The price of Moo Deng (MOODENG), a meme coin based on Solana, jumped 80% in an hour after Coinbase announced plans to list the token.
The price of Moo Deng (MOODENG), a meme coin based on Solana, jumped 80% in an hour after Coinbase announced plans to list the token. The token is currently trading at $0.57, an increase of 54% in 24 hours. Although the price remains below its November all-time high of $0.68, Moo Deng only needs a 16% upside to surpass that level. Trading volumes also soared 400%, reaching $751 million, highlighting increased investor activity following the announcement.
Moo Deng runs on the Solana blockchain, known for its efficiency and scalability, making it a popular choice for launching new tokens. 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 looking for quick profits, but risky for those unprepared for sudden market downturns.
The recent surge in Moo Deng’s price has also benefited the broader meme coin market. For example, GOAT saw a 9% rise, while PNUT rose 6% shortly after Moo Deng’s announcement. Such moves highlight the speculative nature of this segment of the cryptocurrency market.
Moo Deng now has a market cap close to $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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