Crypto

Moo Deng spikes as FOMO pushes holders to a record high

Moo Deng, the lately launched Solana Pump.enjoyable token, continued rising on Saturday, reaching an all-time excessive because the worry of lacking out set in.

Moo Deng (MOODENG), a hippo-themed token, jumped to a file excessive of $0.3495, bringing the weekly beneficial properties to over 700%. Its market cap has soared to over $300 million, making it the largest token within the Pump.enjoyable ecosystem.

Moo Deng value chart | Supply: TradingView

Moo Deng holders are rising

The rally triggered FOMO, or ‘worry of lacking out,’ amongst merchants, as evidenced by the rising variety of holders.

Coincarp information exhibits an uptick within the variety of holders — over 24,140. That’s a lot greater than this week’s low of 9,000. Solscan data exhibits that the holders have hit 27,000.

There are indicators that whales are accumulating tokens. In accordance with Lookonchain, a whale acquired Moo Deng tokens value over $1.59 million.

The whale now holds Moo Deng tokens worth $3.57 million.

Minting Millionaires

Knowledge by DexScreener exhibits one dealer who purchased cash value $7,172 and made $1 million in revenue. One other dealer spent $14,000 and exited with a $976,000 revenue inside a couple of days. 

Nonetheless, some merchants have missed a possibility by exiting very early. Certainly one of them sold tokens value $297, which might now be value over $6.3 million.

Moo Deng’s surge occurred because the meme coin restoration accelerated. Most of those tokens have soared by double digits within the final seven days. Dogecoin (DOGE), the largest meme coin, rose by 15.8%, whereas Shiba Inu (SHIB) pumped by 35%. 

Popcat (POPCAT), a high Solana (SOL) token, achieved a market cap of $1 billion for the primary time, whereas the overall valuation of all of those cash has jumped to over $55 billion. 

Worry and greed index rises

Many buyers are embracing a risk-on sentiment after the Fed slashed rates of interest and the Chinese language authorities announced a sequence of stimulus measures.

Central banks within the U.S., Europe, and most Asian international locations have slashed charges to stop a tough touchdown. Subsequently, the crypto worry and greed index approached the greed zone of 60.

The CNN Cash index has risen to the greed space of 68 whereas the US greenback index has dropped to $100.40.

Crypto Fear and Greed Index
Crypto worry and greed index | Supply: CMC

The danger for Moo Deng buyers is that almost all cryptocurrencies are extremely unstable. Usually, when a coin surges, there’s all the time a danger of a harsh reversal. 

For instance, Shiba Inu initially soared to a file excessive of $0.000088 in 2021 after which crashed by over 93% to $0.0000058 in 2022. Dogecoin additionally soared to an all-time excessive of $0.4845 and has dropped by 74% to the present $0.1230.

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