Moo Deng, the recently launched token on the Solana platform, continues to rise, reaching an all-time high amid growing investor interest.
Moo Deng Holders Are Rising
The token's sharp rise has sparked FOMO among traders. Coincarp data shows an increase in the number of holders to over 24,140, significantly higher than this week's low of 9,000. Solscan data indicates that the number of holders has reached 27,000. Signs suggest that whales are accumulating tokens. According to Lookonchain, a whale purchased Moo Deng tokens worth $1.59 million and now holds tokens worth $3.57 million.
Minting Millionaires
Data from DexScreener shows one trader who bought coins worth $7,172 made $1 million in profit. Another trader spent $14,000 and exited with a $976,000 profit. However, some traders missed the opportunity by exiting too early. For instance, one trader sold tokens worth $297, which are now worth over $6.3 million. Moo Deng's surge occurred alongside the broader meme coin recovery, with tokens like Dogecoin and Shiba Inu also showing double-digit gains over the past week.
Fear and Greed Index Rises
Many investors are embracing risk-on sentiment after the Federal Reserve slashed interest rates and the Chinese government announced a series of stimulus measures. Central banks in the U.S., Europe, and most Asian countries have cut rates to prevent a hard landing. Consequently, the crypto fear and greed index approached the greed zone of 60. The CNN Money index has risen to 68, while the U.S. dollar index has dropped to $100.40. However, investors should remember that cryptocurrencies are highly volatile, with risks of significant pullbacks, as seen with Shiba Inu and Dogecoin.
Despite Moo Deng's impressive rise, investors should be aware of the high volatility of the cryptocurrency market and the potential for significant reversals in the future.
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