Convergence

bullish

Fwog (SOL)

FWOG

Divergence

<p class="is-style-lead">Whales have begun accumulating FWOG, a frog-themed meme coin launched four months ago pushing its price to a new all-time high.</p> 
<p>Fwog (<a href="https://crypto.news/price/fwog/" target="_blank">FWOG</a>) rose 21% over the past day to hit an all-time high of $0.369 pushing its market cap past $350 million for the first time, briefly making it the best-performing asset among the top 300 cryptocurrencies in the past 24 hours.</p> 
<p>The meme coin, which had fallen by 23% on Nov. 3, regained investor interest following its <a href="https://x.com/SolCex_Exchange/status/1853092071701135830" target="_blank" rel="nofollow">listing </a>on SolCex, a centralized exchange on the Solana network.</p> 
<p>Following the listing, FWOG emerged as the top-performing meme coin among Solana’s 25 leading meme coins on Nov. 4, with its market cap nearly tripling that of Ethereum Layer 2’s <a href="https://crypto.news/scroll-employs-cysics-zk-computing-power-to-scale-ethereum-faster/" target="_blank">Scroll</a>.</p> 
<p>FWOG was also the second best-performing meme coin in October with gains of over 262% following only behind SPX6900.</p> 
<p>However, the most notable catalyst for the gains observed on Nov. 5 was <a href="https://crypto.news/whales-accumulated-1-6b-in-eth-in-7-days-exchange-outflows-surge/" target="_blank">whale accumulation</a>, as reported by whale tracker LeadTradingPro. Whales purchased over $2.35 million worth of FWOG through a dollar-cost averaging strategy, swapping USDC, WIF, POPCAT, and SOL tokens. When whales accumulate a particular asset, it often results in a price increase, drawing in retail traders who aim to capitalize on short-term gains.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
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   <p lang="en" dir="ltr"><a href="https://twitter.com/search?q=%24FWOG&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="nofollow">$FWOG</a> hasn't even gone parabolic yet <a rel="nofollow" href="https://t.co/0lOvpsMnkP" target="_blank">pic.twitter.com/0lOvpsMnkP</a></p>— Stupifff (@Stupifff) <a href="https://twitter.com/Stupifff/status/1853661388356641164?ref_src=twsrc%5Etfw" target="_blank" rel="nofollow">November 5, 2024</a>
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<p> You might also like: <a rel="" href="https://crypto.news/meme-coins-surge-amid-market-correction-ahead-of-us-elections/"> Meme coins surge amid market correction ahead of US election </a> </p> 
<p>Meanwhile, the number of holders of the meme coin has also seen an uptick, <a href="https://x.com/crypticd22/status/1853380597290238151" target="_blank" rel="nofollow">rising </a>by over 14% to reach 28,551 over the past week, despite the volatility and broader market downturn leading up to the U.S. presidential election set to begin today.</p> 
<p>Market commentator Shadow <a href="https://x.com/0xShadowban/status/1853486248880664960" target="_blank" rel="nofollow">suggests </a>that FWOG could see substantial growth if it breaks past a key channel trendline around the $0.35 to $0.36 range. As of press time, the meme coin had successfully breached this level, and if it manages to hold above it, the analyst expects it to reach a $500 million market cap.</p> 
<p>Fellow analyst TraderSZ, with over 600,000 followers on X, provided a more bullish outlook, projecting that FWOG could eventually hit a $1 billion market cap if it clears the midline of its current trend channel. See below.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
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   <p lang="en" dir="ltr"><a href="https://twitter.com/search?q=%24FWOG&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="nofollow">$FWOG</a> update. once we smash above the mid line…then trend leg to 1 bil cap should begin <a rel="nofollow" href="https://t.co/E8BTBYZFCl" target="_blank">https://t.co/E8BTBYZFCl</a> <a rel="nofollow" href="https://t.co/DFKL9gaDGu" target="_blank">pic.twitter.com/DFKL9gaDGu</a></p>— TraderSZ (@trader1sz) <a href="https://twitter.com/trader1sz/status/1853456334449991701?ref_src=twsrc%5Etfw" target="_blank" rel="nofollow">November 4, 2024</a>
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<h2 class="wp-block-heading" id="fwog-technicals-look-bullish">FWOG technicals look bullish</h2> 
<p>On the 1-day FWOG/USDT price chart, the 50-day Moving Average was positioned well below the current price while the recent price action shows a series of higher highs and higher lows, a bullish pattern suggesting the uptrend for the meme coin will continue in the short term.</p> 
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 <img loading="lazy" decoding="async" width="928" height="544" src="https://crypto.news/app/uploads/2024/11/FWOGUSDT_2024-11-05_12-34-08.png" alt="Whales invest $2.35m in FWOG as the meme coin hits all-time high - 35" class="wp-image-14308180">
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  FWOG price, 50-day MA, and MACD chart — Nov. 5 | Source: <a href="https://crypto.news/price/fwog/" target="_blank">crypto.news</a>
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<p>The Moving Average Convergence Divergence (MACD) indicator confirms the bullish trend, with the MACD line (blue) crossing above the signal line (orange) on Oct. 29 and remaining above it, while both lines stay in positive territory.</p> 
<figure class="wp-block-image size-full">
 <img loading="lazy" decoding="async" width="928" height="544" src="https://crypto.news/app/uploads/2024/11/FWOGUSDT_2024-11-05_12-52-30.png" alt="Whales invest $2.35m in FWOG as the meme coin hits all-time high - 36" class="wp-image-14308181">
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  FWOG ADX chart — Nov. 5 | Source: <a href="https://crypto.news/price/fwog/" target="_blank">crypto.news</a>
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<p>The Average Directional Index showed a reading of 39 at the time of writing, well above 25, indicating that the bulls are firmly in control of the current trend.&nbsp;</p> 
<p>Based on these, FWOG has entered a price discovery phase, with the potential for more gains ahead.</p> 
<p> Read more: <a rel="" href="https://crypto.news/crypto-scammers-hack-wiz-khalifas-account-to-promote-fake-wiz-meme-coin/"> Crypto scammers hack Wiz Khalifa’s account to promote fake WIZ meme coin </a> </p>

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

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