Moo Deng Isn't Lifeless But: Meme Coin Pumps 200% After Binance Itemizing – Decrypt

A well-liked meme coin that surged to prominence in late September—making some traders thousands and thousands within the course of—had spent the previous couple of weeks in an obvious demise spiral as merchants moved on to different cash. However now it is up 200% on the day after high crypto change Binance took discover.The Solana-based Moo Deng (MOODENG) has tripled in value during the last 24 hours, per knowledge from CoinGecko, rising to a present value of about $0.23 after hovering beneath the $0.08 mark in current days.The spike commenced instantly after Binance, the world's greatest crypto change, introduced it was itemizing the token for futures merchants. The itemizing permits merchants to purchase contracts that wager on the long run value of Moo Deng, a token impressed by a child pygmy hippopotamus that went viral on the web final month.Moo Deng peaked at a September 28 excessive above $0.33, when Moo-mania was gripping crypto degen merchants. Nevertheless it began dropping steam quickly thereafter as merchants flocked to different rising cash (like GOAT), and was down 78% from its peak value as of Thursday.Now, Moo Deng is just about 30% beneath its all-time excessive value.Meme cash and tokens are extremely unstable cryptocurrencies based mostly on web jokes, memes, public figures, and extra. They will shoot up in worth in a short time, however simply as quickly disappear—solely to get replaced by the following craze.Crypto merchants typically need to come up with the most well liked meme cash early due to their fast value features, and those that play the market proper stand to doubtlessly money in large on a winner. One early purchaser of Moo Deng turned an $800 funding into $7.5 million as of late September, however it will have been value considerably much less of late in the event that they did not promote something.However there's one key concern for meme coin whales who need to pull out: liquidity.It may be very arduous to money out of the investments, as a result of different merchants keep watch over huge holders' wallets. Once they begin transferring the cash or tokens to promote, others can comply with go well with, resulting in a market crash—since no one needs to be left holding a nugatory bag.Edited by Andrew HaywardDaily Debrief NewsletterStart every single day with the highest information tales proper now, plus authentic options, a podcast, movies and extra.