Last week, a legendary investor known among his peers as Roaring Kitty returned to the trading scene after a three-year-long absence, causing a major shift in the financial sector.
Roaring Kitty Comes Back: Crypto Prices Skyrocket In Response
Roaring Kitty was among those who stood up against institutional investors’ shorting of multiple stocks in 2021 when amateur investors from Reddit artificially pumped the prices of targeted stocks. The move protected the targeted companies by causing the prices to increase, while institutional investors lost massive amounts of money.
After that, Roaring Kitty withdrew from the internet, only to return in mid-May 2024, immediately causing GameStop stock to skyrocket. GameStop was among the targeted companies, so Roaring Kitty’s return meant a big thing for the firm and others who participated in the short squeeze.
However, the investor’s decision to re-emerge also affected the crypto industry, causing the prices of multiple meme coins to blow up. Many of these meme coins are based on Solana’s network, and greater interest in them is also believed to have caused the price of SOL itself to skyrocket.
On a weekly basis, Solana saw a price surge of over 22%, approaching the resistance at $180. However, the resistance appears strong enough to stop it from going further up, at least for the time being.
Another major gainer from the recent bull run is Smog (SMOG) — a dragon-based meme coin running on Solana, skyrocketing by 17% in the last week. Smog reached the price of $0.060 this Saturday, May 18, after which it dropped somewhat toward a support at $0.055.
Right now, it is still 14% higher than its price a week ago, but SMOG’s rally may not be the result of Roaring Kitty’s return alone.
The project is also holding a massive airdrop that it calls the greatest airdrop in Solana’s history.
Smog Airdrop Continues In Season 2
Smog started its airdrop weeks ago, and it has already concluded Season 1, including the distribution of tokens won by participants.
Now, the second season is in full swing, offering participants to collect XP by either trading SMOG tokens or completing community quests..
The more XP participants collect from doing these tasks or trading, the more they will receive once the airdrop concludes and the project starts distributing its cryptos. In the meantime, those who wish to take the easier but riskier route of earning XP by trading SMOG can obtain the SMOG token from the project’s website.
BUY $SMOG AND STAKE IT FOR PASSIVE REWARDS
This is a more beneficial approach than heading to your favorite exchange because Smog’s website offers SMOG at a 10% discount. As an alternative to trading, users can also stake SMOG and start earning passive rewards by supporting the project.
