As Bitcoin Recovers, MOG Memecoin and Pendle Lead Rally with Substantial Gains

While presidential candidate Donald Trump survived the attempted assassination with just a scratch to his ear and possibly his ego, the crypto market rallied. Some saw the shooting on July 13 during a campaign rally near Butler, Pennsylvania as the reason for the market uptick, others point to the German Bitcoin sale that has just ended.

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Whatever it may be, Bitcoin has once again made it above the US$61K (AU$90K) barrier, gaining 3% in the past day and 12% in a week. Meanwhile, the Fear-and-Greed Index is back in neutral territory after spending much of the past few weeks in the fear area.

Maga, Other Memecoins Rally

Trump-themed memecoins surged on the news of Trump surviving the assassination attempt with tokens like Maga initially gaining over 45%. Other memecoins like Mog Coin (MOG), Dogwifhat and Pepe also made gains.

MOG gained 14% in the past day, taking the lead among the memecoin rally. The token prides itself on being different and claims that it’s not just another memecoin, saying “it’s a TOTAL revolution in the world of crypto”.

But it wasn’t memecoins alone that rallied – DeFi protocol Pendle also gained a solid 14% in the past 24 hours continuing a strong 28% gain over the past week. At the time of writing, Pendle is trading hands for US$4.37 (AU$6.46) as data from CoinMarketCap shows.

Pendle Regains Control After Domain Hijacking

Pendle (PENDLE) is a decentralised finance (DeFi) protocol that lets users trade future yields on their crypto holdings.

Users deposit yield-generating assets and receive two types of tokens: Principal Tokens (PTs) for the original asset and Yield Tokens (YTs) for future yield. These tokens have expiry dates for claiming assets and yields.

Pendle’s Automated Market Maker (AMM) facilitates YT trading, allowing users to lock in fixed yields or speculate on future yields. This system creates a more efficient market for yield generation and trading. On top of that Pendle is cross-chain compatible with major blockchains such as Ethereum, Arbitrum, Optimism and the BNB chain.

The recent gain comes after a scare for the Pendle community with a domain hijack over the weekend. After domains migrated from Google to Squarespace, attackers exploited a vulnerability, hijacking several domains including Pendle’s.

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Pendle’s team quickly responded to the incident, shutting down their app when a malicious DNS redirect was detected and regained control within 40 minutes. The protocol and funds remained secure, they posted to their followers on socials.