Whales invest $2.35m in FWOG as the meme coin hits all-time high

Whales began accumulating FWOG, the frog-themed cryptocurrency launched four months ago, and its price soared to an all-time high.

Fwog (FWOG) rose 21% in the past day to reach an all-time high of $0.369, pushing its market cap above $350 million for the first time and briefly becoming the best-performing asset among the top 300 cryptocurrencies in the last 24 hours. .

After falling 23% on November 3, the meme coin regained investor interest after its listing on SolCex, a centralized exchange on the Solana network.

Following listing, FWOG emerged as the best-performing meme coin among Solana’s top 25 meme coins on November 4, with its market cap nearly tripling that of Ethereum Layer 2’s Scroll.

FWOG was also the second best-performing meme coin in October, gaining over 262%, behind SPX6900.

But the most notable catalyst for the gains observed on Nov. 5 was whale accumulation, whale tracker LeadTradingPro reported. Whales purchased over $2.35 million in FWOG via dollar-cost averaging strategy by trading USDC, WIF, POPCAT, and SOL tokens. When whales accumulate a particular asset, this often causes a price increase and attracts retail traders looking to capitalize on short-term gains.

Meanwhile, the number of meme coin holders has also seen a rise, rising over 14% to 28,551 last week despite the volatility and broader market downturn leading up to the US presidential election, which begins today.

Market commentator Shadow suggests that FWOG could see significant growth if it crosses the key channel trend line in the $0.35 to $0.36 range. As of the time of publication, the meme coin had successfully surpassed this level, and if it manages to stay above this level, the analyst expects it to reach a market value of $ 500 million.

Fellow analyst TraderSZ, who has over 600,000 followers on X, offered a more bullish outlook, predicting that FWOG could eventually reach a market cap of $1 billion if it clears the middle line of its current trend channel. See below.

FWOG techs appear to be on the rise

On the 1-day FWOG/USDT price chart, the 50-day Moving Average is positioned well below the current price, while recent price action shows a series of highs and lows; This indicates that the upward trend of the meme coin will continue. continue in the short term.

FWOG price, 50-day MA and MACD chart — November 5 | Source: crypto.news

The Moving Average Convergence Divergence (MACD) indicator confirms the bullish trend; While the MACD line (blue) crossed and remained above the signal line (orange) on October 29, both lines remain in positive territory.

FWOG ADX chart — November 5 | Source: crypto.news

The Average Directional Index showed a reading of 39, well above 25 at the time of writing, indicating that the bulls are in tight control of the current trend.

Based on these, FWOG has entered a price discovery phase with the potential for greater gains ahead.