Moo Deng, the recently launched Solana Pump.fun token, continued to grow on Saturday, hitting an all-time high as the fear of missing out took hold.
Moo Deng (MOODENG), a hippopotamus-themed token, hit an all-time high of $0.3495, taking weekly gains to over 700%. Its market capitalization has soared to over $300 million, making it the largest token in the Pump.fun ecosystem.
Moo Deng holders increase
The rally has triggered FOMO, or “fear of missing out,” among traders, as evidenced by the growing number of holders.
Data from Coincarp shows a slight increase in the number of holders – more than 24,140. This is much higher than the low of 9,000 recorded this week. Solscan data shows holders have reached 27,000.
There are signs that whales are hoarding tokens. According to Lookonchain, a whale acquired Moo Deng tokens worth over $1.59 million.
The whale now holds Moo Deng tokens worth $3.57 million.
Millionaires currency
Data from DexScreener shows that one trader purchased coins worth $7,172 and made a profit of $1 million. Another trader spent $14,000 and walked out with a profit of $976,000 in a few days.
However, some traders missed an opportunity by exiting very early. One of them sold tokens worth $297, which would now be worth over $6.3 million.
Moo Deng’s rise to prominence occurred as meme coin recovery accelerated. Most of these tokens have climbed by double digits over the past seven days. Dogecoin (DOGE), the largest coin, rose 15.8%, while Shiba Inu (SHIB) rose 35%.
Popcat (POPCAT), one of the leading Solana (SOL) tokens, reached a market cap of $1 billion for the first time, while the total valuation of all these coins jumped to over $55 billion.
Fear and Greed Index Increases
Many investors embraced risk-off sentiment after the Fed cut interest rates and the Chinese government announced a series of stimulus measures.
Central banks in the United States, Europe and most Asian countries have cut rates to avoid a hard landing. Subsequently, the crypto fear and greed index approached the 60 greed zone.
The CNN Money Index reached the greed zone of 68 while the US Dollar Index fell to $100.40.
The risk for Moo Deng investors is that most cryptocurrencies are very volatile. Generally, when a coin is skyrocketing, there is always a risk of a sharp reversal.
For example, Shiba Inu initially soared to an all-time high of $0.000088 in 2021, then crashed over 93% to $0.0000058 in 2022. Dogecoin also soared to a high historical high of $0.4845 and fell 74% to $0.1230 currently.
