Meme Coins Like Mog Coin (MOG), Dogwifhat (WIF), and Popcat Surge as Bitcoin Rebounds
- DDDOriginal
- 2024-10-07 15:24:14374browse
MOG jumped by 21% to $0.0000017, its highest point since August 1 and 155% above its lowest point in September.
Meme coins had a stellar Monday as investors embraced a risk-on mood, with Mog Coin (MOG), Dogwifhat (WIF), and Popcat posting impressive gains.
Relative newcomer MOG jumped by 21% to reach $0.0000017 at its highest, marking its strongest level since August 1 and an impressive 155% up from its September low.
Meanwhile, the WIF token surged to reach $2.70, notching its highest since July 24, while Popcat soared to a record high of $1.47, pushing its market capitalization to over $1.38 billion. The surge makes Popcat, a Solana meme coin, one of the best-performing meme coins in the industry.
The rally coincided with Bitcoin, which rose for two consecutive days, reaching a high of $63,6000.
Other risky assets also started the week on a strong note, with Asian bourses posting solid gains.
In Hong Kong, the Hang Seng index soared by over 1.35%, while in India, the Nifty 50 index rose by 20 basis points. Other Asian stock indices, such as South Korea’s KOSPI and the Shanghai Composite, also rebounded.
The rebound comes as China unveiled a blitz of stimulus measures in a bid to bolster an economy that is grappling to hit its 2% target.
These coins also rebounded as the crypto fear and greed index moved from the fear zone of 38 to the neutral point of 43. Usually, Bitcoin and meme coins like MOG, WIF, and Popcat tend to perform well when the index is moving out of the fear zone.
Crypto liquidations spike
In the meantime, data from CoinGlass shows that the ongoing surge has resulted in a substantial increase in liquidations. Popcat’s shorts liquidations surged to reach $1.6 million on Sunday and $524k on Monday. On the other hand, WIF shorts liquidations amounted to over $2.36 million.
Liquidations occur when exchanges or brokers forcibly close leveraged trades once they reach a specific level.
Looking ahead, several catalysts are lined up for these coins this week. For one, there is a possibility of Israel responding to the recent Iran missile attack, which would heighten geopolitical events. Generally, risky assets tend to underperform during periods of heightened geopolitical concerns.
Secondly, these tokens will react to the Federal Reserve minutes on Wednesday, which are expected to provide further insight into the last monetary policy meeting.
Finally, the US will announce the latest consumer inflation figures on Thursday, which are closely watched by the Federal Reserve. Following last week’s strong nonfarm payrolls (NFP) data, analysts anticipate the Fed to carry out more rate cuts gradually.
The above is the detailed content of Meme Coins Like Mog Coin (MOG), Dogwifhat (WIF), and Popcat Surge as Bitcoin Rebounds. For more information, please follow other related articles on the PHP Chinese website!