Solana-based Moo Deng (MOODENG) shot up over 80% inside an hour after outstanding American crypto change Coinbase introduced it plans to checklist the token.
Information from CoinGecko exhibits the meme token is now priced at about $0.57. In a 24-hour interval, MOODENG has jumped by practically 54%.
The token, which gained traction in September, continues to be down from the all-time excessive worth of $0.68 it touched in November. It solely has 16% extra to rise till it beats that degree, although.
Property added to the roadmap immediately: Moo Deng (MOODENG)https://t.co/rRB9d3hSr2
— Coinbase Property 🛡️ (@CoinbaseAssets) December 2, 2024
The asset runs on Solana’s community—a blockchain that has this yr develop into more and more engaging for these eager to mint new tokens.
Coinbase made the announcement Monday that the token could be listed on its change, including Moo Deng to its roadmap. Meme cash listed on the roadmap in latest weeks have sometimes develop into obtainable for buying and selling later the identical day.
When the San Francisco-based agency lists tokens, they sometimes go up in worth as merchants think about them to be extra reputable, to not point out way more accessible to mainstream merchants. This is called the “Coinbase impact.”
As the worth of Bitcoin has elevated, hitting new all-time highs this yr, so have meme cash and tokens. Meme cash are cryptocurrencies based mostly on web jokes, celebrities, real-world occasions, and past. They will make fortunate merchants some huge cash, however can simply as simply result in big losses on account of their volatility.
MOODENG specifically made headlines after one dealer turned an $800 funding into $7.5 million.
However it may be exhausting to reap the rewards from such property: As Decrypt has beforehand reported, liquidity is a matter within the area. One investor who made hundreds of thousands on paper could not take residence their winnings instantly, as a result of such a transfer might trigger a market crash by draining all the liquidity—and render any large positive factors nugatory.
Edited by Andrew Hayward
