Samoyedcoin, a meme token based on the Solana blockchain, recently witnessed a staggering 125% price increase to 0.006544. Launched in April 2021, $SAMO now joins the booming meme coin craze. Some long-term holders are more than happy to gloat over their newfound fortunes, especially in the social media sphere.
One of the primary reasons behind Samoyedcoin’s sudden popularity was its NFT collection featured on Chinese TV. China Central Television (CCTV), part of the state-owned China Media Group, ran a report highlighting the Samoyedcoin NFT collection, further piquing the interest of potential investors. The Samoyedcoin NFT collection, with mint prices starting at 1 SOL, features 5,525 unique designs based on the Siberian-originated herding dog breed Samoyed.
The NFT collection is intended to facilitate the onboarding and educating of new Solana users, as well as support those building on the Solana blockchain. However, despite considerable interest in the Samoyedcoin NFTs, there has been no significant spike in Solanart trading activity over the past 14 hours, suggesting that much of the buying may be originating from Asian regions.
In other news, the recent partnership announcement between Samoyedcoin and Rain.fi, allowing for the loaning of Samoyedcoin NFTs, may also have improved market sentiment. Yet, the primary beneficiary of this newfound fame has been the $SAMO tokens.
At the moment, skeptics question if the price gains can be sustained in the long run. Currently, 70% of trading volume occurs on the OKX exchange, with only 4.4% happening on the Solana decentralized exchange Orca. Coinmarketcap’s aggregated prices indicate that the token has a fully diluted market cap of $29.4 million. As shown in the charts, Samoyedcoin seems to be struggling to maintain its gains as holders sell their profits.
While the hype surrounding $SAMO might not last, there are other promising alternatives such as the AiDoge.com token ($AI). The project, which raised nearly $14 million in its ongoing presale, is predicted to generate returns of up to 50x after listing. AiDoge.com combines meme tokens and AI, creating a meme generator that utilizes artificial intelligence to generate memes based on prompts. The current price of AiDoge.com token is $0.000033
Source: Cryptonews
