Solana Meme Coin MOODENG Surges 100% in One Day, Market Cap Hits $263.8 Million
Moo Deng (#MOODENG), a meme coin on the Solana network, surged 100% on Sunday, reaching $0.26 and achieving daily trading volumes of $1.45 billion. Over the past week, its price has increased by 600%, making it a top-performing altcoin.
Key Factors Influencing the Price Increase
- The meme coin market has seen strong activity, with other coins like PEPE also gaining traction.
- MOODENG's market capitalization has exceeded $263.8 million, recovering from earlier declines.
- Daily trading volume reported by CoinGecko reached $1.2 billion, a 325.8% increase, with Coinbase accounting for 27% of this volume.
- On-chain data indicates an 8,201% increase in weekly buy volume on decentralized exchanges, from $179,490 to $14.9 million.
- Strategic investors injected $194,000 into MOODENG on May 10, reflecting increased interest from "smart money."
- A total of 165 new wallets now control 25% of the supply, resulting in an unrealized profit of $25.3 million.
Future Outlook for MOODENG
- Analyst Sneaky noted significant buying pressure; a price reclaim above $0.32 could lead to further gains.
- Some whales are placing large sell orders at resistance levels, signaling potential profit-taking.
- Sell orders include 2 million MOODENG at $0.565 and 1.1 million at $1.11.
Market dynamics remain critical as MOODENG's next steps may depend on broader market trends.