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Key takeaways
- The Moo Deng memecoin reached a market capitalization of $300 million shortly after its launch.
- An initial investment of $800 in Moo Deng grew to $3.5 million in just 15 days, according to Arkham data.
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The latest animal-themed memecoin to attract the attention of crypto traders is MOODENG, inspired by Moo Deng, a two-month-old pygmy hippopotamus from Thailand’s Khao Kheow Open Zoo. The token’s meteoric rise highlights the current fascination with novelty coins in the crypto market. Notably, the token is the first meme coin to reach over $300 million in market cap during the last cycle quarter, reaching levels similar to SHIB and DOGE during their respective runs.
MOODENG was launched on the Solana blockchain using the memecoin creation platform pump.fun. It quickly became the 22nd largest memecoin in terms of market capitalization, with a current valuation of $315 million. In the last 24 hours alone, the token saw a trading volume of around $172 million.
The memecoin’s popularity spawned a series of related tokens, including coins dedicated to Moo Deng’s mother Jonah and his siblings Moo Toon and Moo Waan. An unofficial Moo Deng Twitter fan page has amassed nearly 50,000 followers, further fueling interest in the token.
The meme coin market is back
MOODENG’s success is part of a broader push in the meme coin market. Established coins like Dogecoin, Floki, and Pepe have all seen significant price increases. However, newer tokens like MOODENG are seeing even more dramatic gains. According to data from CoinGecko, the price of MOODENG has surged more than 90% in the last 24 hours, trading near $0.27. Over the past week, the token’s value has seen an astonishing 1,300% increase.
The rapid rise of memecoin has led to substantial gains for early investors. Arkham Intelligence reports that a trader who invested $800 in MOODENG just four hours after its launch saw his holdings grow to $3.5 million in 15 days.
MOODENG’s rise coincides with a broader rise in the crypto market, led by Bitcoin’s rise to over $66,200 per coin. The rise follows the Federal Reserve’s decision to cut interest rates, prompting investors to allocate more funds to Bitcoin exchange-traded funds (ETFs).
While MOODENG’s success is remarkable, it also reveals how the highly speculative and volatile nature of memecoins continues to attract attention, even among largely inexperienced retail traders who are simply trying to cash in on the hype. That said, it’s always best to exercise caution, as the value of meme coins can fluctuate significantly based on social media trends and market sentiment rather than fundamental value or utility.
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