As a seasoned researcher with a keen eye for cryptocurrency trends and a soft spot for internet sensations, I find myself intrigued by the rollercoaster ride that Moo Deng, the pygmy hippo-inspired meme coin, has been on. The meteoric rise it experienced following Vitalik Buterin’s generous donation to his biotech charity fund was a sight to behold, much like the adorable Moo Deng herself captivating millions on TikTok.
As a crypto investor, I’ve noticed a significant drop in the value of Moo Deng, the meme coin inspired by the viral Thai pygmy hippo that’s built on Solana. Over the last 24 hours, it has plummeted by approximately 22%, and over the past week, the decline is nearly 45%. This is a stark contrast to its previous peak prices.
Based on information from crypto.news, it’s been reported that MOODENG experienced a decline of over 22% in the recent 24-hour trading period. At the point when this was written, the meme coin was being exchanged at approximately $0.0915 USD, with a 24-hour trading volume of around $96 million.
On October 8th, the meme coin built on Solana continued its popularity surge, climbing more than 40% following news that Ethereum co-creator Vitalik Buterin had sold 10 billion Moo Deng tokens and donated over $640,000 worth of cryptocurrency to his biotech charity fund, Kanro.
Since then, the hippo-inspired coin has fallen nearly 45% in the past week.
In simple terms, Zeneca, a well-known figure in Web3 and founder of Zenacademy, recently commented on a post regarding the fall of Moo Deng. He pointed out that cryptocurrencies that skyrocket suddenly, like Moo Deng, often see a decline of 70-90% in the days that follow.
Zeneca stated that while it’s not certain for Moo Deng yet, he strongly agrees with Murad Mahmudov’s viewpoint that meme or cult coins could be the way forward. He also believes that new and adorable animal-themed coins may face ongoing struggles unless they manage to build a dedicated and passionate community similar to a cult.
On September 28, the value of the Moo Deng meme coin peaked at $0.338, representing a staggering weekly increase of more than 700%. At that time, its market capitalization surpassed $300 million, making it the largest token within the Pump.fun community. However, since then, its market cap has dropped by a significant 70%, leaving it at approximately $90 million.
As a researcher, I’ve observed a shift in the pecking order of Pump.fun tokens. Once leading the pack, it has now dropped to fifth place. On a broader scale, when we look at meme tokens ranked by market capitalization, Moo Deng currently sits at position 473.
Who is Moo Deng?
At the Khao Kheow Open Zoo in Thailand, there’s a two-month old pygmy hippo named Moo Deng who has gained immense popularity online. Her cute chubby cheeks and perpetually wet look have earned her millions of views on the zoo’s viral TikTok clips. Moreover, Moo Deng’s adorable image has sparked a wave of memes that are being shared widely across the internet.
By September 2024, my online popularity had skyrocketed, causing a massive increase in daily visitors to Khao Kheow Open Zoo, nearly doubling attendance numbers as per BBC reports. As director Narongwit Chodchoy had predicted, Moo Deng was expected to generate over $6.13 million for the zoo by year’s end.
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2024-10-16 14:30