Bitcoin and Ethereum have faced setbacks recently. Bitcoin slipped to $103,888, while Ethereum saw a nearly 2% drop, settling at $2,508 due to positive talks between U.S and China.
While most tokens declined, Moo Deng, a meme token on the Solana network, broke the negative pattern. Dramatically, Moo Deng increased by 125% within 24 hours, far exceeding the growth of most other digital currencies in that period.
Many traders, investors, and crypto fans noticed the rapid increase because most markets were trending downward. Moo Deng’s outstanding gains renewed the spotlight on meme tokens on the Solana network, largely unnoticed during previous market slumps.
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Binance Boosts Moo Deng’s Visibility
A key catalyst behind Moo Deng’s rapid rise was Binance’s recent inclusion of the token in its prestigious Alpha Projects. Alpha Projects provides newly emerging tokens with significant exposure and credibility within the trading community.
As soon as the strategy was carried out, Moo Deng’s token saw its value rise by more than 60% and quickly reached $0.20. Just hours after the announcement, Moo Deng’s market cap jumped impressively, growing from below $140 million to over $180 million.
Moo Deng also gained considerable traction because of extensive social media activity. Because of its connection to a famous Thai hippo mascot, the meme token attracted intensive online talk, leading to elevated buying activity and investor passion.
Growing Institutional and Retail Interest
Institutional investors are also increasingly interested in Solana-based tokens, which, coupled with heightened retail investment, further accelerated Moo Deng’s growth. The retail influx intensified after Bitcoin surpassed the $103,000 milestone, renewing traders’ appetite for riskier meme-based investments.
As a result of this change in investor conduct, the Solana meme coin market grew considerably. The collective market capitalization of Solana meme tokens increased by 34% and reached about $12.6 billion.
In addition, Moo Deng’s futures open interest showed a remarkable increase from $13.4 million last month to $274 million, illustrating substantial speculative trading.
Source: @SolbergInvest
Many analysts believe that Moo Deng’s uptrend may continue, with price estimates ranging from $0.24 to $0.34. Even with past bearishness, market sentiment remains favorable for Moo Deng to keep rising.
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