Moo Deng's digital currency experienced an increase in value – what caused this uptick?
Feeling the MOOve: The Meteoric Rise of Solana's Quirky Token Moo Deng Post-Binance Alpha Listing
Hop aboard the rollercoaster ride of the Solana-found memecoin, Moo Deng, as it soars an astounding 114.3% in value following its listing on the Binance Alpha platform!
With a recent ascent trend since mid-May, Moo Deng, or MOODENG, is causing quite the stir in the crypto realm, thanks to the surge in open positions in futures trading. At the time of writing, the coin is trading at 0.267 dollars, up from 0.28 dollars in the past 24 hours—still a solid 60% below its all-time high.
But don't let that figure discourage you; the token's been on a roll, marking approximately 970% growth in the last month and an impressive 576% in the last week alone! On May 12, trading volume spiked a whopping 416.3% compared to the previous day.
The data from CoinGlass also reveals that the open position value in futures trading skyrocketed by around 120% to an impressive $289.70 million. This figure was just $125 million a few days ago, indicating a substantial 2.5x increase in just a couple of days. The initial circulating supply was some 13.4 million dollars, showcasing a staggering 440% overall increase.
The announcement of the listing on May 11 ignited the surge. Binance Alpha unveiled the addition of Moo Deng and the AI-themed GOAT (Goatseus Maximus) to its watchlist. Subsequently, GOAT displayed gains of up to 70%.
In the Spotlight: Why is GOAT (Goatseus Maximus) Coin Rising? Here are 3 Reasons
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Diving deeper into the crypto realm, some are questioning if the spectacular surge in Moo Deng's value is an indicator of the growing potential of web3-based finance, especially in investing through futures trading, facilitated by advanced technology such as Solana and exchanges like Binance.
Furthermore, analysts presume that the impressive growth of Moo Deng could lead to a wave of similar rises in other web3 finance projects, redefining investment strategies in the digital asset sector.
