• Mog Coin price rallied 117% in a week as buyers chase momentum after a breakout from a 4-month downtrend.
• Short-term holders offload 1.25 trillion tokens, raising the risk of a pullback if buyer demand fails to keep up.

Since crypto recovered days ago with Bitcoin rallying past $100k, memecoins have benefited the most.

One of the top-gaining memecoins is Mog Coin [MOG].

In the last seven days, MOG jumped from $0.00000053 to a 4-month peak of $0.00000128—before slightly retracing.

At press time, the memecoin traded at $0.000001195, still posting a 9.32% gain in the past 24 hours. Weekly gains stood at 117.63%.

Open Interest heats up

Amidst this price pump, the memecoin’s Open Interest also surged to hit a four-month high of $1.05 million.

Usually, a rise in price while Open Interest is rising implies that investors are actively participating in the market, either taking long or short positions, awaiting the next move.

However, the Funding Rates told a clearer story. According to Santiment, they flipped positive, confirming dominance from long traders.