Memecoins
Top 2 Memecoins to Watch When the Market is Down Today
The last 24 hours have been a cooling-off period for the cryptocurrency market, this after adding over $300 billion to the total market cap in the previous 10 days. Bitcoin price is making a smart move by not going down after the rise but moving sideways.
Memecoins took control on Monday and Tuesday and were relayed to altcoins on Wednesday and Thursday.
Meme season is still in full swing and this might be the best time to take a position as the meme coin control cycle is bound to repeat itself in the coming days.
MOG part
Mog Coin is an Ethereum-based memecoin that stands out with an increase of over 12,000% since its release in July 2023. The crypto reached its all-time high 2 days ago and has continued to surpass its all-time highs.
Despite its high price, MOG experience continues to accrue.
Currently trading at $0.000001964 with a 7-day growth of 10% and 158% in 30 days, although the coin has dropped 7.4% in 24 hours but has moved above all moving averages.
In a recent Smart Money wallet metric analysis, MOG became the most accumulated token yesterday, and PEPE ranks second.
The 4-hour MOG/USDT chart anticipates a bounce within an ascending channel. The applied MACD is down towards the midline, further corrections may occur.
Moreover, the Alligator indicator that shows the trend movement reveals that the lines are crossing each other, which means that the price is now in a reversal phase. Once the lines move away, the reversal can be observed.
As MOG is part of smart money portfolios, this coin has the potential to reach more highs in the coming cycles.
Traders should closely monitor MOG price action and smart money moves as this information could signal big market trends and opportunities.
PEPE
The 3rd largest meme coin by market cap PEPE has been the most actively traded meme coin this cycle with an increase of over 25% in the last 7 days.
PEPE Award PEPE price dropped to $0.00000767 on July 5 and managed to pull back 57% to the current price of $0.00001167. Interestingly, PEPE volume reached $1.2 billion on Thursday, surpassing DOGE at $730 million and Shba Inu at $810 million.
Open interest data increased to $148 million, the highest since June 7, mainly on Bitget and OKX exchanges. This is a good indication of traders interested in buying the asset.
It is worth noting that a good amount of whale activity was observed on Thursday, with one whale purchasing 1.39 trillion Pepe tokens and another whale acquiring 44.9 billion and 28.3 billion respectively.
PEPE is also a finalist in the Smart Money Wallet Accumulation list, after MOG.
In the PEPE/USDT chart, we can see the RSI in the neutral zone with more room for correction and pullback power.
The Ichimoku cloud indicator shows the price above the clouds and the trendlines align with the price. Generally, the price above the clouds is perceived as a trend that remains in the bullish zone.
Traders should include PEPE in the close watch list as this coin is seeing the highest activity in portfolios with mixed social sentiments.