Why It’s Gaining Traction in the Meme Coin Market

Amid the mainstream adoption of meme coins from different blockchains – led by Solana (SOL), BNB Chain, Ethereum (ETH), and Toncoin (TON) among others – Moo Deng (MOODENG) has emerged as a top contender in the past few days. The small-cap meme coin, with a fully diluted valuation of about $88 million and a daily average traded volume of around $36 million, surged over 390 percent in the last 24 hours to trade about $0.00021 on Monday during the early New York session. 

Vitalik’s Boost on Moo Deng

The hippo-inspired meme coin gained over 2200 percent in the past seven days, majorly due to the support from Ethereum co-founder Vitalik Buterin. According to on-chain data, Buterin is currently the largest holder of MOODENG, with about 40 billion units, which accounts for around 9.5 percent of the total supply. 

However, Buterin has clarified through his X platform account that the $9.5 million worth of MOODENG will all be donated to charity. According to on-chain data analysis, Buterin sold 10 billion MOODENG earlier today for 308 ETH, worth about $762k. Immediately, Buterin transferred 260 ETH, worth about $642k to the Kanro charity group.

Way Forward!

Nonetheless, Buterin urged the meme coin projects seeking to use his name for publication to directly donate through community DAOs, for better engagement.

“The 10B from today is going to anti-airborne-disease tech. Though I truly prefer if you guys send to charity directly, maybe even make a DAO and get your community directly engaged in the decisions and process. I’ve said before that I think the best thing for memecoins is if they can be maximally positive-sum for the world, so it’s great to see moments when that actually happens,” Buterin noted.

Midterm Price Expectations 

After an impressive performance despite the notable sales by Buterin, MOODENG’s price is likely to correct in the near term. Furthermore, early buyers of the meme coin are likely to take some profit after a 20x spike.