Moo Deng (MOODENG), a Solana-based meme coin, has become a leader in the crypto industry during the latest rally, outperforming the top 1000 cryptocurrencies over the past day. Its daily trading volume exceeded $1 billion.
The meme coin has also experienced significant price growth. Over the past week, its value has increased by triple-digit percentages.
MOODENG by Solana leads the cryptocurrency surge
MOODENG, leveraging the viral appeal of a baby pygmy hippo, significantly increased after its launch in September 2024. The internet hype raised its market capitalization to over $100 million just a few weeks after its launch.
However, after reaching an all-time high (ATH) in November, MOODENG entered a prolonged decline. By early April, its market capitalization had fallen to approximately $20 million.
Currently, the meme coin appears to be demonstrating a strong recovery. Data from BeInCrypto showed that the price of MOODENG increased by 612.3% over the past week, supported by consecutive price surges since last Thursday.
Moreover, MOODENG has risen by 104.3% in just the last day. At the time of publication, it was trading at $0.24, which is its highest price in over four months.
This explosive price movement has made MOODENG the most popular token on CoinGecko. Moreover, it topped the chart of the biggest gainers. Due to the price increase, its market capitalization has also surpassed the $100 million mark again. According to the latest data, it stood at $263.8 million. This growth has sparked significant interest among investors, as evidenced by increased trading activity.
According to CoinGecko, the daily trading volume of MOODENG reached $1.2 billion, representing an impressive increase of 325.8%. Notably, Coinbase accounted for 27% of the total volume, indicating strong participation from U.S. traders.
On-chain analytics from Solscan further emphasizes this trend. The total volume of purchases on decentralized exchanges (DEX) rose by 8,201% week over week, climbing from $179,490 to $14.9 million at the time of publication. The token's appeal has spread not only to retail investors but also to 'smart money.' According to a post on X by StalkHQ, these strategic investors invested $194,000 in MOODENG on May 10, further fueling its momentum.
"165 new wallets accumulated 25% of the MOODENG supply and have a total unrealized PNL of $25.3 million," according to a post by HolderScan.
The meteoric rise of the token occurred against the backdrop of its recent listing on Binance Alpha. The listing seems to have sparked significant interest among retail investors.
Google Trends data reflected a parallel increase in public interest. Interest in searching for 'MOODENG' has steadily grown over the past week, reaching a peak score of 100 earlier today. This indicates a growing online attention and hints at another wave of viral momentum.#BinanceSquare #Write2Earn #NewsTrade #TradeStories #BinanceAlphaAlert