Samoyed Coin ($SAMO), a meme coin on the Solana blockchain, is experiencing a significant uptick in price, having surged by 125% to $0.006544. The sudden influx of buyers can be attributed to a positive piece of news that triggered a considerable price hike for this meme coin.
A key driver of this price rally was a feature on China Central Television (CCTV), which showcased the Samoyed Coin NFT collection and included a QR code leading viewers to the project’s website1. The NFT collection, introduced in January 2022, comprises 5,525 randomly generated designs of Samoyed dogs, with each NFT representing a commitment to onboarding and educating new Solana users and supporting developers building on the Solana blockchain.
In addition to this media exposure, a recent partnership announcement with Rain.fi that enables the loaning of Samoyed Coin NFTs may also be boosting investor sentiment.
The surge in interest and investment has seen $SAMO become the second most traded token on Dextools, with a 24-hour trading volume of $3.92 million on DEXs. However, it’s worth noting that the majority (70%) of the trading volume is currently taking place on the OKX exchange. The fully diluted market cap of Samoyed Coin stands at $29.4 million.
Despite these developments, it remains uncertain how long the boost in price will last and whether Samoyed Coin can maintain its gains1. Current trends suggest that the coin is struggling to hold onto its gains as holders take profits1, and the utility of both the $SAMO coin and its NFTs is still largely unclear, besides their role as ambassadors for the Solana blockchain.
As for upcoming events, Samoyed Coin is set to be listed on BitMart and LBank on May 25, 2023, which could potentially influence its market performance.
In terms of price predictions, Samoyed Coin is expected to rise by 1.77% and reach $0.007331 by May 30, 2023, based on current sentiment and technical indicators, suggesting that it might be a good time to invest in the coin3. Long-term predictions, based on the growth trajectories of major tech innovations, suggest that the price of Samoyed Coin could reach up to $0.313947 by 2026 if it follows Facebook’s growth pattern, or $0.036015 if it follows Internet growth3.
Technically, Samoyed Coin is currently trading above the 200-day and 50-day simple moving averages (SMA), both signaling a ‘BUY’ since May 24, 2023. The RSI value is at 95.09, indicating an overbought position, suggesting an increase in the price of $SAMO.
As with any investment, potential investors should conduct their own research and understand the risks involved before deciding to invest in Samoyed Coin.
What Meme coin could be next?
Memecoins pop up each day but a couple of them seem to generate more hype than the others.
- DOGE CEO: This coin has a strong community of supporters who are passionate about the project, which could help drive its success. It is also constantly being developed and improved, with new features and partnerships being added all the time. Lastly, it has a relatively low market cap, which suggests there is potential for significant growth.
- Homer (SIMPSON): The Homer Simpson coin positions itself as a fun alternative to “boring old coins that take themselves too seriously”. It is also planning to launch a Twitter AI Bot that integrates fully into the platform and offers users the chance to interact with it and learn from it. Like DOGE CEO, it has a strong community, ongoing development, and a low market cap, which could fuel significant growth.
