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Here’s Why Solana Memecoin MOODENG Jumped 14% in an Hour

The MOODENG memecoin owes its price surge to listing on Bybit’s Futures market.

Avatar image of Mishael Nwani Mishael Nwani•October 1, 2024
Memecoin MOODENG

Solana-based memecoin MOODENG saw a rapid 14% price jump within an hour chart. The sudden surge was triggered by an announcement from one of the leading crypto exchanges, Bybit. The crypto trading platform launched the perpetual contract for MOODENG on its futures market, allowing traders to trade the memecoin with up to 12.5x leverage.

What is MOODENG?

MOODENG is a memecoin project themed around a baby hippopotamus called Moo Deng (meaning bouncy pig). The cute infant hippo, based in a Thailand zoo, recently became an internet sensation, and multiple memes involving the animal went viral. Prominent companies like Windows, DreamWorks, and Universal Pictures have integrated pictures of the cute hippo into their ecosystem.

On September 11th, a team of memecoin enthusiasts created the MOODENG memecoin on the Solana mainnet. The creators utilized the Solana-based memecoin generator, Pump.fun, to bring the much-adorned hippo into the blockchain.

Since its inception, the hippo-themed memecoin has raked in a market capitalization of $227.3 million and a daily traded volume of $189.1 million at the time of writing. It also boasts 58.5K followers on X and over 4,500 subscribers on Telegram. On September 28, MOODENG unlocked an all-time high (ATH) of $0.34. Its trading price sat at $0.237 at press time, representing a 14% surge within the past hour.

Bybit Lists MOODENG

Bybit’s decision to list MOODENG on its Futures market will allow futures traders to speculate on the memecoin’s price without directly owning it and without an expiration date. These traders will have a peak leverage of 12.5x. Note that higher leverages lead to more dramatic gains or losses for traders.

It remains uncertain whether other crypto exchanges will follow Bybit’s path. Nonetheless, more MOODENG investors are likely to profit from this initiative.

Mishael Nwani

Mishael Nwani is an avid crypto enthusiast with nearly four years of experience in the industry. Since 2022, he has covered topics across cryptocurrencies, NFTs, artificial intelligence, and financial markets.