Solana meme coin Moo Deng maintains over $300m market cap, continues to accumulate

Mila September 28, 2024

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Photo by Lillian Suwanrumpha/AFP/Getty Images.

Key Takeaways

Moo Deng memecoin reached a $300 million market cap shortly after launch.
An initial $800 investment in Moo Deng grew to $3.5 million in just 15 days, according to data from Arkham.

The latest animal-themed memecoin to capture crypto traders’ attention is MOODENG, inspired by Moo Deng, a two-month-old pygmy hippopotamus at Thailand’s Khao Kheow Open Zoo. The token’s meteoric rise highlights the ongoing fascination with novelty coins in the crypto market. Notably, the token is the first meme coin to reach over $300 million in market capitalization over the past quarter cycle, reaching levels similar to SHIB and DOGE during their respective runs.

MOODENG 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, with a current valuation of $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 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 surge in the meme coin market. 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 has 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.

The memecoin’s rapid ascent has led to substantial gains for early investors. Arkham Intelligence reports that one trader who invested $800 in MOODENG just four hours after its launch has seen their holdings grow to $3.5 million within 15 days.

MOODENG’s rise coincides with a broader uptick in the crypto market, led by Bitcoin’s climb to over $66,200 per coin. This surge 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 notable, it also uncovers how the highly speculative and volatile nature of memecoins keeps getting attention, even among largely inexperienced retail traders simply trying to ride the hype. That said, it’s always best to practice prudence and cautio, as the value of meme coins may fluctuate dramatically based on social media trends and market sentiment rather than fundamental value or utility.