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Cryptocurrency News Articles
MOODENG: The Latest Animal-Themed Memecoin to Capture Crypto Traders' Attention
Sep 29, 2024 at 12:48 am
The token's meteoric rise highlights the ongoing fascination with novelty coins in the crypto market.
Key Takeaways
The latest crypto traders’ fascination is fueled by an animal-themed memecoin called MOODENG, named after Moo Deng, the two-month-old pygmy hippopotamus at Thailand’s Khao Kheow Open Zoo. This token highlights the fascination with novelty coins in crypto.
To put things in perspective, the token became the first meme coin to cross the $300 million market capitalization threshold in the last market cycle quarter, reaching levels comparable to SHIB and DOGE during their respective runs.
The MOODENG token was launched on the Solana blockchain using the pump.fun memecoin creator platform. It has rapidly ascended to become the 22nd largest memecoin by market capitalization, currently valued at $315 million. In the past 24 hours alone, the token has seen approximately $172 million in trading volume.
The memecoin's popularity has spawned a series of related tokens, including coins dedicated to Moo Deng’s mother, Jonah, and siblings Moo Toon and Moo Waan. An unofficial Twitter fan page for Moo Deng has also amassed nearly 50,000 followers, further boosting interest in the token.
The meme coin market appears to be heating up once again. Established coins like Dogecoin, Floki, and Pepe have all seen significant price increases. However, newer tokens like MOODENG are experiencing even more dramatic gains. According to CoinGecko data, MOODENG's price surged over 90% in the past 24 hours, trading at nearly $0.27. Over the past week, the token has seen an astounding 1,300% increase in value.
This rapid ascent has led to substantial gains for early investors in MOODENG. According to Arkham Intelligence, one trader who invested $800 in MOODENG just four hours after its launch saw their holdings grow to $3.5 million within 15 days.
MOODENG's rise coincides with a broader uptick in the crypto market, spearheaded by Bitcoin's climb to over $66,200 per coin. This surge follows the Federal Reserve's decision to cut interest rates, which prompted investors to increase their allocation to Bitcoin exchange-traded funds (ETFs).
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
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