MOODENG: Meme Coin Solana That Skyrocketed 700% in a Week

MOODENG is a Solana-based meme coin inspired by a pygmy hippopotamus named Moo Deng, who became a sensation in the online world.

Launched in September 2024, this token immediately caught the attention of the crypto community and recorded rapid growth.

Price Increase and Trading Activity

Based on information we quoted from Beincrypto media, in the last seven days, the price of MOODENG has soared 700%, making it one of the best performing tokens in the crypto market.

The token price touched US$0.24, the highest level in more than four months. Daily trading volume also skyrocketed to US$1.2 billion, with 27% of it coming from Coinbase, reflecting the enthusiasm of US investors.

Open Interest and Investor Base Surge

According to Coinglass, MOODENG’s Open Interest (OI) skyrocketed 1,800% in a week, from US$18 million to US$342 million, indicating high market interest.

The number of token holders has also increased to 75,000, with the portion of small holders (tokens valued below US$10) increasing from 17% to 33% in the past ten days.

Factors Driving the Price Increase

Some of the factors that have driven the price increase of MOODENG include:

• Listing on Binance Alpha: MOODENG and another Solana meme coin, GOAT, experienced a price surge after entering the Binance Alpha program, which promotes early-stage tokens with high potential.
• Listing on Binance Futures: The announcement of the MOODENGUSDT Perpetual Contract with up to 75x leverage on Binance Futures triggered an 85% price increase in a matter of minutes.
• Social Dominance Increases: Santiment data shows a surge in MOODENG’s social dominance, reflecting strong market interest and the potential for a continuation of the uptrend.

Opportunities and Risks

With the current momentum, MOODENG has the potential to record a new high.

However, investors should be wary of a possible correction, especially if the price fails to break through the US$0.355 resistance level.

In addition, changes in trends in the meme coin market can affect the liquidity and value of MOODENG.

Conclusion

MOODENG has shown brilliant performance in a short period of time, driven by its listing on a well-known platform and high investor interest.

However, like other crypto assets, MOODENG has risks that market players need to be aware of.