The latest animal-themed meme coin to catch the attention of crypto traders is MOODENG, inspired by Moo Deng, a two-month-old pygmy hippo from the Khao Kaew Open Zoo in Thailand.
The rapid growth of this #token indicates that the #cryptocurrency market continues to be fascinated by novelty coins. In particular, this token became the first #meme coin to surpass US$300 million in market capitalization in the last quarter, reaching levels similar to SHIB and DOGE at the time of their launch.
MOODENG was launched on the Solana blockchain using the pump. fun platform to create memecoins; MOODENG has grown rapidly to become the 22nd largest memecoin by market capitalization with a current valuation of US$315 million. In the past 24 hours alone, the token has seen trading volume of about $172 million.
The memecoin's popularity has spawned a number of related tokens, including coins dedicated to Mu Deng's mother Iona, brother Mu Tung, and Mu Waan; Mu Deng's unofficial Twitter page has amassed nearly 50,000 followers, further increasing interest in the token.
The success of MOODENG is part of a broader surge in the meme coin market: well-known coins such as Dogecoin, Floki, and Pepe have risen significantly in value. However, new tokens such as MOODENG have seen even greater growth: according to CoinGecko, MOODENG's price has increased by more than 90% in the last 24 hours and is trading at around $0.27. Over the past week, the token has risen by 1,300%.
the Memecoin's meteoric rise has brought significant profits to early investors: according to Arkham Intelligence, one trader who invested $800 just four hours after MOODENG's launch increased his assets to $3.5 million in 15 days.
the MOODENG's growth coincided with the general rise of the cryptocurrency market, which was caused by the bitcoin's rise to $66,200 per coin. The rise prompted investors to put more money into #bitcoin exchange-traded funds (ETFs) following the U. S. Federal Reserve's decision to cut interest rates.
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