Whereas the broader crypto market confronted a downturn all through June, Mog Coin (MOG) soared, registering a 50% improve in worth. This exceptional efficiency catapulted MOG into the limelight, positioning it among the many prime 100 cryptocurrencies by market capitalization.
Because the meme coin hovers round its all-time excessive, analysis means that it could have been within the overbought territory.
MOG Outperforms the Broader Crypto Market
Whereas stalwarts like Bitcoin (BTC) faltered, MOG thrived. Its climb to its all-time highs throughout a broader market correction displays a divergent path that has caught the eye of market individuals.
After outpacing the E book of Meme (BOME), MOG now holds the 94th spot with a market valuation exceeding $700 million. Furthermore, it ranks because the eighth-largest meme coin.
Learn extra: 7 Scorching Meme Cash and Altcoins which are Trending in 2024
Substantial market demand underpins the surge in MOG’s price. The Relative Power Index (RSI), a key indicator of market sentiment, helps this view. At present, the RSI for MOG stands at 72.36. Nevertheless, historically, an RSI above 70 suggests {that a} correction might be on the horizon.
“I’ll definitely be looking for a [MOG] retracement to get in on the action,” crypto analyst Altcoin Miyagi mentioned.
Consequently, this technique may enable buyers to capitalize on the coin’s reputation whereas mitigating the dangers related to its present excessive valuation.
This demand was vividly illustrated when an investor who owns the crypto pockets – 0x8bf engaged in a major transaction. He bought 276.3 billion MOG tokens for over $524,000.
Worry of lacking out (FOMO) could have fueled the transfer, particularly important contemplating that only a day earlier than, 0x8bf had offered 252 billion MOG at a decrease price. The fast buy-back at a better price level highlights the risky but engaging nature of meme cash like MOG.
“Currently, 0x8bf holds 749.698 billion MOG worth $1.45 million with an estimated total profit of $497,000 (+36.4%) from the token,” Spot On Chain mentioned.
Moreover, the intrigue round MOG can be fueled by its place throughout the meme coin area of interest—a phase of the cryptocurrency market that usually thrives on neighborhood engagement and viral developments slightly than solely on elementary worth.
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