Key points
- SMOLE is now live, following yesterday’s airdrop.
- The token’s availability for trading was made possible today through its listing on the crypto exchange HTX, Bitrue, XT.com, Gate.io, and more.
- Developer dispute leads to FUD around the memecoin.
The Solana ecosystem has been seeing an explosion in memecoins recently, with some moves that can be easily classed as insane.
Smole Coin (SMOLE) is a top Solana memecoin that managed to attract a strong community.
SMOLE’s launch began with raising 169,982 SOL during its presale, which is the largest Solana meme coin has ever raised.
The token’s availability for trading was made possible the other day via its listing on the crypto exchange HTX, Bitrue, XT.com, Gate.io, and more.
a smol mole starts with #HTX!
Deposit & Trade $SMOLE
Share a $8,000 Prize Pool!
⌛️ Hurry, Ends Mar 28th!Deposit>>https://t.co/rJ7JOzPL3b
Trading>>https://t.co/Z2JmWjKfb8 pic.twitter.com/928KVgEbca— HTX (@HTX_Global) March 21, 2024
SMOLE’s airdrop was yesterday and it was received with huge enthusiasm by the community.
At the moment of writing this article, SMOLE is trading at about $0.0001480 on CoinMarketCap, down by approximately 35% since the other day.
The coin’s volume is $213M, with a total liquidity of approximately $57,980,000.
SMOLE’s initial surge created a golden wave that was successfully ridden by some traders. The newcomer in Solana’s ecosystem was created by the artist known as Dekadente.
One trader invested 18,460 SOL and managed to secure a whopping 22.21 billion SMOLE tokens.
Within a mere 15 minutes, they sold their SMOLE stash for an impressive 37,446 SOL – the trader reaped a staggering profit of 18,986 SOL. This is a feat that turned heads across the crypto community.
Straining Solana’s network
The massive influx that the Solana network has been seeing lately caused congestion and delayed token distribution, including SMOLE’s airdrop.
In order to be able to tackle this issue, SMOLE’s dev Dekadente proposed a strategic fix: launching the token first, then executing the airdrop once network conditions stabilize.
I am not here to make money of the mania but to make an art of it. I don't wish to burn the sol in the height of this mania but to deliver the best project this mania can deliver
In order to do this we have decided to redo the tokenomics to be more valuable to the community in…
— Dekadente (@0xDekadente) March 22, 2024
The developer explained that they have decided to redo the tokenomics to be more valuable to the community in the long-term, so 100% of the LP will be locked for years.
He explained that the fees they generate will be used to create yield farms and promote the decentralization of the project. This will be achieved by adding to an allocation of less than 1% of $smole supply.
“Locking LP for a certain period encourages long-term sustainability of the project. It discourages short-term speculation and encourages holders to think about the project’s long-term potential and increasing trust in developers. Also in the future locked tokens can be migrated to a different CEX or liquidity protocol if needed. Locking for a longer duration is generally considered more trustworthy for both, devs and holders.”
HTX announces agreement with SMOLE
HTX crypto exchange announced an agreement with Smole Coin and highlighted its dedication to user satisfaction and the integrity of the market.
This collab marked an important milestone for SMOLE private sale participants in the crypto space and HTX set a precedent as the very first exchange to take such a stance regarding refunds.
Here’s the exchange’s announcement:
https://twitter.com/HTX_Global/status/1770026986334794150?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1770026986334794150%7Ctwgr%5Ee6c02d39d6d99a51987bce390207efe40b65130b%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fcrypto.ro%2Fen%2Flegatum%2Fpost.php%3Fpost%3D36588action%3Dedit
This is an effort to help the HTX users who have been affected by the SMOLE sale, showcasing the commitment of HTX to a secure and reliable trading platform.
This deal between SMOLE and HTX is a move of the crypto market towards user interest and better customer service.
SMOLE’s dev raised $30 million for the launch.
https://twitter.com/nftnow/status/1769424205202837789?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1769424205202837789%7Ctwgr%5E4e07662bd42194d4ce493756cb1a41273f008413%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fcrypto.ro%2Fen%2Flegatum%2Fpost.php%3Fpost%3D36588action%3Dedit
The crazy moves on the Solana ecosystem continue with a massive influx of meme coins. The volatile crypto industry led to an explosion in popularity for Solana, and most of its meme coins went out of control.
