As a seasoned crypto investor with a knack for spotting hidden gems, I must admit that FWOG has caught my eye. The frog-themed meme coin’s rapid rise to an all-time high, fueled by whale accumulation and retail interest, is reminiscent of my early days in crypto when I stumbled upon Dogecoin.
Four months since its launch, the value of FWOG, a unique meme coin themed around frogs, has soared to an unprecedented peak as whales start amassing it.
Fwog (FWOG) rose 21% over the past day to hit an all-time high of $0.369 pushing its market cap past $350 million for the first time, briefly making it the best-performing asset among the top 300 cryptocurrencies in the past 24 hours.
As an analyst, I observed a resurgence of investor attention towards the meme coin that previously experienced a 23% decline on November 3. This renewed interest can be attributed to its successful listing on SolCex, a prominent centralized exchange integrated within the Solana network.
On November 4th, FWOG was found to be the highest-performing meme coin within the top 25 meme coins on Solana, boasting a market capitalization almost three times larger than that of Scroll, a leading Ethereum Layer 2 coin.
In October, FWOG ranked as the second top-performing meme coin, experiencing a surge of more than 262%, trailing slightly behind SPX6900.
On November 5th, the significant factor driving the observed growth was reportedly large investor purchases, specifically whale acquisition as tracked by LeadTradingPro. These whales invested approximately $2.35 million in FWOG using a dollar-cost averaging approach, exchanging USDC, WIF, POPCAT, and SOL tokens in the process. When whales amass a specific asset, it typically triggers an increase in price, attracting retail traders seeking quick profits.
$FWOG hasn’t even gone parabolic yet
— Stupifff (@Stupifff) November 5, 2024
Over the last week, there’s been a significant increase in the number of people holding the meme coin, rising by approximately 14% to reach a total of 28,551 holders. This growth has occurred amidst market instability and a looming U.S. presidential election, set to start today.
According to market commentator Shadow, FWOG might experience significant growth if it surpasses a crucial trendline between $0.35 and $0.36. Remarkably, at the time of publication, this meme coin has already exceeded that level. If it maintains this position above the trendline, the analyst anticipates a market cap of $500 million for FWOG.
Colleague TraderSZ, boasting an impressive follower base of approximately 600,000 on platform X, offers a more optimistic perspective, predicting that FWOG might attain a $1 billion market cap if it manages to surpass the midline of its current trend trajectory. For further insights, take a look below.
$FWOG update. once we smash above the mid line…then trend leg to 1 bil cap should begin
— TraderSZ (@trader1sz) November 4, 2024
FWOG technicals look bullish
In my analysis, I’ve noticed on the 1-day FWOG/USDT chart, the 50-day Moving Average is currently sitting quite low compared to the current price levels. However, the recent market behavior shows a clear trend of higher peaks and troughs, a pattern known as higher highs and higher lows, which is typically bullish. This suggests that the short-term uptrend for this meme coin might persist.
In simpler terms, when the Moving Average Convergence Divergence (MACD) graph shows the MACD line (represented by blue) passing over the signal line (orange) on October 29 and continues to be above it since then, all while both lines maintain positive values, this suggests that the bullish trend is being validated.
In my experience as a crypto investor, I’m observing that the Average Directional Index (ADX) stands at 39 at the moment. Typically, an ADX reading above 25 suggests strong directionality, meaning the bulls are dominating the current market trend. This could indicate a continued upward trend in the crypto market.
Based on these, FWOG has entered a price discovery phase, with the potential for more gains ahead.
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2024-11-05 11:10