As a broader resurgence in crypto markets sends prices skyrocketing, Oggy Inu (OGGY) has exploded +1,000% in the latest on-chain moon-shot.
Recent weeks have seen a huge trend in explosive DEX-launched tokens, with countless moon-shots garnering significant attention, including the ever-popular APX, RAIN, MEGA, REFUND, DRS and THING.
OggyInu has been in build phase for the past 6-months, with the goal of creating a multi-chain DEX across Binance Smart Chain and Ethereum named OggySwap.
The recent price surge appears to be driven by surging interest around a $100 airdrop to OggyInu holders.
OGGY Price Analysis: Oggy Inu Has exploded +1,000% – How High Can the Skyrocket Fly?
With crypto markets turning bullish, Oggy Inu is currently trading at a market price of $0.00001862 (representing a 24-hour change of +38.95%).
The thunderous upside move, which was triggered at 3PM on October 23, saw OGGY gain +1,480% in its first hour of trading.
This was fuelled by a huge influx of more than $2.95m in trading volume, as 1.7k holders swept into the promising multi-chain project.
A brief -42% retracement move found double-bottomed support as Bitcoin pushed up past $31,000, and this morning this has created a ‘pan-handle’ which creates the opportunity for a second rally leg.
This receives further confirmation from strong buy pressure, which remains dominant, as buys represent 68% of transactions over the past hour.
However, upside could be limited, with OGGY already sat at a $4.68m market cap – a relatively high level for on-chain coins – leaving the question remaining: how much interest is left remaining for Oggy amid subdued on-chain market activity?
A key aspect in the reduced interest in On-Chain tokens has been the resurgence of Bitcoin, which has blasted-up to $34,367 as excitement sweeps the market.
Yet, many retail investors still feel side-lined by the front-run move, leading to substantial interest in Bitcoin derivatives and Bitcoin mining related projects. Enter: Bitcoin Minetrix.
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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