A new memecoin called MOODENG has taken the crypto market by storm, inspired by a pygmy hippo named Moo Deng from Thailand’s Khao Kheow Open Zoo.
The coin, launched on the Solana blockchain, has skyrocketed to a $315 million market cap, becoming one of the largest memecoins.
Trading volume surged to $172 million in just 24 hours, and the token has seen an impressive 1,300% increase over the past week, now trading near $0.27.
MOODENG’s rapid growth has spurred other related tokens, while an unofficial fan page for the hippo has drawn thousands of followers, amplifying interest.
The broader memecoin space has seen a resurgence, with coins like Dogecoin and Floki also experiencing price jumps.
Early MOODENG investors are reaping huge rewards, with some turning small investments into millions within days.
However, the volatile nature of memecoins continues to attract retail traders seeking quick profits, despite the inherent risks tied to market sentiment and social media trends.
XRP is currently trading at $0.53 and has dropped nearly 15% in October, largely due to a renewed appeal by the U.S. Securities and Exchange Commission (SEC) in the ongoing lawsuit against Ripple.
Quite a few market participants maintain a positive outlook for Bitcoin as the fourth quarter approaches, driven by stable macroeconomic factors and institutional investment.
The cryptocurrency market is experiencing a notable decline since the beginning of the week, but remain a trending topic in the investment world.
Anticipation for heightened price fluctuations in Ethereum compared to Bitcoin is growing among traders, particularly with key macroeconomic events approaching, according to a crypto analyst.