CandleFocus Moo Deng Defies Sideways Market, Reaches All-Time High and $600 Million Market Cap
2024-11-15
Author: Content Editor
The market cap of Solana-based meme coin Moo Deng (MOODENG) has exceeded $600 million, reaching a new all-time high of $0.63. This growth is notable as it occurred during a sideways market, suggesting that MOODENG has decoupled from broader trends. The rise in market cap can be attributed to increasing demand for the hippo-themed meme coin, as well as the listing of a similar coin called sudeng (HIPPO) on Binance. On-chain data also indicates a surge in social dominance for MOODENG, indicating growing market interest. Technical analysis suggests that if the price continues to rally and key support levels are maintained, MOODENG could reach $0.70 with a market cap close to $1 billion. However, if momentum slows, a significant decline in price could occur.
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