- The memecoin MOODENG on Solana soared over 90%, trading at US$0.65, after Coinbase announced plans to list it.
- Other memecoins like GOAT and PNUT also experienced smaller price increases following the announcement
- MOODENG is highly speculative and faces limited liquidity, with only US$81,000 in market depth on OKX.
Moo Deng (MOODENG), the new rising memecoin on the Solana blockchain, saw its value soar by over 90% shortly after Coinbase announced plans to list the asset.
According to CoinGecko, MOODENG is now trading at approximately US$0.65 (AU$1), marking a 90.6% increase over the past 24 hours.
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The Coinbase listing had ripple effects across the memecoin ecosystem. Tokens like GOAT saw a 9% price increase, while PNUT rose by 6% within a brief 10-minute window following the listing announcement.
A High-Risk Memecoin
MOODENG was inspired by a viral Thai zoo hippo. Like basically any other Solana memecoin, it’s extremely volatile and has no intrinsic value. It only relies on your speculative desires. These rapid price fluctuations are compounded by limited liquidity, which can amplify both gains and losses.
Liquidity is problematic for MOODENG. On OKX, the most liquid trading platform for the token, market depth is limited to just over US$81,000 (US$126,086) in resting orders within a 2% price range to the upside. This limited liquidity can lead to rapid price movements and complicate large trades.
Thin liquidity and high-risk are not words that can stop degenerate memecoin traders. A few months ago, an anonymous trader with a Solana wallet address starting with “Db3P” turned US$800 (AU$1,235) into a stomach-wrenching US$7.5M (AU$11.58M). Keep this in mind the next time you head off to work.
The trade was made on September 10, just four hours after the token’s launch. By Friday, blockchain data confirmed the trader’s holdings had surged in value due to the token’s rapid price growth.
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Naturally, it caused controversy. Was it an inside job? Is the trader just incredibly lucky? Whatever it is, the timing and the staggering gains leave more questions than answers (it probably was a developer, anyway).
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