Memecoin MOODENG Surges 67% After Coinbase Listing

The
action
breaks
a
two-week
more
than
50%
slump
in
the
price
of
MOOD.

Updated
Dec
2,
2024,
4:16 p.m.

Published
Dec
2,
2024,
3:50 p.m.

A
Solana-based
memecoin
themed
on
viral
Thai
zoo
hippo
Moo
Deng
surged
by
more
than
67%
after

it
was
listed
on
cryptocurrency
exchange
Coinbase
on
Monday.

Its
market
cap
is
now
pushing
back
towards
$500
million
after
a
two-week
lull
that
saw
the
token’s
price
drop
from
$0.67
to
$0.30.
It
is
currently
trading
at
$0.49
following
Monday’s
rise,
with
daily
trading
volume
rising
by
151%
to
$330
million.

The
listing
provided
a
much-needed
boost
to
the
wider
memecoin
ecosystem,
with
GOAT
experiencing
a
9%
move
to
the
upside,
while
PNUT
rose
by
6%
during
a
10-minute
period
following
the
listing.

It’s
worth
noting
that
memecoins
are
volatile
by
nature
as
they
have
no
intrinsic
value;
they
rise
and
fall
rapidly
based
solely
on
trader
sentiment
on
a
backdrop
of
minimal
liquidity.
Market
depth
for
MOODENG
on
OKX,
which
offers
the
most
liquid
trading
pair,
is
still
relatively
thin
with
just
$81,000
in
resting
orders
2%
to
the
upside.
Market
depth
is
a
metric
that
assess
liquidity
by
aggregating
all
orders
between
set
parameters,
2%
in
this
case.