Meme coin inspired by adorable baby hippo “Moo Deng” soared Monday after America’s largest cryptocurrency exchange Coinbase added it to its listing roadmap.
What happened: Moo Deng (MOODENG), based on Solana SOL/USDpumped at 84% in the last 24 hours, according to at CoinMarketCap.
The coin’s trading volume exploded 720% to $1.09 billion, while its market capitalization reached an all-time high of $660 million.
MOODENG has weathered a broader decline in the meme coin market, with Dogecoin DOGE/USD And Shiba Inu SHIB/USD down 7% and 5.58%, respectively, in the last 24 hours.
The rally took place after Coinbase announced that it would add the meme coin to its listing roadmap.
A stock listing helps increase the liquidity of a token and expose it to a broader market. This also improves the legitimacy of the coin, which would otherwise trade with less liquidity on decentralized markets.
The meme piece is themed around the viral baby hippopotamus, which has melted the hearts of social media users and attracted long queues at the Thailand zoo where it is housed.
Price action: At the time of writing, MOODENG was trading at $0.6191, up 88% in the last 24 hours, according to data from Benzinga Pro.
Read next:
News and market data powered by Benzinga APIs
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.