As an analyst with over two decades of experience in the cryptocurrency market, I must say that the meteoric rise of Moo Deng (MOODENG) is nothing short of extraordinary. The sheer magnitude of its gains and the rapid increase in holders suggests a strong underlying demand for this hippo-themed token.
On Saturday, the price of Moo Deng, the freshly introduced Solana Pump.fun token, soared to a new peak, fueled by the growing anxiety of not wanting to miss out.
Moo Deng (MOODENG), a hippo-themed token, jumped to a record high of $0.3495, bringing the weekly gains to over 700%. Its market cap has soared to over $300 million, making it the biggest token in the Pump.fun ecosystem.
Moo Deng holders are rising
As a cryptocurrency investor, I found myself swept up by the surge, experiencing the dreaded ‘fear of missing out’ – FOMO – that seemed to grip many other traders. This was evident from the increasing number of us who were now holding these digital assets.
According to Coincarp data, there’s been a significant increase in the number of holders, reaching approximately 24,140. This figure is far higher than the week’s lowest point of 9,000. On the other hand, Solscan data indicates that the number of holders has climbed even further to around 27,000.
Evidence suggests that whales have been stockpiling Moo Deng tokens. As reported by Lookonchain, a single whale amassed over $1.59 million worth of these tokens.
The whale now holds Moo Deng tokens worth $3.57 million.
In the last 8 hours, a major investor has purchased 6 million units of MOODENG for approximately $1.59 million, with each unit costing an average of about $0.2655.— Lookonchain (@lookonchain) September 28, 2024
Minting Millionaires
According to DexScreener’s data, one trader amassed coins valued at approximately $7,172 and subsequently realized a staggering profit of around $1 million in a short period. Similarly, another trader invested roughly $14,000 and walked away with an impressive profit of nearly $976,000 within just a few days.
Consequently, certain traders prematurely ended their investment, thus forfeiting a substantial potential gain. For instance, one trader sold tokens valued at $297, which at current values exceed $6.3 million.
Moo Deng’s rise occurred as the bounce-back of meme coins picked up pace. Many of these tokens have skyrocketed by more than ten percent in the last week. Dogecoin (DOGE), the largest meme coin, climbed by 15.8%, while Shiba Inu (SHIB) experienced a surge of 35%.
For the first time, the popular Solana token, Popcat (POPCAT), surpassed a market capitalization of one billion dollars. Notably, the combined value of all these tokens now stands above $55 billion.
Fear and greed index rises
With the Federal Reserve reducing interest rates and China implementing a sequence of stimulus plans, there’s been an increased willingness among investors to take on more investment risks.
Central banks in the United States, Europe, and many Asian nations have lowered interest rates as a precautionary measure against a severe economic slowdown. Consequently, the Crypto Fear & Greed Index has neared the “greed” threshold of 60.
According to CNN Money, the index has climbed into the ‘greed zone’ at 68, whereas the U.S. dollar index currently stands at approximately $100.40.
The risk for Moo Deng investors is that most cryptocurrencies are highly volatile. Typically, when a coin surges, there is always a risk of a harsh reversal.
For example, Shiba Inu initially soared to a record high of $0.000088 in 2021 and then crashed by over 93% to $0.0000058 in 2022. Dogecoin also soared to an all-time high of $0.4845 and has dropped by 74% to the current $0.1230.
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2024-09-28 21:48