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Memecoin MOODENG Surges 67% After Coinbase Listing
The action breaks a two-week more than 50% slump in the price of MOOD.
Updated Dec 2, 2024, 4:16 p.m. Published Dec 2, 2024, 3:50 p.m.
What to know:
- Coinbase announced that it will list the MOODENG memecoin, prompting a 67% price rise.
- Daily trading volume has also experienced an uptick, increasing by 151% to $330 million.
- Market depth remains thin across numerous exchanges, suggesting that further volatility is expected.
A Solana-based memecoin themed on viral Thai zoo hippo Moo Deng surged by more than 67% after it was listed on cryptocurrency exchange Coinbase on Monday.
Its market cap is now pushing back towards $500 million after a two-week lull that saw the token's price drop from $0.67 to $0.30. It is currently trading at $0.49 following Monday's rise, with daily trading volume rising by 151% to $330 million.
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The listing provided a much-needed boost to the wider memecoin ecosystem, with GOAT experiencing a 9% move to the upside, while PNUT rose by 6% during a 10-minute period following the listing.
It's worth noting that memecoins are volatile by nature as they have no intrinsic value; they rise and fall rapidly based solely on trader sentiment on a backdrop of minimal liquidity. Market depth for MOODENG on OKX, which offers the most liquid trading pair, is still relatively thin with just $81,000 in resting orders 2% to the upside. Market depth is a metric that assess liquidity by aggregating all orders between set parameters, 2% in this case.
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