Ethereum's MOG pumps 100%, flipping BOME: Is the trend of memecoins changing?

The value of Ethereum memecoin Mog Coin $MOG has continued to surge, with its price rising by 10.31% to $0.000001922 in the past 24 hours, according to data. Its market cap also soared by 8.92% to $69.262 million, ranking 97th.

Despite the positive price trend, the daily trading volume has decreased by 32.98% to $53.47 million. Therefore, although investor confidence has risen, the decrease in trading activity indicates the possibility of consolidation.

MOG Coin recently launched BOOK OF MEME BOME, which has surged more than 115% in the past week. This impressive performance has propelled MOG to become one of the best-performing meme coins. With renewed interest in the Solana ecosystem and positive developments in the encryption ETF space, there is increasing speculation about whether MOG will also surpass BONK.

Renowned figure in the encryption field, OSF, commented that the growth of MOG over the past year reflects a well-executed memecoin strategy. This community-driven momentum is a key factor in MOG's rapid rise in the market. Similarly, Eddie, a cryptocurrency trader on X (formerly known as Twitter), commented, "$MOG remains strong, mentioned multiple times in the timeline, and friends like this are doubling down on the token."

The price chart of Mog Coin presents a rising wedge pattern, indicating a potential upward trend in the short term. The Bollinger Bands show that MOG is experiencing fluctuations, with the price hovering near the upper limit of the Bollinger Bands, which typically indicates an overbought situation. The current level is significantly above the Moving Averages, reinforcing bullish sentiment.

The current relative strength index (RSI) is 70.10, entering the overbought zone, which may indicate a soon pullback or consolidation. The commodity channel index (CCI) is also in the high range of 114.29, further indicating that MOG may be overextended. Traders should pay attention to any bearish divergence or break of the rising wedge pattern, which may indicate a reversal or correction.

According to reports, the trading statistics of Mog Coin show that from the end of February to the beginning of May 2024, the volume and price showed an overall rising trend. The trading volume reached its peak at the end of May, synchronized with the price pump, but started to decline in June.

This pattern indicates that within a certain period of time, people's activities and interest in Ethereum-based memecoins were highly active, but then market participation started to decline.

(Data source: Olivia Stephanie, Saman Waris)