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Solana Memecoin $MOODENG Soars Over 130% Following Binance Listing

MOODENG’s current surge is a result of an incoming listing on the Binance Futures market by 10:00 (UTC) on October 25th.

Avatar image of Mishael Nwani Mishael Nwani•October 25, 2024
Solana

Solana-based memecoin MOODENG unlocked a trading price of $0.157 in the early hours of Friday, representing over a 136% price surge. The price surge came after the leading crypto exchange by trading volume, Binance, announced its plan to list the meme token in its futures market.

Solana Memecoin $Moodeng Soars Over 130% Following Binance Listing

Source: CoinStats

Binance Futures to List MOODENG

Binance Futures’ announcement revealed that the Solana memecoin will launch under the perpetual contract with up to 75x leverage. Higher leverages often come with more volatile price changes.

The announcement added that the settlement asset will be USDT.

It is worth noting that listing MOODENG on the Binance Futures market is not the same as listing the token on the exchange’s spot market list. Oftentimes, crypto projects seeking listing for their digital assets on crypto exchanges like Binance must undergo rigorous vetting procedures before spot traders can interact with the asset. Failure to meet with listing requirement results in potential delisting.

Despite MOODENG’s dramatic surge within the past hour, the token is still behind its all-time high (ATH) of $0.34, which was seen in late September. At press time, the Solana meme token’s market capitalization has soared over $152 million. Its daily trading volume has also surpassed a 204% surge, exchanging hands with $219.19 million at the time of writing.

MOODENG’s Meteoric Rise

MOODENG crafts its origin from a viral baby hippopotamus called Moo Deng (meaning bouncy pig) that captured the world’s attention from its home in a Thailand zoo. Since its debut in September 2024 via the Solana memecoin generator, Pump.fun, the memecoin has gained popularity from investors and crypto exchanges.

On October 1st, the prominent crypto exchange, Bybit, listed the Solana memecoin for futures trading. The announcement projected the token’s value to higher levels, netting impressive profits for holders.

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.