Key takeaways
- Moodeng’s market value increased by 480% thanks to Vitalik Buterin’s support on social media.
- Meme coins dominate as Popcat and Moodeng push market cap towards $55 billion.
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The market capitalization of meme coins has surged to nearly $55 billion, driven by the explosive growth of tokens like Moo Deng, Popcat, Neiro, and Mog Coin. As traders flock to these meme coins, they have become clear winners amid Bitcoin’s recent stability.
Despite these gains, the crypto market remains tense with many traders adjusting their positions. According to CoinGlassover $200 million in liquidations took place in the last 24 hours, 60% of which were short positions. Still, Bitcoin’s ability to find support at critical levels has provided a basis for meme coins to explode in value.
While Bitcoin has traded relatively sideways, moving cautiously higher, meme coins have dominated the market. Coins like Popcat, Moodeng, Neiro and Mog Coin surged.
Popcat, a Solana-based token, saw a 40% surge in a week, fueled by technical buying and a breakout of an ascending triangle pattern. Its market capitalization now stands at $1.4 billion, and traders are eyeing further gains.
Moo Deng, inspired by the hippopotamus at the Thai zoo, saw a 480% increase in 24 hours following social action. media mention from Ethereum co-founder Vitalik Buterin. Buterin sold 10 billion MOODENG tokens for 308.69 ETH (worth $762,000), donating the proceeds to charity.
His comment that meme coins are “maximum positive sum for the world” only increased the hype around these tokens. Additionally, Neiro and Mog Coin have gained popularity, with Mog surging 18% and Neiro 50% in the last 24 hours.
Crypto Trader Daan Crypto Trades highlighted the change in sentiment around the meme coins, stating:
“In 2017, mentioning any coin other than $DOGE was frowned upon. Today, most people prefer memes over “normal” pieces.
Bitcoin’s recent stability, aided by expectations of possible rate cuts from the Federal Reserve, has given meme coins the opportunity to soar. Traders are increasingly looking for high-risk, high-return opportunities in speculative assets. As U.S. Treasury yields climbed above 4% and global crypto investment products saw a net outflow of $147 million last week, meme coins are thriving.
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