Whales have significantly invested in FWOG, a frog-themed meme coin that launched just four months ago, driving its price to an unprecedented high. The coin surged by 21% within the past 24 hours, reaching $0.369 and pushing its market capitalization beyond $350 million for the first time, making it the top-performing asset among the top 300 cryptocurrencies during this period.
Despite a 23% dip on November 3, investor enthusiasm for FWOG was reignited following its listing on SolCex, a centralized exchange within the Solana ecosystem. The coin quickly emerged as the leading meme asset among Solana’s top 25 meme tokens as of November 4, with its market cap nearly tripling that of Ethereum Layer 2’s Scroll.
In October, FWOG was the second-best performing meme coin, achieving over 262% in gains, second only to SPX6900. The most substantial driver for the gains seen on November 5 was whale accumulation, as reported by whale tracker LeadTradingPro. Whales invested over $2.35 million in FWOG through a dollar-cost averaging strategy, exchanging USDC, WIF, POPCAT, and SOL tokens. Such large purchases typically lead to price increases, attracting retail traders looking to profit from short-term opportunities.
In addition to whale activity, the number of FWOG holders rose by over 14%, reaching 28,551 in the past week, even amid broader market volatility leading up to the U.S. presidential election set to commence today.
Market commentator Shadow indicated that FWOG could experience further growth if it breaks through a critical channel trendline between $0.35 and $0.36. As of the latest updates, FWOG had successfully surpassed this threshold. If it can maintain its position above this level, analysts anticipate a market cap growth to $500 million.
TraderSZ, a well-known analyst with over 600,000 followers on X, offered a more optimistic projection, suggesting that FWOG could ultimately reach a $1 billion market cap if it successfully navigates past the midline of its current trend channel.
Technical indicators for FWOG appear bullish. The 50-day moving average is situated well below the current price, while recent price movements exhibit a pattern of higher highs and higher lows, reinforcing a positive short-term outlook for the meme coin. The Moving Average Convergence Divergence (MACD) indicator further confirms the bullish sentiment, with the MACD line crossing above the signal line on October 29 and remaining in positive territory.
Additionally, the Average Directional Index (ADX) recorded a reading of 39 at the time of writing, significantly above the threshold of 25, suggesting that bullish momentum is firmly in control. As a result, FWOG seems to be entering a price discovery phase, indicating potential for further gains ahead.
Related topics:
PeckShield Reports October Crypto Hacks Result in $88.4 Million in Losses
CoinDCX Introduces Custody Feature for Enhanced Crypto Security
