Moodeng (MOODENG) reached a new price record as recently launched top memes are having a field day. The token expanded after Binance showed signs of being more confident with its new meme listings.
Moodeng (MOODENG) is one of the meme tokens to rally in the past few days, reaching a new phase of price discovery. MOODENG rose to a new peak at $0.50, also reaching its highest trading volumes since the end of October.
MOODENG open interest remains elevated, based on Bybit trading. The token has positions valued at $189M, down from 211M as of November 10. The leveraged positions are skewed to 55% long, with potential selling attacks on the price.
For a few weeks, MOODENG was displaced by hotter memes, including the recent rise of GOAT. Pepe (PEPE) also gained all attention after its Coinbase listing. Peanut the Squirrel (PNUT) also drove the meme space, after reaching a $2B valuation just two weeks after its launch. For now, there are no clear indicators of upcoming listings, except for rumors. Kraken Pro also boosted Moodeng’s image with a recent meme token collage on X.
https://x.com/krakenpro/status/1857045825513267647
MOODENG has always expected a Binance spot listing, ever after launching a perpetual futures market on October 25. Since then, the perpetual futures market is one of the most active on Binance. MOODENG is now one of the second-tier meme tokens, with a valuation close to $500M. The short-term expectation is for the token to attempt a rally to $1B market capitalization. A Binance listing would accelerate the process, as it did in the case of PNUT and ACT.
Meme tokens are enjoying high-volume rollovers and MOODENG is among the top selections to absorb new buying. The token also broke several market cap boundaries, gaining attention as a potential breakout asset. MOODENG has seen hype spikes in the past, and remains a risky token with significant drawdowns.
Will Binance add a spot market?
A MOODENG spot market on Binance has been mentioned for weeks. However, there are no certain transactions going into known Binance’s wallets. The rumors helped the latest MOODENG rally, but the lack of an actual listing can hurt the token’s price. MOODENG is also not present on Binance 1, 2 and 8 Solana wallets, as most social media screenshots have been faked.
In general, anyone can send MOODENG to a known Binance Solana-based address. For now, the exchange itself has not announced any official address for deposits, and there are no known addresses linked to Binance. The Binance 2 wallet on Solana does not contain any MOODENG, though the wallet holds the recently listed PNUT and ACT.
Wintermute still holds more than 6% of the supply of MOODENG, but its wallets show no connection to Binance. Instead, Wintermute is involved in a cluster, which was active as of November 14, holding more than 9% of all available MOODENG tokens.
In October, one of the wallets interacting with Wintermute was identified as probably belonging to Binance, though without an official tag. As of November 14, that same address was active and having high-volume activity with Wintermute. The on-chain data does not guarantee a listing, but may point to tests on the side of Binance.
The address identified contains 4.56M MOODENG, or around 0.86% of the total supply. There are many similar wallets in the top 100, but MOODENG is considered a fair launch with no significant sniping or insider activity. The wallet activity still does not guarantee a spot listing. When listing a spot meme token, Binance ends up owning a much larger share of the assets, over 50% in some cases.
MOODENG still depends on Raydium and Bitget, while also aiming to outcompete versions on other chains and copycat tokens. The token recently displaced Gigachad (GIGA) and is on track to flip SPX6900 (SPX). MOODENG has also outperformed NEIRO and PEPE in the past days in terms of trading volumes.
The token is one of the selections of influencer Murad Mahmudov and has kept a consistently high profile. However, MOODENG is also the least decentralized of large recent memes, and may incur scrutiny since Binance is wary of listing cabal coins.
Source: https://www.cryptopolitan.com/moodeng-moodeng-reaches-all-time-high-amid-rumors-of-binance-loading-up-for-future-listing/