewarded with treasures as radiant as the treasures of gold. 💰🔥💎
Let the quest begin! 🔍 pic.twitter.com/22npUXx2Z5
— SMOG (@SMOGToken) February 6, 2024
Building on the success of recent breakout launches such as Bonk, Honk, Myro and Dogwifhat, Smog is aiming to achieve unprecedented success with a turbo-charged airdrop campaign.
SMOG holders will gain access to an expert crypto community, which is intended to be a catalyst for unstoppable virality in the meme coin space. Through this group, holders will be introduced to interactive sustained multi-airdrop campaigns that will gamify token holders’ experience.
This will include buying and selling SMOG in exchange for airdrop points.
SMOG Puts Emphasis On Rewarding Token Holders
The exact details surrounding the airdrop campaign haven’t been revealed yet, but an in-depth look at the project’s tokenomics shows that a whopping 50% of the supply is designated for use in marketing efforts.
In addition to this, 35% of the supply has been allocated for future airdrop rewards. The project’s supply will also undergo a reduction on launch, which will give it a stronger start in comparison to previous Solana meme coin pumps such as BONK, which remains up by more than 895% year-to-date.
SMOG can be purchased here.
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