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The Dymension price soared 30% in the last 24 hours to trade for $7.873 as of 1:20 a.m. EST time on trading volume that surged 82%.
Elsewhere, Solana-based token, JUP, which is the ticker for the Jupiter decentralized exchange (DEX), has plummeted 9% to trade for $0.5033 with a trading volume drop of 27%.
It points to a shift in interest from JUP, with capital now flowing to DYM. The common denominator between the two projects is their respective airdrops, as traders now rally behind the latest sensation.
The projects saw massive success in their $390 million airdrop. Over a million wallet addresses claimed the DYM tokens. Claims started early in January but transfers were not made until February.
Dymension Goes Live, Airdrops $390 Million in DYM to Solana, Ethereum Users and More
“RollApps” chain Dymension launches its mainnet and sends out loads of DYM to users across…#ethereum #Coins
Read morehttps://t.co/EpYhHiHMjG pic.twitter.com/FIWXcYIYZ4— Mars Signals (@MarsSignals) February 8, 2024
The surge in the Dymension price and interest in the DYM token also comes on the back of the mainnet launch on Feb. 5.
Meanwhile, the Dymension price remains bullish and has broken out above the upper boundary of an ascending parallel channel.
Dymension Price Prognosis as DYM Breaks Above The Upper Boundary of The Channel
The Dymension price shattered the upper boundary of the ascending parallel channel, overcoming resistance due to the 78.6% Fibonacci level. The Relative Strength Index (RSI) is above the 70 level, spelling caution as DYM is already overbought. Investors should not be surprised if a correction happens.
Nevertheless, the odds still favor the upside considering the Moving Average Convergence Divergence (MACD) is in positive territory. The RSI also shows a strong price strength, bolstering the case for the upside.
As a precaution, however, traders looking to open new long positions for DYM should probably wait for confirmation.
TradingView: DYM/USDT 1-hour chart
Converse Case
If a pullback happens, the Dymension price could pull south, falling into the fold of the channel. For the prevailing bullish outlook to be invalidated, however, the Dymension price must record a candlestick close below the 50% Fibonacci level of $4.291.
Meanwhile, amid the outbreak of airdrop mania, new meme coin Smog has erupted onto the scene as it promises the greatest Solana-based airdrop of all time.
Promising Alternative To Dymension
Smog has launched in the market via the Jupiter DEX, committing to provide the mother of all airdrops. It leverages the success seen in breakout launches on Solana such as Myro (MYRO), Bonk Inu (BONK), and Dogwifhat (WIF).
Smog leads the charge with the banner “No meme coin can survive the fiery flames of SMOG”, granting holders access to an expert crypto community dubbed ‘The Dragon’s Court’. The is part of a greater goal to unlock unstoppable virality in the meme coin space.
This is based on the promise and excitement of interactive sustained multi-airdrop campaigns that GameFi the experience for the user. This interactive element involves a user buying and holding $SMOG in order to generate and earn airdrop points. Notably, the specific rewards and plans for the airdrop campaign remain unclear.
One #Memecoin to rule them all! 🚀
Get ready for the greatest #Airdrop in history, distributed on #Solana. 💰
Join #SMOG on Zealy! 🔥
Link in Bio 🔗 pic.twitter.com/vsn4p5cSF4
— SMOG (@SMOGToken) February 8, 2024
To add to the fun, $SMOG holders will be able to qualify for their slice of a community bounty. This will be generated by the campaign, enhancing the holding incentive for investors.
To participate in the SMOG airdrop campaign, traders will need to use a Solana-compatible wallet such as Phantom. You can use SOL, USDT, or BONK tokens to swap for Smog via the Jupiter DEX aggregator or Birdeye.
Also Read:
- Dymension Price Prediction: Top Trending DYM Pumps 25% After $390 Million Airdrop As This Bitcoin Derivative Roars Towards $11 Million
- Solana Mobile Second Series Hits 60,000 Preorders Within Three Weeks
- Latest Solana Meme Coin Smog Erupts Onto Jupiter DEX With Airdrop Campaign
- Jupiter Price Prediction: Solana Token JUP Bounces Back With 8% Surge, But Analysts Say Consider Meme Coin SpongeV2 On Polygon For 100X Gains
- Solana Price Prediction: Solana Price Surges 7% While New SOL Meme Coin Smog Explodes Onto The Scene With 1,288% Pump
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