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MOG Coin Price Retests All-time Highs Defying Smart Contract Concerns

MOG coin price retested its all-time high of $0.00000167 on Tuesday, less than 24 hours after hitting the mark the first time. However, the coin retreated by 7.3 percent to trade lower at $0.00000139 at the time of writing, signaling volatility ahead. MOG has been on a steady growth trajectory, gaining 69.8 percent in the last week.  Furthermore, it is up by 161 percent in May.

Launched in July 2023, MOG token has built a strong community that has pushed it to be among the most successful crypto assets in 2024. The cat-themed token’s performance has been going shoulder-to-shoulder with PEPE, FLOKI, BOME and BONK, as meme coins set the pace for the rest of the crypto market.

However, there have been concerns about the coin’s smart contract vulnerability, due to the existence of an “ownable” function in its code. Some analysts have pointed out that this could potentially be abused by the deployers. Also, the code can also allow the smart contract deployment team swap MOG for ETH, which could interfere with liquidity if abused. Furthermore, they have the power to hike transaction fees by as much as 50 percent and even exempt some addresses from paying the transaction fees. In addition, the smart contract code has a “start trading” functionality that gives the deployers the power to control the execution of trades.

One meme token, NORMIE got exploited on May 27 due to smart contract vulnerabilities, sending the token’s market cap tumbling from about $42 million to about $200,000 in three hours. The negative sentiment surrounding the NORMIE exploit could spill over to MOG due to its smart contract vulnerabilities. Therefore, the token’s development team should address these concerns asap to build investor confidence.

Technical analysis

The momentum on MOG coin price is currently bearish-leaning, and the downside will likely prevail if resistance persists at 0.00000144. In that case, the first support will likely be at 0.00000135, but a continuation of control by the sellers at that point will break the support and potentially test 0.00000127. Alternatively, a move above 0.00000144 will signal control by the buyers, with the upward movement likely to encounter the first resistance at 0.00000153. If the buyers extend their control, they will likely break the resistance and invalidate the downward narrative. Furthermore, the move could build the momentum to head further up and test 0.00000160.