The meme token Moodeng (MOODENG) gained attention by nearly doubling its price, reaching close to $0.60 after its rapid listing on Coinbase.
Moodeng's Sharp Rise
Moodeng emerged as a standout in the meme space, undergoing a vertical rally primarily due to its quick listing on Coinbase. The listing indicates that the meme super cycle is far from over, capturing significant interest with trading volumes reaching an all-time high of $890M.
Challenges for $1 Billion Valuation
Despite its surge, MOODENG's market cap remains below $600M. The meme market is heavily reliant on dog-themed tokens, and MOODENG is seen as potentially becoming a blue-chip token with its Coinbase listing, though lack of cult community may lead to cycle boom and bust.
Wintermute Increases Supply
Wintermute, a leading market maker, increased its holdings in MOODENG, fueling speculation of new listings. The top investors hold over 56% of the MOODENG supply, highlighting concerns about its decentralization.
MOODENG's addition to Coinbase opens new potential avenues, but questions about its long-term stability in the volatile meme market remain.
