Moo Deng, the recently launched Solana Pump.fun token, continued its impressive rise on Saturday, reaching an all-time high driven by a fear of missing out (FOMO) among investors.

Moo Deng Soars to Record Highs

Moo Deng, a hippo-themed token, surged to a record high of $0.3495, bringing its weekly gains to over 700%. Its market cap has skyrocketed to over $300 million, making it the largest token in the Pump.fun ecosystem.

Increasing Number of Holders

The rally has triggered FOMO among traders, as evidenced by the increasing number of holders. Data shows that the number of holders has risen significantly, with over 27,000 holders compared to this week’s low of 9,000.

Whale Accumulation

There are signs that whales are accumulating Moo Deng tokens. One whale recently acquired tokens worth over $1.59 million, bringing their total holdings to $3.57 million.

A whale spent 10,156 $SOL ($1.59M) to buy 6M $MOODENG at an average price of $0.2655 in the past 8 hours.

Minting Millionaires

Data indicates that some traders have made significant profits. For instance, one trader who bought coins worth $7,172 made a $1 million profit, while another spent $14,000 and exited with a $976,000 profit within days. However, some traders who exited early missed out on massive gains. One such trader sold tokens worth $297, which would now be worth over $6.3 million.

Meme Coin Recovery

Moo Deng’s surge coincides with a broader recovery in meme coins. Most of these tokens have seen double-digit gains in the last seven days. Dogecoin (DOGE) rose by 15.8%, while Shiba Inu (SHIB) increased by 35%. Popcat, another top Solana token, achieved a market cap of $1 billion for the first time, contributing to the total valuation of these coins jumping to over $55 billion.

Fear and Greed Index

Many investors are embracing a risk-on sentiment following the Federal Reserve’s interest rate cuts and the Chinese government’s stimulus measures. Central banks in the U.S., Europe, and most Asian countries have slashed rates to prevent a hard landing. Consequently, the crypto fear and greed index has approached the greed zone of 60, while the CNN Money index has risen to 68. The US dollar index has dropped to $100.40.

The risk for Moo Deng investors is the inherent volatility of cryptocurrencies. Typically, when a coin surges, there is always a risk of a sharp reversal. For example, Shiba Inu soared to a record high of $0.000088 in 2021 but crashed by over 93% to $0.0000058 in 2022. Similarly, Dogecoin soared to an all-time high of $0.4845 but has since dropped by 74% to $0.1230.

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