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Explosive newcomer meme coin Moo Deng ($MOODENG) is taking heavy losses after surging over the last three weeks to become the 27th biggest meme coin by market capitalization.
The $161.4 million Moo Deng is currently changing hands at $0.1635 having fallen 19% overnight and about 13.5% over the last seven days. That means those who bought last weekend may now be regretting it, while those who bought two Fridays ago are up an eye-popping 795%, according to data by CoinGecko.
Furthermore, Moo Deng’s overnight crash is not typical meme coin performance today. The $49 billion sector rallied about 2.1% in the last 24 hours, while the $2.23 trillion global crypto market didn’t move an inch.
Dogecoin ($DOGE), the original and largest meme coin, rallied 2.2% overnight but dropped 13.7% over the week. $DOGE’s current price of $0.1073 is virtually the same price it traded at a fortnight ago.
Meanwhile, Bitcoin ($BTC), the original and largest cryptocurrency, grew 0.4% in the last 24 hours but declined 6.8% over the week to land on $61,286 at the start of the weekend.
$MOODENG: An Introduction and Analysis
Moo Deng launched three weeks ago and quickly rose to become one of the leading meme coins. The token’s avatar references the eponymous adorable baby hippo internet sensation in Thailand’s Khao Kheow Open Zoo in Chonburi.
Her name means “bouncy pork” in the local lingo and the pygmy hippo went viral after various online videos surfaced showing her cute hyperactive demeanour and always moist appearance.
While it’s too early to identify definite trends in Moo Deng’s price, the token rapidly rallied to set a high watermark of $0.3387 on September 28 before dropping 52% to its current price.
A relative strength index (RSI) of 34 and rising suggests a selloff last night may have made the token trade under its value. This is reinforced by the fact that Moo Deng’s current price is noticeably below its 30-day moving average, but the RSI is gradually coming up, which means people are buying again now, so the pullback will cool quickly.
Moo Deng May Become a Crypto All-Star One Day
Meme coins like Moo Deng are extremely volatile, which means although they’re fun and often profitable, their lack of clear fundamentals means traders often just exploit them for price rises.
However, over in the up-and-coming world of token presales, investors are diversifying their portfolios with protocol tokens that are adding new utility and generating rich rewards for meme coin holders.
One such project—a unified staking protocol for meme coin fans—is Crypto All-Stars ($STARS) a revolutionary platform that brings together the most celebrated meme coins in one place.
Holders of Pepe Coin, Dogecoin, Shiba Inu, Floki Inu, Based Brett, MogCoin, Milady, TurboToken, Toshi The Cat, Coq Inu, and BonkCoin can stake them in the MemeVault and earn passive income in the form of $STARS with a rewards rate currently set at 750%.
The team will integrate more meme coins later.
The team has allocated 20% of the tokens for its presale; the other 25% is for presale staking, 20% for marketing, 10% CEX/DEX listing, and the remaining 25% for the MemeVault ecosystem.
The project has gained so much popularity that its presale has already raised $2 million.
Following the purchase, investors can begin staking for rewards and claim the tokens once the presale ends.
Head to the website to buy $STARS with ETH, USDT, BNB, or even by card.
Follow Crypto All-Stars on social media – X (Twitter) | Telegram to stay up-to-date on all the developments.
Visit the Crypto All-Stars Presale Website Here
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
