Whales have begun accumulating FWOG, a frog-themed meme coin launched four months ago pushing its price to a new all-time high.

Fwog (FWOG) rose 21% over the past day to hit an all-time high of $0.369 pushing its market cap past $350 million for the first time, briefly making it the best-performing asset among the top 300 cryptocurrencies in the past 24 hours.

The meme coin, which had fallen by 23% on Nov. 3, regained investor interest following its listing on SolCex, a centralized exchange on the Solana network.

Following the listing, FWOG emerged as the top-performing meme coin among Solana’s 25 leading meme coins on Nov. 4, with its market cap nearly tripling that of Ethereum Layer 2’s Scroll.

FWOG was also the second best-performing meme coin in October with gains of over 262% following only behind SPX6900.

However, the most notable catalyst for the gains observed on Nov. 5 was whale accumulation, as reported by whale tracker LeadTradingPro. Whales purchased over $2.35 million worth of FWOG through a dollar-cost averaging strategy, swapping USDC, WIF, POPCAT, and SOL tokens. When whales accumulate a particular asset, it often results in a price increase, drawing in retail traders who aim to capitalize on short-term gains.

Meanwhile, the number of holders of the meme coin has also seen an uptick, rising by over 14% to reach 28,551 over the past week, despite the volatility and broader market downturn leading up to the U.S. presidential election set to begin today.

Market commentator Shadow suggests that FWOG could see substantial growth if it breaks past a key channel trendline around the $0.35 to $0.36 range. As of press time, the meme coin had successfully breached this level, and if it manages to hold above it, the analyst expects it to reach a $500 million market cap.

Fellow analyst TraderSZ, with over 600,000 followers on X, provided a more bullish outlook, projecting that FWOG could eventually hit a $1 billion market cap if it clears the midline of its current trend channel. See below.

FWOG technicals look bullish

On the 1-day FWOG/USDT price chart, the 50-day Moving Average was positioned well below the current price while the recent price action shows a series of higher highs and higher lows, a bullish pattern suggesting the uptrend for the meme coin will continue in the short term.

FWOG price, 50-day MA, and MACD chart — Nov. 5 | Source: crypto.newsThe Moving Average Convergence Divergence (MACD) indicator confirms the bullish trend, with the MACD line (blue) crossing above the signal line (orange) on Oct. 29 and remaining above it, while both lines stay in positive territory.

FWOG ADX chart — Nov. 5 | Source: crypto.newsThe Average Directional Index showed a reading of 39 at the time of writing, well above 25, indicating that the bulls are firmly in control of the current trend

Based on these, FWOG has entered a price discovery phase, with the potential for more gains ahead.