The Moo Deng token, impressed by a viral child pygmy hippo from Thailand’s Khao Kheow Open Zoo, is declining after an explosive surge.
Launched on the Solana-based memecoin deployer Pump.enjoyable, the token shortly surpassed different memecoins in recognition, reaching a market cap of almost $323 million on September 28. Nonetheless, the joy did not final lengthy—within the final 24 hours, the token’s worth dropped by 18.5%, wiping out about $100 million from its market cap.
Regardless of this decline, some giant traders are nonetheless holding onto the hope of a restoration.
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One investor, recognized by the pockets handle “Db3P,” invested simply $800 when Moo Deng launched on September 10. In a mere two weeks, that funding become $10 million. Despite the fact that the token’s value has tumbled, the pockets nonetheless holds $1.2 million value of Moo Deng.
For giant traders like “Db3P,” promoting off their holdings is a problem. Doing so dangers additional crashing the worth, forcing these “whales” to both maintain their place or unload small quantities regularly to keep away from tanking the token’s worth additional.
Whereas Moo Deng’s rise was spectacular, the token has no sensible use, with a lot of its success pushed purely by the viral recognition of the hippo. As the worth continues to fall, it stays to be seen if massive holders like “Db3P” will proceed ready for a possible rebound.
In different information, rapper-turned-memecoiner Iggy Azalea lately spoke on the Token2049 occasion in Singapore, the place she pressured the significance of integrating precious perks into tokens to attraction to each newcomers and seasoned crypto customers.
Gode is a Web3 Market Analyst who researches crucial trade occasions and interprets how they have an effect on the broader Web3 house. Her formal schooling in media tradition & digital rhetoric permits her to make use of a methodical strategy to evaluating essential Web3 information knowledge, together with large-scale occasions and the broader social sentiment inside the ecosystem.Gode is a mutilingual skilled, having studied in a number of universities all throughout Europe. This permits her to have a one-of-a-kind alternative to research Web3 social sentiments spanning completely different cultures and languages and, in flip, develop a a lot deeper understanding of how the Web3 house is rising inside completely different communities. With the remainder of her group, Gode works to establish essential crypto information patterns and supply unbiased and data-driven info.Gode’s passions embody working and speaking with folks, and when she’s not researching Web3 information, she spends her time touring and watching true crime documentaries.
