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$MOODENG, the Solana-based meme coin, has recently experienced an incredible 700% surge in price over the past week. This jump has positioned it as one of the top-performing tokens, and the growth is expected to continue as the market embraces the meme coin.
With momentum building, $MOODENG is well on its way to potentially reaching a new all-time high ($ATH).
$MOODENG Finds Demand
The surge in $MOODENG’s price is driven by organic demand, as indicated by the Open Interest (OI) data. Over the past week, traders have poured $324 million into the meme coin, pushing the OI from $18 million to $342 million. This 1,800% increase in OI suggests a strong market interest, with demand for $MOODENG extending beyond its spot market performance.
In the futures market, the strong interest in $MOODENG also points to growing optimism around the token. With $324 million flowing into the futures contracts, it’s evident that traders are betting on the meme coin’s success.
Data from Holderscan shows that $MOODENG’s holder base has expanded significantly, now reaching 75,000 holders. Interestingly, the distribution of assets among holders with less than $10 worth of the token has surged from 17% to 33% in the last ten days.
This shift indicates that smaller retail investors are now actively buying $MOODENG, further boosting its market presence. This growing number of smaller holders suggests that $MOODENG is gaining traction among institutional investors and with retail participants who see potential for substantial gains.
$MOODENG Price Aims At New High
$MOODENG’s price has shot up by 703% in the past week, currently trading at $0.305, just below the resistance of $0.355. The recent rally has positioned the coin near its $ATH, and breaking through the $0.355 resistance could open the door for further price appreciation.
If $MOODENG manages to breach the $0.355 barrier and flip it into support, it could surge past its previous $ATH of $0.700. The continuation of the bullish trend would likely push the price even higher, solidifying $MOODENG’s position as a major meme coin in the market.
However, if $MOODENG fails to break through the $0.355 resistance, a decline is possible. In this scenario, the meme coin’s price could fall back to $0.180 or even lower if profit-taking increases among investors. This would invalidate the current bullish outlook and prompt a correction in price.