Samoyedcoin Price Prediction – Why SAMO is up 125% as Solana Joins Meme Coin Frenzy
Samoyedcoin price is up 125% to $0.006544, as the Solana blockchain coin $SAMO joins the meme coin craze.
$SAMO is not a new straight-to-decentralized exchange (DEX) crypto that have been all the rage recently.
Long-term holders of $SAMO are happy to share their good fortune, as one self-proclaimed bagholder did on Twitter:
The $SAMO token was launched back in April 2021, so what explains the sudden rush of buyers in the latest meme coin to trend?
As is often the case in the crypto space, one positive piece of news flow has been enough to set light to the touch paper, more than doubling the price of the Solana meme coin.
Samoyedcoin NFTs get free promo on Chinese TV
It was a broadcast on Chinese TV that started driving the price action for Samoyedcoin.
China Central Television (CCTV) featured the Samoyedcoin NFT collection in a report, which included a QR code to visit the project website.
CCTV is part of state broadcaster the China Media Group (CMG). CMG owns 50 channels, making it the largest TV network in the world.
Although a lot of the air has been sucked out of the NFT market since it reached its heights in 2022 of $5.8 billion a month in trading volume, there are still plenty of traders and investors searching for the best NFTs to buy.
The Samoyedcoin NFT collection was released in January 2022 with a mint price of 1 SOL.
Comprising 5,525 randomly generated customized designs of Samoyed dogs – a medium-sized herding breed with a thick white coat, originally hailing from Siberia – the NFTs currently have a floor price of 5.8 SOL on the Solana-based NFT marketplace Solanart.
Floor prices for the Samoyedcoin NFT collection varies depending on the marketplace.
According to the Samoyedcoin project, each NFT “represents a commitment to onboarding and educating the next wave of Solana users, as well as supporting those building on the Solana blockchain”.
As of the time of writing there had been no significant spike in trading activity in the Samoeydcoin NFT collection on Solanart over the past 14 hours, perhaps indicating that most of the activity may have been originated from buyers in the Asia region.
In other news, a new partnership announcement with Rain.fi to allow Samoyedcoin NFTs to be loaned out may also be helping sentiment:
🚨 SNAPSHOT INCOMINGGG!🚨 $SAMO loans are now LIVE on https://t.co/9fBVelwzJy. 😱— Samoyedcoin (SAMO) (@samoyedcoin) May 24, 2023
Take out loans against your favorite NFTs on @rainfi_ and receive $SAMO. 🔥
• Collateralize NFTs for $SAMO
• Qualify for Snapshots & Airdrops
• Support the Ecosystem & Write History… pic.twitter.com/krOsVx1Joe
Can Samoyedcoin price hold onto gains?
NFTs aside, the main beneficiary of the mention on CCTV has been in the price of the $SAMO tokens. The question now is how long will the boost last and can the meme coin token hang onto those price gains?
$SAMO is trading at No.2 on popular trading site Dextools and has a 24-hour trading volume on DEXs of $3.92 million.
However, 70% of trading volume takes place on the OKX exchange at this time, with only 4.4% on Solana DEX Orca.
According to coinmarketcap, which aggregates prices across different trading venues, it has a fully diluted market cap of $29.4 million.
As the chart shows, Samoyedcoin is struggling to hold onto its gains as holders move to take profits.
Samoyedcoin alternatives for 10x returns
For returns of a more consistent and lasting type, it may be worth looking elsewhere as the hype surrounding $SAMO could be shortlived. Check out our reviews of the latest crypto presales for more high return $SAMO alternatives.
It is not clear what the utility of either the $SAMO coin or its NFTs is, other than in their role as ambassadors for the Solana blockchain.
That contrasts with AiDoge.com ($AI), which has raised nearly $14 million in its ongoing presale.
Analysts expect the price of the AiDoge.com token after listing to pump dramatically, by as much as 50x.