In a dramatic turn of events, Moo Deng, the Solana-based meme coin inspired by the viral sensation of a Thai pygmy hippo, has suffered a staggering 22% drop in value within just 24 hours of trading. As of October 16, the meme coin was trading at $0.0915, a significant decline from its recent highs, with a 24-hour trading volume reaching $96 million. Over the past week, Moo Deng has seen a nearly 45% decline, raising eyebrows among investors and meme coin enthusiasts alike.
This downturn comes after a brief surge fueled by the high-profile sale of 10 billion Moo Deng tokens by Ethereum co-founder Vitalik Buterin. The move, which generated buzz and excitement within the crypto community, saw Buterin donate over $640,000 to his biotech charity fund, Kanro, on October 8. Following this news, Moo Deng soared by over 40%, only to quickly reverse course and tumble back to earth.
Community Reactions And Insights
Prominent Web3 thought leader Zeneca, founder of Zenacademy, weighed in on Moo Deng’s sudden price drop in a recent post on X (formerly Twitter). Zeneca noted the trend where meme coins, after experiencing a “meteoric rise,” often suffer 70-90% drawdowns shortly after. He expressed cautious optimism about Moo Deng’s future, stating, “Not saying it’s over for the moo deng now – but I definitely fall into the Murad camp of things and think cult coins are the future and cute new animals will always struggle (beyond an initial pump) unless the community becomes cultish too.” This sentiment reflects a broader understanding within the cryptocurrency community regarding the volatility and unpredictable nature of meme coins.
Moo Deng achieved its all-time high of $0.338 on September 28, fueled by weekly gains exceeding 700%. At that peak, its market cap soared to over $300 million, positioning it as the dominant token within the Pump.fun ecosystem. However, this glory was short-lived; Moo Deng’s market cap has since plummeted by 70%, currently resting at $90 million. Once a leader in the Pump.fun token rankings, Moo Deng now finds itself at a disappointing fifth place. In the broader landscape of meme tokens, it has dropped to number 473 by market cap.
The Viral Star Behind the Coin
So, who exactly is Moo Deng? The star of the show is a two-month-old pygmy hippo residing at the Khao Kheow Open Zoo in Thailand. This adorable hippo has captured the hearts of internet users worldwide, thanks to her charming chubby cheeks and playful demeanor showcased in countless viral TikTok videos. Moo Deng’s unexpected fame has significantly boosted zoo attendance, reportedly doubling daily visitors as her story captured the public’s imagination.
Also Read: Moo Deng (MOODENG) Surges 60% In 24 Hours – Can It Reclaim Its $300M Market Cap?
According to the BBC, the zoo’s director, Narongwit Chodchoy, projected that Moo Deng could generate more than $6.13 million for the facility by year-end, thanks to her newfound celebrity status.
While Moo Deng’s meme coin has taken a considerable hit in recent trading sessions, the underlying story of the adorable hippo continues to thrive online. The recent price volatility serves as a stark reminder of the unpredictable nature of meme coins, often driven by community engagement and social media buzz. Whether Moo Deng can recover and reclaim its former glory remains to be seen, but one thing is certain: the internet hasn’t lost its affection for this delightful little hippo.
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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