Solana-based memecoin Moo Deng (Moodeng) has emerged as the forefront of Cryptocurrency Market’s latest rally, surpassing the top 1000 cryptocurrencies of the past day. That daily trading volume has skyrocketed above $1 billion.
Meme Coin has also experienced a significant price rise. Over the past week, its value has skyrocketed three times.
Solana’s Moodeng leads the crypto rallies
Moodeng took advantage of the virus appeal of baby Pygmy Hippo and rose considerably after its launch in September 2024.
However, after peaking at an all-time high (ATH) in November, Moodeng has declined for a long time. By early April, the market capitalization had plummeted to around $20 million.
Now it appears that Memecoin is staging a powerful comeback. Beincrypto data showed that Moodeng’s prices, which have been bolstered with consecutive price pumps since last Thursday, were highly valued at 612.3% in the past week.
Furthermore, Moodeng has skyrocketed 104.3% in the past day alone. At the time of press, it was traded at $0.24, marking its highest price in over four months.
This explosive price movement has made Moodeng a top trending token for Coingecko. Furthermore, it has reached the top of the top gain chart.
Performance at Moodeng price. Source: TradingView
The rise in prices also moved market capitalization again to over $100 million. As of the latest data, it was $263.8 million. The surge has sparked great investor interest, as evidenced by the increased trading activity.
According to Coingecko data, Moodeng’s daily trading volume reached $1.2 billion, indicating an astounding 325.8% increase. In particular, Coinbase accounts for 27% of the total, indicating strong participation from US-based traders.
Solscan’s on-chain analysis further highlights this trend. Total purchases at Decentralized Exchanges (DEXS) rose 8,201% per week, rising from $179,490 to $14.9 million in press time.
Moodeng Dex trading activities. Source: SolScan
The appeal of tokens has expanded beyond retail investors to “smart money.” According to a post by Stalkhq in X, these strategic investors poured $194,000 into Moodeng on May 10, gaining even more momentum.
“165 new wallets accumulate 25% of Moodeng’s supply and have a cumulative unrealized PNL of $25.3 million,” posted Holzkan.
Token meteor rise is in the recent list on Binance Alpha. This list appears to have inspired the interest of a considerable number of retail investors.
Google Trends data reflects a parallel surge in public curiosity. Search interest for “Moodeng” has steadily risen over the past week, reaching a peak score of 100 early today. This marked a growing attention online, suggesting another wave of viral momentum.