Moo Deng Breaks Out With 600% Surge — Are you Missing Out on the Next Big Meme Coin?

Sean Williams
Moo Deng

The cryptocurrency market took a hit despite positive US-China trade talks, with Bitcoin slipping to $103,888 and Ethereum dropping 2% to $2,508. Altcoins such as Dogecoin, Solana, and XRP also faced declines. However, against the bearish backdrop, Moo Deng, a meme coin on the Solana blockchain, has soared by 125% in the last 24 hours.

Moo Deng’s rise can be attributed to multiple factors. Notably, on May 11, Binance included MOODENG and GOAT in its Alpha Projects batch, a move designed to bring early-stage tokens to the forefront. This announcement acted as a catalyst, propelling Moo Deng’s price by over 60%, reaching $0.20. The token’s market cap also surged from below $140 million to over $180 million within hours. Over the past week, Moo Deng has skyrocketed by more than 600%, marking its highest price since January.

Adding to its momentum is the token’s association with a viral Thai hippo mascot, which has fueled a wave of social media buzz. As a result, the token is currently trading at $0.2447, up 97% in the past 24 hours.

Also Read: Ethereum Co-Founder Vitalik Buterin Donates $293,000 to Support Viral Pygmy Hippo Moo Deng

Moreover, the broader Solana meme coin market has experienced a resurgence, with its market cap rising by 33.7% to $12.6 billion. This surge coincided with Bitcoin’s climb above the $103,000 mark, which reignited interest in speculative assets. Futures open interest for Moo Deng has also seen a dramatic rise, reaching $274 million compared to just $13.4 million a month ago. This increase underscores the growing speculative activity and heightened trader interest in the token.

Analysts predict that Moo Deng’s price could range between $0.24 and $0.34 in the coming days. Despite a recent red trend line indicating a drop, the bullish momentum fueled by social media hype and rising demand may sustain the rally, keeping the meme coin in focus for investors looking to capitalize on short-term gains.

Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.

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