Meme Coin MOG Gains 45% Despite Smart Contract Vulnerabilities

Investors are increasingly showing interest in MOG Coin (MOG) despite notable security concerns surrounding its smart contract code. 

The coin has recently emerged as the top gainer among the leading 500 cryptocurrencies, boasting a 45% price rally. As of press time, MOG is trading at $0.0000008403 with a market capitalization of $323 million and a circulating supply of 390 trillion tokens.

MOG/USD 1-day price chart (Source: CoinMarketCap)

Security Concerns Raised by ChatGPT Audit

A recent ChatGPT security audit has highlighted several vulnerabilities in the MOG Coin’s underlying smart contract code. The audit points out that the MOG smart contract owner has used the “Ownable” function, which allows for the renouncement and transfer of ownership at any moment. This level of control is concerning as it can be easily abused.

Moreover, the smart contract code permits the deployer to set and alter token fees up to 50%, giving the owner substantial flexibility. This flexibility can potentially be exploited for malicious purposes. Additionally, the owner can exempt specific addresses from fees and transaction limits, potentially creating preferential treatment.

Trading Controls and Liquidity Management

The MOG smart contract also includes a “start trading” function, enabling the token’s owner to enable or disable trading directly. This function could prevent traders from executing their deals, effectively manipulating market activity.

Furthermore, the ChatGPT analysis reveals that the contract deployer can instantly swap tokens for Ethereum (ETH) and withdraw the coin’s liquidity. This centralization of control allows the owner to manage the asset’s liquidity, manually withdraw tokens, and swap tokens to ETH, raising red flags regarding the token’s security.

Technical Analysis Shows Bullish Momentum

Despite the highlighted security flaws, MOG Coin has displayed strong bullish momentum. The chart shows an upward trend starting in mid-January 2024, followed by a consolidation period and a subsequent breakout. A falling wedge pattern, identified on the chart, indicates a bullish reversal, suggesting an end to the consolidation phase and the beginning of a new upward trend.

MOG/USD 1-day price chart (Source: TradingView)

The 50-day Simple Moving Average (SMA) is currently at 0.00000057249622, acting as a support level, while the 200-day SMA is at 0.00000031483492, providing long-term support. The next resistance level is around 0.0000010000000000, which is marked as the target on the chart.

The Stochastic RSI is at 77.48, which falls into the overbought territory, suggesting that the asset may experience short-term consolidation or a minor pullback. Meanwhile, the Relative Strength Index (RSI) is at 64.26, which is below the overbought level of 70, indicating room for upward movement before hitting overbought conditions.