Mog Coin Explodes Amid Ethereum Joke Token Boom
- PHPzOriginal
- 2024-07-31 15:13:14726browse
Undeterred by the market-wide selloff, numerous Ethereum-based meme coins have charged ahead today.
Multiple Ethereum-based meme coins have surged today, largely unbothered by the market-wide selloff.
Mog Coin is leading the charge with a 10% pump, but others like Book of Meme and Turbo have also booked gains.
The exact reason for this phenomenon is not clear, but traders are likely bullish on ETH’s upcoming price trajectory and are getting in early on its ecosystem meme coins.
Typically, if the native layer 1 coin performs well, its ecosystem tokens can outsurge thanks to their lower market caps.
The launch of Ethereum ETFs last week and BlackRock’s recent nod to adding the ETF to its $4.2 trillion “model portfolio” are a massive boon for its long-term outlook.
BlackRock CIO of ETF and Index Investments Samara Cohen discusses the iShares Ethereum Trust ETF (ETHA) and expects we'll see allocation of crypto ETFs in model portfolios by the end of this year and into 2025.
With that, ecosystem plays like Mog Coin could see liquidity flooding in over the next few months.
Currently, Mog Coin is trading at $0.000002032, up 10% today, at breakeven this week, and up 13% this month.
It holds a $733 million market cap and a $46 million 24-hour trading volume.
Analysts are singing its praises.
In a recent commentary on X, Pink Beluga highlighted that Mog Coin will “outperform everything.”
The analyst highlighted two key reasons for this: Mog Coin is the “leader of culture coins” and the unprecedented liquidity inflows to the Ethereum ecosystem.
$MOG will outperform everything imo.
mog is the leader of cultural coins, a fresh meta that makes sense for a "long term" kind of narrative.
ETH face melting rally with massive liquidity flowing into it's ecosystem is inevitable.
Basically there's no competition. Absolute.
Analysts are also bullish from a technical standpoint.
Rodolfo recently hailed Mog Coin as having “one of the best charts around.”
As seen below, Mog Coin has enjoyed a steady upward grind through 2024, even when other meme coins have struggled.
$MOG continues to have one of the best charts around
your coins chart doesn't look like this?
cut it.. worse thing you can do is marry a losing bet
pic.twitter.com/dRb7Cd6B46
Indeed, its technical and fundamentals align for continued success, but it’s not the only meme coin to be bullish on.
Riding the tailwind from Mog Coin and other large caps, the newly launched PlayDoge has emerged as one of the strongest low-cap contenders.
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