📉 Moo Deng (MOODENG): A Meme Coin’s Struggle Amid Major Holder Moves 📉
The largest holder of Solana's meme coin, Moo Deng (MOODENG), recently made headlines by adding 11.8 million tokens to their holdings despite the token witnessing a 45% price drop. But does this signal a potential recovery, or is further decline imminent?
🔍 Key Developments:
The top holder withdrew 11.8 million MOODENG tokens worth $5.37M from Gate.io and transferred them to a private wallet, increasing their total holdings to a whopping 104 million MOODENG (~$38.62M).
Analysts believe such moves typically suggest the holder has no immediate plans to sell. But this alone doesn’t guarantee a price surge.
📊 On-Chain Insights:
Data from Santiment reveals troubling signs for MOODENG:
Active addresses—a critical metric showing user engagement—are dropping significantly, signaling declining interest in the token.
🕵️♂️ Technical Analysis:
MOODENG is trading within a descending triangle, a bearish chart pattern.
If the coin breaks below the $0.34 support, further declines could follow.
On the upside, sustained accumulation by the largest holder might drive a rebound to $0.56, but only if broader market interest revives.
❓ The Big Question:
Can the largest holder’s strategy ignite a turnaround for MOODENG, or will waning user activity and bearish technical signals push the meme coin further down?
👉 What’s Your Take? Drop your thoughts below! Will MOODENG bounce back or face more losses?
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