Moo Deng (MOODENG), a Solana-based meme coin, has emerged as the frontrunner in the cryptocurrency market’s latest rally, outperforming the top 1000 cryptocurrencies over the past day. Its daily trading volume has soared past $1 billion.
The meme coin has also experienced a remarkable price increase. Over the past week, its value has skyrocketed by triple digits.
Solana’s MOODENG Leads the Crypto Rally
MOODENG, capitalizing on the viral appeal of a baby pygmy hippo, surged substantially after its launch in September 2024. The internet hype propelled its market capitalization over $100 million just weeks after its launch.
However, after peaking at an all-time high (ATH) in November, MOODENG entered a prolonged decline. By early April, its market cap had plunged to around $20 million.
Now, the meme coin appears to be staging a strong comeback. BeInCrypto data showed that MOODENG’s price appreciated by 612.3% over the past week, bolstered by consecutive price pumps since last Thursday.
Moreover, MOODENG has surged by 104.3% over the past day alone. At press time, it traded at $0.24, marking its highest price in over four months.
This explosive price movement has made MOODENG the top trending token on CoinGecko. Moreover, it has topped the top gainer chart.
MOODENG Price Performance. Source: TradingView
Due to the price rise, the market capitalization also moved past the $100 million mark again. As of the latest data, it stood at $263.8 million. The surge has sparked significant investor interest, as evidenced by increased trading activity.
According to data from CoinGecko, MOODENG’s daily trading volume reached $1.2 billion, marking a staggering 325.8% increase. Notably, Coinbase accounted for 27% of the total volume, indicating strong participation from US-based traders.
On-chain analytics from Solscan further underscore this trend. The total buy volume on decentralized exchanges (DEXs) skyrocketed by 8,201% week-over-week, climbing from $179,490 to $14.9 million by press time.
MOODENG DEX Trading Activity. Source: Solscan
The token’s appeal has extended beyond retail investors to “smart money.” According to a post on X by StalkHQ, these strategic investors poured $194,000 into MOODENG on May 10, further fueling its momentum.
“165 new wallets have accumulated 25% of the supply of MOODENG and have a cumulative unrealized PNL $25.3 million,” HolderScan posted.
The token’s meteoric rise comes amid its recent listing on Binance Alpha. The listing appears to have catalyzed significant retail investor interest.
Google Trends data reflected a parallel surge in public curiosity. Search interest for “MOODENG” has been rising steadily over the past week and reached a peak score of 100 earlier today. This indicated growing online attention and suggested another wave of viral momentum.
