A music video directed by Mooch premiered days after the song's release and contained appearances from David Mazouz and Adin Ross.

In an interview with XXL on May 4, 2021, Trippie Redd praised the American rappers Playboi Carti and Lil Uzi Vert; he called them "some of the G.O.A.T.s" from the SoundCloud rap scene.

[3] It marked Redd's return to hip-hop after releasing the pop-punk reissue album Neon Shark vs Pegasus in 2021.

[6][7] "Holy Smokes", featuring Lil Uzi Vert, was released on July 16, by 1400 Entertainment and 10K Projects, as the second single from the album.

[14] In Lil Uzi Vert's verse, they acknowledge their zodiac sign in the line "I just spent me a hundred thousand; I treat it like it's twenty bucks / I'm a Leo, now watch how I fuck the summer up.

[16] In a review of Trip at Knight for HipHopDX, Malone thought it was one of the better tracks on the album, writing that the duo "shine together on the hook" and lauded their chemistry.

[23] The video begins with the actor David Mazouz seeing an explosion in Downtown Los Angeles, shouting, "Holy smokes!".

[23][24] The rest of the video features Redd and Lil Uzi Vert performing their verses at an arcade, in a limousine, and in an out-of-service elevator.

[13] The scenes filmed in the arcade and in Los Angeles streets were described as "fluorescent and psychedelic" by Hypebeast's Aaron Chow.