beincrypto.com
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.
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.
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.