Moo Deng's market capitalization surpassed $100 million; memcoin fever returns
Moo Deng outperformed #Dogecoin , #Shiba Inu and #PEPE , rising 40% in 24 hours.
The Relative Strength Index (RSI) is overbought, indicating a possible price correction. Demand for #meme coins has declined, which could cause Moo Deng to fall to $000049, a key support level. Meme coins are making a comeback, led by Moo Deng (MOODENG), a solanium-based asset inspired by the baby cobit hippo that took over the internet. Its market capitalization has surpassed $100 million, and the token has outperformed other major meme assets in the past 24 hours.
This analysis looks at the potential for sustained price appreciation as improving market sentiment drives traders back to memes.
Moo Deng, a two-month-old pygmy hippo kept at the Khao Kaeo Zoo in Thailand, became famous after a video of him surfaced online. Taking advantage of its growing popularity, cryptocurrency market participants are actively trading meme coins based on Solana.
At the time of publication, the altcoin was trading at $0.11, and over the past 24 hours, its price has increased by 41%. Unlike memes such as Dogecoin (DOGE), Shiba Inu (SHIB) and Pepe (PEPE), the price has only increased by 4%, 13% and 8% respectively over this period.
The trading volume in the last 24 hours exceeded $30 million, and MOODENG's market capitalization exceeded $100 million. However, this is not without obvious risks.
According to BeInCrypto's assessment of the 12-hour MOO DENG Relative Strength Index (RSI) chart, the solanium-based meme coin is overbought and may correct soon. At the time of publication, MOODENG's RSI stands at 85.65.
RSI is an indicator that measures whether an asset is overbought or oversold. The RSI ranges from 0 to 100, with values above 70 indicating overbought and likely to lead to a correction.
At 85.
Read us at: Compass Investments
