The OG Fan Token discovered itself within the highlight after accounting for greater than half of the $1.08 billion in fan token buying and selling quantity in simply 24 hours. OG Crypto led this surge, with $563 million in trades, fueled by investor enthusiasm for esports-based cryptocurrencies.
The token’s price skyrocketed 87% in at some point and 245% over the week, setting the stage for a broader rally throughout fan tokens.
Why the OG Crypto Rallied
Esports fandom and market hypothesis fueled the rally of the OG Crypto token. The token, tied to the OG Esports group, capitalized on the model’s dominance in Dota 2 and different aggressive video games, driving investor curiosity and price momentum.
The group’s sturdy efficiency, notably its victories in ‘The International,‘ attracted investors and fans. These wins cemented OG Esports’ legacy within the gaming world, driving curiosity within the OG Crypto token.
Furthermore, a pointy enhance in buying and selling exercise, particularly on Binance, the place the OG-USDT pair noticed $282 million in quantity, captured merchants’ consideration.
OG token’s fan engagement mannequin, powered by Socios, allowed supporters to affect group choices and take part in unique occasions, additional boosting demand. The combination of speculative buying and selling and fan loyalty created an ideal storm for the rally.
Nevertheless, whether or not the rally can maintain itself stays unsure. A lot of the quantity is speculative, and related tokens have seen short-lived price spikes adopted by corrections. Moreover, revenue reserving might damage the fan crypto token.
Token’s Moonshot Rally Hits Wall At $12
In the meantime, the OG crypto token’s price failed to maneuver above $12, forcing the OG USD pair to plummet practically 50% to achieve a day by day low close to $6.57. Nevertheless, shopping for strain remained sturdy sufficient to assist the token recuperate a few of the misplaced floor, with OG crypto price settling close to $8.9.
If bulls handle to arrest the token’s drop, OG price would possibly consolidate close to present ranges earlier than rallying to the resistance close to $12. Furthermore, flipping the rapid resistance would possibly assist the OG USD pair goal the resistance close to $16.3.
Conversely, continued revenue reserving might ship the OG crypto token price hurtling down to the help ranges close to $7.8 and $6.05 earlier than recovering.
The RSI for the token remained expectedly overbought, with a rating of 73 on the day by day charts.