Oggy Inu (OGGY) has experienced a significant surge of +1,000% in the latest on-chain moon-shot, driven by the broader resurgence in crypto markets.
Recently, there has been a trend of explosive DEX-launched tokens, with several moon-shots gaining attention, including popular ones like APX, RAIN, MEGA, REFUND, DRS, and THING.
OggyInu has been working on the development of a multi-chain DEX called OggySwap, spanning Binance Smart Chain and Ethereum, for the past 6 months.
The recent surge in price seems to be fueled by the growing interest in a $100 airdrop for OggyInu holders.
OGGY Price Analysis: Oggy Inu Surges +1,000% – How High Can It Go?
With the bullish turn in crypto markets, Oggy Inu is currently trading at $0.00001862 with a 24-hour increase of +38.95%.
The surge began at 3PM on October 23, resulting in a +1,480% gain in the first hour of trading.
This surge was accompanied by a trading volume of over $2.95 million and attracted 1.7k new holders to the project.
After a brief retracement of -42%, which found support as Bitcoin surpassed $31,000, there is potential for a second rally leg.
This is further supported by strong buy pressure, representing 68% of transactions in the past hour.
However, the upside may be limited as OGGY has already reached a market cap of $4.68 million, which is relatively high for on-chain coins. This raises the question of how much interest is left amid the subdued on-chain market activity.
A decline in interest in on-chain tokens can be attributed to the resurgence of Bitcoin, which currently stands at $34,367 and has garnered substantial interest from retail investors. This has led to increased interest in Bitcoin derivatives and mining-related projects like Bitcoin Minetrix.
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Disclaimer: Crypto is a high-risk asset class. This article is for informational purposes only and does not constitute investment advice. Capital may be lost.