After the largest cryptocurrency exchange in the US, Coinbase, announced that it would add a meme coin inspired by the adorable hippo 'Moo Deng' to its listing roadmap, the coin's price skyrocketed on Monday.
According to CoinMarketCap data, it has risen by 84% in the past 24 hours.
The trading volume of this token surged by 720%, reaching $1.09 billion, while its market capitalization hit a historic high of $660 million.
The price of the coin surged after Coinbase announced it would add the meme coin to its listing roadmap.
Listing on exchanges helps to increase the liquidity of the token and push it into a larger market. It also enhances the legitimacy of the token; otherwise, the liquidity of the token in decentralized markets would be lower.
The theme of this meme coin is the popular internet hippo, which has captured the hearts of social media users and attracted long lines of visitors to the zoo in Thailand where it resides.
According to data from Benzinga Pro, at the time of writing, the trading price of MOODENG is $0.6191, an increase of 88% in the past 24 hours.
