Wednesday, June 29, 2022

SMUGDOGE Reclaims Its Title as #1 Meme Coin on Harmony ONE Blockchain

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George Soto
George Soto
George Soto is a national journalist with nearly 15 years. While studying journalism at Chicago, George found a passion for finding currency stories. George mostly covers cryptocurrency, NFT, blockchain and other business related issues.

Today, on November 27th, the beloved meme and token on Harmony ONE blockchain, SMUG, has reclaimed its top position as the top gainer on Harmony Ecosystem list on CoinGecko.

Its competitors, KURO and FLOKI ONE, coins that have launched on Harmony much earlier than SMUG, have trailed behind this week, and reached new all-time lows. Some investors have speculated that they are a better buy than SMUG, but it would seem that other investors have voted with their wallets for SMUGDOGE instead.

One of the reasons for this might be that SMUGDOGE is the only meme token fully featured on CoinGecko with its entire market cap and circulating supply listed. While it has fallen on dire straits in the past few weeks, as has much of the Harmony altcoin market, it would seem that the developer’s perseverance as well as that of its community, most notably the CMs bearing the “OG Smuggie” title, has instilled some new-found faith in the project and the direction it is heading towards.

CoinGecko - SMUGDOGE

Another key factor that might have aided this rally was the fact that they seem to be inching ever nearer towards getting a 50 thousand dollar grant from the “500 launches ($20 million)” Harmony Ecosystem Incubator Launchpad program, which seeks to motivate new developers to innovate on the ONE blockchain. SMUG now sits comfily at around 330k USD market cap, rebounding off the losses it suffered during the middle of the month, which have most likely stemmed from it being overheated in dog-eat-dog market, which the BTC and ETH plummets seem to have confirmed. ONE, the blockchain’s native currency, has also seen a steep 30% decrease; from 38 cents on October 26th to about 26 cents at the time of writing this article.

Furthermore, the key differentiating factor that SMUG has over its competitors on Harmony mainnet is the fact that it rewards its holders for simply holding SMUG. Each time someone buys or sells SMUG, 5% of that transaction’s value is distributed proportionately to all the other SMUG holders. This encourages the so-called ‘diamond hands’ mode of holding an investment, and allows for long-term, value investing, as opposed to quick get-rich-quick schemes. The coin itself, also, has over 100 thousand dollars worth of locked liquidity in the DefiKingdoms (a play-to-earn game that also doubles as a DEX, decentralized exchange) liquidity pools, and therefore the coin is rugpull-prone. This ensures price stability over the long term.

SMUGDOGE - CoinGecko

On the graphs above, you can see how well SMUG has faired in comparison with the other two prolific ONE dog coins. Both KURO and FLOKI ONE have reached new all-time lows, whereas SMUG is over 300% from its all-time low of 23 days ago, offering an unprecedented return on investment for doggy coin afficionados on the ONE blockchain. Furthermore, check out their extensive bounty program on their website, as they have hefty bounties even for those who are not investing money, but rather their free time.

Bounty Program
Bounty Program

If you’re interested in buying SMUG and hedging your bets on the Harmony ONE ecosystem, then definitely check out the guide on how to buy it below, you just need a compatible Web3 wallet such as MetaMask.

 

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