Moo Deng, Popcat and Neiro climb as meme coin market cap hits $55 billion

Share this article

The value of the meme coin market has grown to nearly $55 billion, driven by the explosive growth of tokens such as Moo Deng, Popcat, Neiro, and Mog Coin. As traders flock to these meme coins, they have emerged as clear winners amid Bitcoin’s recent stability.

Despite these gains, the crypto market remains on edge, with many traders adjusting their positions. Conformable CoinGlassover $200 million in liquidations occurred in the last 24 hours, 60% of which were short positions. However, Bitcoin’s ability to find support at critical levels has provided a foundation for meme coins to explode in value.

While Bitcoin traded relatively sideways, moving cautiously higher, meme coins dominated the market. Coins such as Popcat, Moodeng, Neiro, and Mog Coin have surged.

Popcat, a Solana-based token, has surged 40% in a week, fueled by technical buying and a breakout from an ascending triangle pattern. Its market cap now stands at $1.4 billion, and traders are eyeing the potential for further gains.

Moo Deng, inspired by the hippopotamus in the Thai zoo, saw a 480% increase in 24 hours following a social media mention from Ethereum co-founder Vitalik Buterin. Buterin sold 10 billion MOODENG tokens for 308.69 ETH (worth $762,000), donating the proceeds to charity.

His comment about meme coins being the “maximum positive amount for the world” only increased the hype surrounding these tokens. In addition, Neiro and Mog Coin have gained significant traction, with Mog up 18% and Neiro up 50% in the last 24 hours.

Crypto trader Daan Crypto Trades highlighted changing sentiment around meme coins, stating,

“In 2017, mention of any meme currency other than $DOGE was rejected. Now, most people prefer memes to “normal” coins.

Bitcoin’s recent stability, aided by expectations of potential rate cuts from the Federal Reserve, has given memes an opportunity to rally. Traders are increasingly looking for high risk and reward opportunities in speculative assets. While US Treasury yields climbed above 4% and global crypto investment products saw a net outflow of $147 million last week, meme coins are thriving.

Share this article