Ethereum’s Mog Surges 100%, Surpassing Bome: Is the Tide Turning for Memecoins?
- Mog Coin has overtaken BOME in market cap, rising over 100% in the past week.
- Technical indicators suggested possible overbought conditions for Mog Coin’s current price surge.
Ethereum [ETH] Memecoin Mog Coin [MOG] has seen a notable surge in value, with its price up 10.31% to $0.000001922 in the past 24 hours according to CoinMarketCap.
Its market cap has similarly increased by 8.92% to $692.62 million, placing it at 97th place.
Despite this positive price movement, daily trading volume has dropped by 32.98% to $53.47 million. So while investor confidence has increased, trading activity has decreased, suggesting possible consolidation.
MOG Coin recently overtook BOOK OF MEME [BOME] recording an increase of over 115% in the past week. This impressive performance has made MOG one of the highest performing meme coins.
Due to renewed interest in the Solana ecosystem [SOL] and positive developments in the crypto ETF space, there is increasing speculation that MOG will also overtake BONK.
Source: Crypto Bubbles
OSF, a crypto industry figure, commented that MOG’s growth over the past year is an example of a well-executed memecoin strategy.
This community-driven momentum has been a key factor in MOG’s rapid rise in the market.
Eddie, a crypto trader on X (formerly Twitter), made a similar comment,
“$MOG is still holding up, often mentioned in the timeline, and key Mog pals like @kmoney_69 are increasing their bets on memes for the token.”
He added,
“I opened a trade near here, with a wide stop loss, hoping for continued momentum. I will close my trade if the market breaks down or the MOG chart shows weakness.”
Source: Eddie/X
Technical Analysis and Market Indicators
The price chart for Mog Coin showed a rising wedge pattern at press time, suggesting potential upside momentum in the short term.
The Bollinger Bands suggested that MOG was exhibiting volatility, with the price fluctuating near the upper band, which often indicates overbought conditions.
Current levels were well above the moving average, reinforcing bullish sentiment.
At press time, the Relative Strength Index (RSI) was at 70.10, entering the overbought territory, which could indicate a possible pullback or consolidation shortly.
The Commodity Channel Index (CCI) was also in a high territory at 114.29, further suggesting that MOG could be overextended.
Traders should watch for a bearish divergence or break below the rising wedge pattern, which could indicate a reversal or correction.
Source: TradingView
According to IntoTheBlocktransaction statistics for Mog Coin showed an overall increase in both transaction volume and price from late February to early May 2024.
Read Mog Coins [MOG] Price Prediction 2024-25
The number of transactions peaked in late May, which coincided with a price increase before starting to decline in June.
This pattern indicated a period of increased activity and interest in the Ethereum-based memecoin, followed by a subsequent decline in market engagement.
