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

Whales have begun accumulating FWOG, a frog-themed meme coin that was launched just four months ago, driving its price to a new all-time high.

In the last 24 hours, FWOG surged by 21%, reaching $0.369 and pushing its market capitalization above $350 million for the first time. This made it the top-performing asset among the top 300 cryptocurrencies during that period.

The meme coin, which had seen a 23% decline on November 3, regained momentum after being listed on SolCex, a centralized exchange on the Solana network. Following this listing, FWOG emerged as the leading meme coin among Solana’s 25 top meme coins on November 4, surpassing Ethereum Layer 2’s Scroll in market cap.

FWOG’s impressive run didn’t stop there. It was also the second-best performing meme coin in October, with gains of over 262%, trailing only SPX6900.

The significant price movement on November 5 is largely attributed to whale accumulation, as revealed by whale tracker LeadTradingPro. Over $2.35 million worth of FWOG was purchased by large investors using a dollar-cost averaging strategy, swapping assets like USDC, WIF, POPCAT, and SOL tokens. Whale accumulation often drives up the price, attracting retail traders looking to take advantage of potential short-term profits.

The number of FWOG holders has increased by over 14% in the past week, reaching 28,551, despite market volatility and the broader market downturn ahead of the U.S. presidential election, which is set to begin today.

Market commentator Shadow believes that FWOG could see significant growth if it breaks through a key trendline in the $0.35 to $0.36 range. At the time of writing, FWOG had already surpassed this level, and if it can maintain momentum above this threshold, Shadow expects it to potentially reach a $500 million market cap.

A more bullish perspective comes from TraderSZ, an analyst with over 600,000 followers on X, who suggests that FWOG could eventually reach a $1 billion market cap if it manages to break through the midline of its current trend channel. This projection points to further significant upside for the meme coin, provided it maintains its upward trajectory.

FWOG technicals look bullish

On the 1-day FWOG/USDT price chart, the 50-day Moving Average (MA) is positioned well below the current price, indicating strong bullish momentum. Additionally, recent price action has formed a series of higher highs and higher lows, a classic bullish pattern that suggests the uptrend for the meme coin is likely to continue in the short term. This technical setup further supports the optimistic outlook for FWOG, indicating that the positive price movement could persist if these trends hold.

The Moving Average Convergence Divergence (MACD) indicator further confirms the bullish trend for FWOG. On October 29, the MACD line (blue) crossed above the signal line (orange) and has remained above it ever since. Both lines are still in positive territory, reinforcing the ongoing uptrend and suggesting continued upward momentum for the meme coin in the near term. This alignment of the MACD signals a strong and sustained bullish sentiment, supporting the positive outlook for FWOG.

The Average Directional Index (ADX) reading of 39 further reinforces the strength of the current bullish trend for FWOG. Since the ADX is above 25, it indicates that the bulls are firmly in control, signaling a strong and trending market.

Given this, FWOG has likely entered a price discovery phase, meaning it is exploring new price levels without significant resistance, which suggests there could be further upside potential. This combination of strong trend indicators and positive momentum points to the possibility of additional gains for FWOG in the near future.