Moodeng (MOODENG) has hit a new price record as the top meme coin recently launched has had a field day. The token is expanding after Binance showed signs of being more aggressive in its new listings.
Moodeng (MOODENG) is one of the tokens that has been surging in the past few days, reaching a new phase of price discovery. MOODENG surged to a new high of $0.50, also reaching its highest trading volume since late October.
MOODENG open positions remain elevated, based on Bybit trading. The token’s value stands at $189 million, down from $211 million as of Nov. 10. Leveraged positions are skewed to 55% long, with potential short attacks on the price.
For a few weeks, MOODENG has been replaced by more popular memes, including the recent rise of GOAT. Pepe (PEPE) also gained all the attention after its listing on Coinbase. Peanut the Squirrel (PNUT) also led the meme space, having reached a $2 billion valuation just two weeks after its launch. At the moment, there are no clear indications of upcoming listings, other than rumors. Kraken Pro has also boosted Moodeng’s profile with a recent batch of tokens on X.
https://x.com/krakenpro/status/1857045825513267647
MOODENG has always anticipated a Binance spot listing, after the launch of the perpetual futures market on October 25. Since then, the perpetual futures market has become one of the most active markets on Binance. MOODENG is now a tier-two meme token, with a market cap approaching $500 million. The short-term expectation is for the token to try to rise to a market cap of $1 billion. A Binance listing will accelerate the process, as it did with PNUT and ACT.
Meme enj tokens are in high volume rollovers and MOODENG is among the top picks to accommodate new purchases. The token has also broken several market cap boundaries and is gaining attention as a potential breakout asset. MOODENG has seen a significant hype surge in the past and remains a risky token with large withdrawals.
Will Binance add a spot market?
The MOODENG spot market on Binance has been mentioned for weeks. However, no specific transactions are going into known Binance wallets. The rumors have helped MOODENG’s recent rally, but the lack of an actual listing could hurt the token’s price. MOODENG is also missing from Binance’s 1, 2, and 8 Solana wallets, with most social media screenshots being fake.
In general, anyone can send MOODENG to a known Binance Solana address. At the moment, the exchange itself has not announced any official address for deposits, and there are no known addresses associated with Binance. The Binance 2 wallet on Solana does not contain any MOODENG, although the wallet does contain the recently listed PNUT and ACT.
Wintermute still owns over 6% of the MOODENG supply, but its wallets show no connection to Binance. Instead, Wintermute participates in a pool that was active as of November 14, and owns over 9% of all available MOODENG tokens.
In October, a wallet interacting with Wintermute was flagged as possibly belonging to Binance, though there was no official sign. As of November 14, this same address was active and had high volume activity with Wintermute. On-chain data does not guarantee a listing, but it may indicate testing on Binance’s side.
Moodeng (MOODENG) was held in the Wintermute 3 wallet, which has an active pool with two other addresses, suspected to belong to Binance. | Source: Bubble Maps
The dent address holds 4.56M MOODENG, or about 0.86% of the total supply. There are several similar wallets in the top 100, but MOODENG is considered a fair launch with no sniping or significant insider activity. Wallet activity still doesn’t guarantee an immediate listing. When an instant meme token is listed, Binance ends up owning a much larger share of the assets, over 50% in some cases.
MOODENG is still based on Raydium and Bitget, while also aiming to outperform versions on other chains and copycat tokens. The token recently displaced Gigachad (GIGA) and is in the trac of the SPX6900 (SPX) core. MOODENG has also outperformed NEIRO and PEPE in the past few days in terms of trading volume.
The token is one of the picks of influencer Murad Mahmudov and has consistently maintained a high profile. However, MOODENG is also the least decentralized of the recent big memes, and could come under scrutiny as Binance is wary of listing Cabal coins.