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Here’s Why Solana Memecoin MOODENG Just Broke a New ATH Above $0.6

MOODENG's debut on OKX's spot trading market comes a month after the crypto exchange listed the hippo-themed memecoin on its perpetual futures market.

Avatar image of Mishael Nwani Mishael Nwani•November 15, 2024
Memecoin MOODENG

Crypto exchange OKX announced today that it would list the Solana-based memecoin MOODENG for spot trading by 12:00 PM UTC. OKX added that USDT would serve as the settlement currency. The announcement triggered a 40% price surge for the crypto asset at the time of writing, bringing it to a new all-time high (ATH).

MOODENG Listed on OKX

MOODENG coins its origin from the viral baby hippopotamus Moo Deng, which lives in a Thailand zoo. Following its debut in September 2024 via the popular Solana-based memecoin generator Pump.fun, MOODENG soared to become one of the biggest meme tokens in the market. At the time of writing, it has amassed a market capitalization of over $617 million in only two months.

Like most memecoins, MOODENG began trading on decentralized exchanges and perpetual markets. OKX was among the prominent crypto exchanges that featured this hippo-themed memecoin for their perpetual futures trading. Other platforms that have made similar moves include Binance and Bybit.

The launch of MOODENG on OKX’s spot market allows users to own and trade the token directly. The move is expected to increase liquidity and attract more investors, boosting its overall market metrics.

For context, spot trading involves the immediate purchase or sale of cryptocurrencies at market prices. When a token is listed on a spot market, users can directly trade it using available funds. This differs from perpetual trading, which uses derivative contracts, allowing traders to speculate on the future price without owning the underlying asset.

Other crypto exchanges are likely to follow OKX’s example and list the Solana-based memecoin for spot trading.

MOODENG Soars 30%

Following news of OKX’s incoming listing, MOODENG’s price jumped by as much as 40.8%, bringing its current trading price to $0.62, as shown on the price tracking platform CoinStats. Interestingly, this price marks a new price peak for the two-month-old meme token.

Source: CoinStats

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.