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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.
Lo que debes saber:
- 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.
Oliver Knight
Oliver Knight is the co-leader of CoinDesk data tokens and data team. Before joining CoinDesk in 2022 Oliver spent three years as the chief reporter at Coin Rivet. He first started investing in bitcoin in 2013 and spent a period of his career working at a market making firm in the UK. He does not currently have any crypto holdings.
