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Moodeng (MOODENG) jumps by 95% after fast Coinbase listing

Author: Content Editor
Solana meme token Moodeng (MOODENG) saw a significant price increase, almost doubling to $0.60, after being listed on Coinbase. This rapid listing on the popular exchange indicates that the meme token market is still thriving. MOODENG experienced a surge in daily trading volumes, reaching an all-time high of over $890M. However, short positions have also increased as the rally is expected to slow down. Despite its growth, MOODENG's market cap remains below $600M, making it unlikely to surpass $1B. The token is considered a potential blue-chip meme after being listed on Coinbase and has gained attention from meme portfolios. However, its lack of a cult following may result in volatile price movements. Market-maker Wintermute has accumulated a significant amount of MOODENG tokens and is now the third-largest holder. The token is not highly decentralized, with a large portion of the supply held by the top 100 addresses. The addition of MOODENG to Coinbase may attract more retail investors but is unlikely to impact the largest holders significantly. Overall, the listing on Coinbase is expected to increase MOODENG's trading activity and potentially rival other meme assets like Popcat.

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