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.
listed
on
Coinbase
(TradingView)
What
to
know:
-
Coinbase
announced
that
it
will
list
the
MOODENG
memecoin,
prompting
a
67%
price
rise. -
Daily
trading
volume
has
also
experienced
an
uptick,
increasing
by
151%
to
$330
million. -
Market
depth
remains
thin
across
numerous
exchanges,
suggesting
that
further
volatility
is
expected.
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.
continues
below
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.
Oliver
Knight
Oliver
Knight
joined
CoinDesk
as
a
news
reporter
in
April
2022.
Before
joining
CoinDesk,
Knight
was
the
Chief
Reporter
at
Coin
Rivet
for
three
years.
Having
graduated
with
a
journalism
degree
from
Birmingham
City
University,
Knight
went
on
to
work
at
various
sports
publications
before
diving
into
the
world
of
Bitcoin
in
2014.
He
does
not
have
any
crypto
holdings.
