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Moo Deng, the Solana-based meme coin inspired by a viral Thai pygmy hippo, has experienced a significant decline, falling by 22% in the last 24 hours and nearly 45% in the past week. This is a stark contrast to its previous record-high prices.
Current Performance
According to recent data, on Oct. 16, MOODENG has dropped more than 22% in the last 24 hours. At the time of writing, the meme coin was trading at $0.0915 with a 24-hour trading volume of $96 million.
Historical Highlights
Despite its recent decline, the Solana-based meme coin was making headlines on Oct. 8, soaring past 40% a day after Ethereum co-founder Vitalik Buterin sold 10 billion Moo Deng tokens and donated over $640,000 worth of cryptocurrency to his biotech charity fund, Kanro.
Since then, the hippo-inspired coin has fallen nearly 45% in the past week.
Expert Insights
“Not saying it’s over for the moo deng now – but I definitely fall into the Murad camp of things and think cult coins are the future and cute new animals will always struggle (beyond an initial pump) unless the community becomes cultish too,”
These insights were shared by Zeneca, a Web3 thought leader and founder of Zenacademy, in a recent social media post. He noted that meme coins with a “meteoric rise,” such as Moo Deng, often experience a 70-90% drawdown in the following days.
Market Cap and Rankings
The Moo Deng meme coin reached its all-time high on Sept. 28 at $0.338, with weekly gains of over 700%. Its market cap soared to over $300 million, making it the largest token in the Pump.fun ecosystem at that time. However, Moo Deng’s market cap has since plummeted by 70%, now standing at $90 million.
It has fallen from its top spot among Pump.fun tokens, currently ranking at number 5. In the overall meme token rankings by market cap, Moo Deng is positioned at number 473.
Who is Moo Deng?
Moo Deng is a two-month-old pygmy hippo at Khao Kheow Open Zoo in Thailand. She has become an internet sensation, racking up millions of views on the Zoo’s viral TikTok videos thanks to her chubby cheeks and always-wet appearance. Moo Deng has also been the subject of countless memes distributed across the internet.
In Sept. 2024, her internet fame led to a significant spike in zoo visitors, doubling daily attendance numbers. The Director of Khao Kheow Open Zoo, Narongwit Chodchoy, predicted that Moo Deng would bring the zoo more than $6.13 million by the end of the year.
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