Solana Moo Deng meme coin maintains a market cap of over $300 million and continues to accumulate

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The latest animal-themed memecoin to catch the attention of cryptocurrency traders is MOODENG, inspired by Moo Deng, a two-month-old pygmy hippopotamus from Khao Kheow Open Zoo in Thailand. The token’s meteoric rise highlights the continued fascination with novelty coins in the crypto market. Notably, the token is the first meme coin to reach a market cap of over $300 million in the last quarter of the cycle, reaching similar levels to SHIB and DOGE during their respective runs.

MOODENG was launched on the Solana blockchain using the pump.fun memecoin creation platform. It quickly climbed to become the 22nd largest memecoin by market cap, with a current valuation of $315 million. In the last 24 hours alone, the token has seen a trading volume of around $172 million.

The memecoin’s popularity spawned a series of related tokens, including coins dedicated to Moo Deng’s mother Jonah and brothers Moo Toon and Moo Waan. An unofficial Twitter fan page for Moo Deng has amassed nearly 50,000 followers, further fueling interest in the token.

The meme coin market is back

MOODENG’s success is part of a broader growth of the meme coin market. Established coins such as Dogecoin, Floki and Pepe have seen significant price increases. However, newer tokens such as MOODENG are seeing even more dramatic gains. According to CoinGecko data, the price of MOODENG has increased by more than 90% in the last 24 hours, trading at almost $0.27. In the past week, the token has seen a staggering 1,300% increase in value.

The rapid rise of memecoin has resulted in substantial gains for early investors. Arkham Intelligence reports that a trader who invested $800 in MOODENG just four hours after launch saw his holdings grow to $3.5 million in 15 days.

MOODENG’s rise coincides with a broader rise in the crypto market, led by Bitcoin’s rise to over $66,200 per coin. This increase comes after the Federal Reserve’s decision to cut interest rates, prompting investors to allocate more funds to Bitcoin exchange-traded funds (ETFs).

While MOODENG’s success is notable, it also reveals how the highly speculative and volatile nature of memecoins continues to attract attention, even among largely inexperienced retailers who are simply trying to ride the hype. That said, it’s always best to exercise caution and prudence, as the value of meme coins can fluctuate dramatically based on social media trends and market sentiment rather than fundamental value or utility.

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