The price of Moo Deng (MOODENG), a Solana-based meme coin, surged 80% within an hour after Coinbase announced its plans to list the token.
The price of Moo Deng (MOODENG), a Solana-based meme coin, surged 80% within an hour after Coinbase announced its plans to list the token. The token currently trades at $0.57, marking a 54% increase in 24 hours. Although the price remains below its November all-time high of $0.68, Moo Deng only requires a 16% rise to break past that level. Trading volumes also spiked 400%, reaching $751 million, highlighting heightened investor activity following the announcement.
Coinbase’s announcement added Moo Deng to its roadmap, a step often seen as a precursor to official trading. The “Coinbase effect,” which typically causes listed tokens to surge in price, has once again demonstrated its influence. While trading and transfers for Moo Deng are not yet supported on the exchange, the roadmap inclusion alone was enough to boost the token’s market performance. Coinbase's introduction of an "Experimental" label for new listings may apply to Moo Deng, signifying that it is in the early stages of adoption or testing.
This isn’t the first time Moo Deng has seen sharp price movements. In October, the token experienced a 200% increase after Binance listed it, climbing from $0.08 to $0.23. The token initially gained popularity in September and became notable when one trader turned an $800 investment into $7.5 million. However, challenges remain for investors looking to cash out large amounts, as the token’s liquidity is still relatively thin. Market depth data from OKX, where Moo Deng has its most liquid trading pair, reveals just $81,000 in resting orders within a 2% price range.
Moo Deng operates on the Solana blockchain, which is known for its efficiency and scalability, making it a popular choice for new token launches. Meme coins, including Moo Deng, often rise and fall based on speculation and sentiment rather than fundamental value. This volatility has made them attractive to traders seeking quick profits but risky for those unprepared for sudden market downturns.
The recent surge in Moo Deng’s price also benefited the broader meme coin market. For instance, GOAT saw a 9% uptick, while PNUT rose by 6% shortly after Moo Deng’s announcement. Such movements underscore the speculative nature of this segment of the cryptocurrency market.
Moo Deng now has a market cap nearing $500 million, but it remains to be seen how the token will perform once officially listed on Coinbase. For now, the roadmap announcement has provided a much-needed boost to its market activity.
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