Whales Drive FWOG Meme Coin to New All-Time High with $2.35M Investment

FWOG, a frog-themed meme coin that launched just four months ago, has hit a new all-time high, fueled by a surge in whale activity. The coin’s price recently jumped 21% over a 24-hour period, reaching $0.369, pushing its market capitalization past $350 million for the first time and briefly making it the top-performing asset among the top 300 cryptocurrencies.

The price spike follows FWOG’s listing on SolCex, a centralized exchange within the Solana network, which rekindled investor interest. This listing helped FWOG emerge as the top meme coin among Solana’s 25 leading meme coins, with its market cap nearly tripling that of Ethereum Layer 2’s Scroll.

In October, FWOG was the second-best-performing meme coin, with impressive gains of over 262%, trailing only behind SPX6900. However, it was the whale accumulation reported on November 5 that truly fueled the recent price surge. According to whale tracker LeadTradingPro, large investors collectively spent over $2.35 million on FWOG, using a dollar-cost averaging strategy to acquire the coin in exchange for USDC, WIF, POPCAT, and SOL tokens. Whale buying pressure is often a key catalyst for price increases, prompting retail investors to jump in and take advantage of potential short-term gains.

As a result, the number of FWOG holders has increased by over 14% in the past week, rising to 28,551, despite ongoing market volatility and the uncertainty surrounding the upcoming U.S. presidential election.

Market analysts are now eyeing a potential continuation of FWOG’s upward trajectory. Shadow, a well-known commentator, suggests that if FWOG can break through a key resistance range of $0.35 to $0.36, the coin could see substantial growth, potentially reaching a $500 million market cap. Fellow analyst TraderSZ, with over 600,000 followers on X, is even more bullish, predicting that FWOG could eventually hit a $1 billion market cap if it clears the midline of its current trend channel.

Technical Analysis Points to Further Upside for FWOG

FWOG’s technical indicators are also signaling a strong bullish trend. On the 1-day FWOG/USDT price chart, the coin’s 50-day moving average is well below its current price, while the price action shows a series of higher highs and higher lows—suggesting the uptrend is likely to continue in the near term. The Moving Average Convergence Divergence (MACD) indicator also confirms the bullish momentum, with the MACD line (blue) crossing above the signal line (orange) on October 29 and remaining above it ever since, while both lines stay in positive territory.

Additionally, the Average Directional Index (ADX) stands at 39, well above the 25 threshold, indicating that the bulls are firmly in control of the current market trend.

As FWOG enters a price discovery phase, it may have further room to run, with analysts projecting even greater gains if the current momentum holds. For now, all eyes are on whether the meme coin can maintain its position above the $0.35–$0.36 resistance level and continue its rapid ascent.