- MOODENG crashed +60% in a week of trading.
Vitalik Buterin dumped it alongside other memecoins.
As a seasoned crypto investor with battle scars from the 2017 bull run and the subsequent bear market, I’ve learned to navigate the volatile world of cryptocurrencies with caution and patience. The recent crash of MOODENG by a staggering 60% in just a week has left me with a familiar sense of déjà vu.
In the last quarter of 2024, memecoins remained on top and spearheaded the current market recovery. Yet, Moo Deng [MOODENG], one of the coins that saw significant growth at the end of September, has experienced a steep drop of approximately 60% over the past eight trading days.
Mo Deng experienced an incredible leap of four times its original value at its highest point, reaching a massive market capitalization of $338 million. Unfortunately, October didn’t go as smoothly for this Solana-associated meme coin.
Its market cap was now down to $110 million, and market sentiment quickly shifted to negative.
Did Buterin’s sell-off affect Moo Deng coin?
Market analysts point out that Vitalik Buterin’s recent sale of memecoins, such as Moo Deng, could have contributed to the recent drop in its price. On October 5th, Buterin sold approximately $340,000 worth of Moo Deng tokens.
The founder sold an extra 11.76B MOODENG on the 7th of October, worth $51K, and could further dent its market sentiment. However, he still held over $8 million worth of MOODENG.
Some people speculated that MOODENG might emulate NEIRO’s trajectory. In the first week of August, Buterin is said to have sold NEIRO, supposedly for charitable reasons. This sale caused a significant drop in NEIRO’s value, but it experienced a strong rebound afterward.
It’s uncertain whether Moodeng will align with Neiro’s trajectory. At the moment of publication, the overall sentiment seemed concerningly negative, indicating that the majority of speculators remained pessimistic about the memecoin.
Read Moo Deng’s [MOODENG] Price Prediction 2024–2025
Currently, MOODENG‘s value stands at approximately $0.11, representing a nearly 20% decrease over the past day. Remarkably, some traders remain optimistic about the memecoin, anticipating a potential rebound.
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2024-10-08 01:43