The memecoin MOODENG, inspired by a baby hippo, led the valuations in the cryptocurrency market, with an increase of 533% in just one week. The digital currency also recorded significant gains of 812% in April, reaching a market capitalization of $242 million.
Despite the recent rise, MOODENG is still far from its price peak in November 2024, when it reached a market capitalization of $614 million. Analysts attribute the currency's performance to its popularity on the internet and the risk appetite among investors.
The rise of MOODENG has surpassed other larger and more popular meme cryptocurrencies, such as Dogecoin and Shiba Inu. The cryptocurrency market is on the rise, driven by the expectation of a liquidity injection and advances in trade agreements. In this scenario, memecoins tend to have greater valuations than more established digital assets. #MOODENG