BaoBaoSol, a new meme coin seemingly inspired by the red panda-themed token, and Moo Deng, the recently launched hippo-themed token, have defied overall market conditions, showcasing triple-digit gains.
According to CoinGecko data, BaoBaoSol (BAOS) spiked 831.8% while Moo Deng (MOODENG) rose 511.2% in. the last 24 hours at last check Sunday.
The meme coin market cap stands at $50.8 billion.
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While little is known about the BaoBaoSol meme coin, Moo Deng is making waves in the digital currency world.
The coin — inspired by a pygmy hippo born this past summer at a zoo in Thailand — experienced a significant upward movement in recent weeks.
Recent price movement
In the past month, Moo Deng has seen a notable rise in value, jumping to a record high of $0.3495, bringing the weekly gains to over 700%.
Crypto enthusiasts wasted little time capitalizing on the baby hippo that went viral, creating memes, videos, and challenges related to Moo Deng.
The popularity coincided with a coin surge driven by an influx of new buyers drawn to its low entry price and the hope of riding the next big meme coin wave.
Community-led growth, plus caution
The Moo Deng community has played a key role in its price movements.
Unlike other meme coins that rely on celebrity endorsements or large exchanges, Moo Deng’s growth has been almost entirely organic, driven by grassroots engagement.
Despite the recent surge, crypto analysts warn investors about the volatility of meme coins. See below.
If you bought #MOODENG a week ago, which many of you did, you’re down 50%. In another week you will be down even more. Stop being exit liquidity for influencers flavor of the week meme coin. pic.twitter.com/3XGnS4pco3
— AltCoinDaily.eth (@CryptoStylesUSA) October 4, 2024
Moo Deng’s price could continue fluctuating, driven by unpredictable factors like market sentiment.
At one point, Moo Deng’s market cap soared to over $300 million, making it the biggest token in the Pump.fun ecosystem. It has since come down to $138 million.
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