Memecoins
Ethereum’s MOG rises 100%, returns BOME: are the memecoin tides turning?
- Mog Coin toppled BOME in terms of market capitalization, rising over 100% in the past week.
- Technical indicators suggest potential overbought conditions for Mog Coin’s current price rally.
Ethereum [ETH] Memecoin Mog Coin [MOG] has seen a notable increase in value as its price increased by 10.31% in the last 24 hours to $0.000001922 per CoinMarketCap.
The market capitalization also increased by 8.92%, reaching $692.62 million, placing it at 97th place.
Despite this positive price development, the daily trading volume decreased by 32.98% to $53.47 million. So while investor confidence has increased, trading activity has decreased, indicating possible consolidation.
Ethereum’s MOG topples Solana’s BOME
MOG coin was recently flipped BOOK OF THE SAME [BOME] while showing an increase of over 115% over the past week. This impressive performance propelled MOG to become one of the most successful meme coins.
Speculation is growing over whether MOG will also overtake BONKdriven by a renewed interest in Solana [SOL] ecosystem and positive developments in the crypto ETF space.
Source: Crypto Bubbles
OSF, a figure in the crypto space, commented that MOG’s growth over the past year illustrates a well-executed memecoin strategy.
This community momentum has been a crucial factor in MOG’s rapid rise in the market.
Similarly, Eddie, a crypto trader on X (formerly Twitter), REMARK,
“$MOG is still going strong, getting lots of timeline mentions, and major MOG peeps like @kmoney_69 are doubling down on creating memes around the token.”
He added,
“I opened a trade here, with a wide stop loss and hoping the momentum continues. I will close my trade if the market crashes or the MOG chart shows weakness. »
Source: Eddie/X
Technical analysis and market indicators
The Mog Coin price chart showed an ascending wedge pattern at press time, indicating potential upside momentum in the near term.
Bollinger bands suggest that MOG is experiencing volatility, with the price hovering near the upper band, which often means overbought conditions.
Current levels were significantly above the moving average, reinforcing the bullish sentiment.
At press time, the Relative Strength Index (RSI) was at 70.10, entering overbought territory, which could signal a possible pullback or consolidation soon.
The Commodity Channel Index (CCI) was also range-bound at 114.29, further suggesting that MOG may be overextended.
Traders should watch for any bearish divergence or breakout below the ascending wedge pattern, which could indicate a reversal or correction.
Source: TradingView
According to In the blockTransaction statistics for Mog Coin revealed an overall increase in transaction volume and price between late February and early May 2024.
Read Mog Coins [MOG] Price prediction 2024-25
The number of transactions peaked in late May, corresponding to a surge in prices, before starting to decline in June.
This trend indicates a period of increased activity and interest in the Ethereum-based memecoin, followed by a subsequent decrease in market engagement.