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Meme Tokens Expected to Lead Market Recovery, Says DWF Labs Partner

According to Odaily, Andrei Grachev, a partner at DWF Labs, shared insights on the X platform regarding the potential market recovery. Grachev highlighted that meme tokens are likely to be the first to rise in the event of a market rebound. He attributed this to two main factors: the inherent volatility of meme tokens and the tendency of investors who previously incurred losses on meme tokens to re-enter the market in an attempt to recoup their losses.
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Moo Deng Meme Coin Surpasses $100 Million Market Cap

According to PANews, a newborn hippopotamus named Moo Deng at Bangkok's Khao Kheow Zoo has become an internet sensation, leading to the creation of a meme coin based on the Solana blockchain. The market capitalization of this coin has now exceeded $100 million. Moo Deng's adorable antics have captured the hearts of many online, contributing to the coin's rapid rise in popularity. Udomsak Rakwongwan, a professor at Thailand's Agricultural University and co-founder of the decentralized exchange FWX.Finance, noted that this is the first Thai-themed token to reach such a market value, even though it is not a Thai project. As of Wednesday, the fan page for the token reported that the number of holders had surged to 12,400 unique wallets, with a trading volume exceeding $48.5 million in the past 24 hours. One trader made millions from the MOODENG token, with Lookonchain data showing that an early investor turned $1,331 into $3.4 million in just 15 days, achieving a return rate of 2,554 times. Moo Deng was born in July and became an internet celebrity after her photos went viral earlier this month. She has two siblings, Moo Toon and Moo Waan. While meme tokens named after her siblings have been issued on Solana and other networks, they have not garnered the same level of attention. Companies like Dreamworks and UFC are leveraging Moo Deng's popularity to create hippo-themed emojis, moving away from the usual cat or dog themes. Reports indicate that Bangkok Zoo is applying for copyright and trademark for 'Moo Deng Hippo' to raise funds. However, the zoo has not yet acknowledged the meme coin or any Moo Deng-related cryptocurrency images.
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Dogwifhat Memecoin Surges 15% Amid Market Recovery

According to Cointelegraph, Dogwifhat (WIF), a Solana-based memecoin, has experienced a significant surge of 15% over the past 24 hours, reaching a peak of $1.98 on September 24. This rebound follows a substantial 60% decline from its all-time high of $4.85 six months ago. Data from Cointelegraph Markets Pro and TradingView indicates that WIF rose from a low of $1.44 on September 18, marking a 37% increase to trade at $1.96 on September 24. In comparison, the overall memecoin market capitalization has seen a modest increase of 0.33%, reaching $2.3 trillion, with most of the largest memecoins by market capitalization posting gains on September 24, according to CoinGecko data. Several crypto traders are optimistic about Dogwifhat's potential for a sustained recovery toward its all-time highs. Altcoin analyst Sjuul noted that they have been accumulating WIF since it found support last month. Meanwhile, crypto technical analyst Crypto Jobs highlighted that WIF is breaking out of a 180-day falling wedge, with $1.98 and $2 being key resistance levels to monitor. The descending trendline of the falling wedge at $1.75 is acting as immediate support for the memecoin. The relative strength index (RSI) has increased from 53 to 66 between September 22 and September 23, indicating that buyers are dominating the market. WIF's recent rally has seen it flip crucial levels into support, including the 50-day, 200-day, and 100-day EMAs at $1.70, $1.80, and $1.85, respectively. Increased buying from these zones is likely to push WIF higher toward the bullish target of $2.55. However, futures traders remain cautious about a quick rebound, with $10.91 million in short positions at risk if the price recovers to $2.02. A further 10% decline to $1.80 could result in $13.63 million in long positions being wiped out. The surge in WIF's price on September 24 follows a significant increase in its open interest (OI), a key metric used to assess market sentiment and anticipate future price movements. WIF's OI rose to $315.95 million on September 24, up approximately 30.45% from $232.82 million on September 23, according to CoinGlass data. Additional data from CoinGlass reveals increasing demand for leveraged long positions in WIF over the past few days, as indicated by the perpetual futures funding rate. The current 0.0073% eight-hour rate translates to a 0.05% cost over a seven-day period, which is not significant for traders building futures positions. Typically, when there is an imbalance driven by excessive optimism, the rate could easily exceed 1% per week over the next few days. This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
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