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While Moo Deng capitalizes on an animal’s virality to grow in value, Pepe Unchained leverages the enduring popularity of Pepe.
Moo Deng, a Solana-based meme coin inspired by a pygmy hippopotamus of the same name, has surged by 500%. With its market cap already around the $200 million mark, many are wondering if it will become the next $1 billion meme coin.
What Is Moo Deng?
Moo Deng, born to two pygmy hippopotami in Thailand, went viral in September. Cute in appearance and displaying a sassy attitude, the animal captured people’s imaginations. Khao Kheow Zoo, which placed Moo Deng in a 24/7 live-streaming section, saw a surge in visitors.
The Economic Times reports that over 10,000 people arrived daily to witness the newborn hippo’s adorable antics. The popularity grew to the point where some fans created Moo Deng, a meme coin named after the hippo, on the Solana blockchain.
Launched on September 22nd, 2024, Moo Deng initially received a lukewarm reaction from the community. However, MOODENG’s price action began to surge on September 27th, leading to a price increase of more than 600% before a correction occurred.
Moo Deng Price Analysis
Moo Deng entered Raydium, a decentralized exchange for Solana-based tokens, where it traded around the $0.03 level. Over the next four days, MOODENG’s price hovered around the $0.05 mark.
On September 27th, the token began to gain momentum, establishing an uptrend that lasted until September 29th, pushing the Moo Deng price up by 10x.
In addition to the animal’s inherent virality, the token’s listing on cryptocurrency exchanges like KuCoin and MEXC contributed to its growth. However, the listing pumps didn’t last long, as Moo Deng retraced after reaching its peak of $0.30. At the time of writing, it is trading at around $0.18, having lost more than 40% of its value.
Will Moo Deng Become the Next $1 Billion Crypto?
Moo Deng surged due to the baby hippo going viral, with much of its popularity driven by adoration from international audiences. It is evident that the token was created to capitalize on this viral momentum. Even though the official fan page states that all profits generated will be donated to Khao Kheow Zoo, early investors have started to exit quickly.
The token’s RSI is trending downward, currently at 46, while the MACD indicators are also moving into negative territory. Given this trend, it seems unlikely that Moo Deng will become the next $1 billion crypto.
If Moo Deng is to reach a $1 billion market cap, its price would need to increase by 5x. Despite a flurry of memes and active engagement on the crypto’s official Twitter page, the token isn’t attracting many buyers.
Gmoodeng!
This week, we’ve witnessed remarkable growth in both the token and our community here on X. A huge thank you to everyone for the fantastic memes and to @skultdao for the wonderful art. We have officially crossed:
– 40k followers on twitter
– Featured on @nytimes and… pic.twitter.com/VZZrrtR5Qf— Moo Deng | Fan Page (@MooDengSOL) September 25, 2024
To prevent its value from dropping further, introducing new use cases could be key. Even social use cases that allow users to interact with Moo Deng (the baby hippo) could help attract more buyers and sustain the token’s momentum over a long term.
Investors Should be Looking at More Utility-Centric Meme Coins
Moo Deng’s surge shows that degens are still active in the market. However, due to the lack of use cases, there is little long-term incentive to invest in this meme coin.
Crypto All-Stars and Pepe Unchained, on the other hand, offer more potential as they focus on delivering real utility, making them better alternatives for those seeking a more sustainable investment.
Crypto All-Stars
Crypto All-Stars adds a unique MemeVault utility to its ecosystem. Essentially a staking pool for meme coins, this feature allows users to stake their top meme coins and earn significant rewards. This approach of unifying the meme coin community in a tangible way could lead to long-term benefits.
It can help bridge the gap between various meme coins, fostering a degen community where every meme coin investor has the potential to become wealthy through staking.
Additionally, Crypto All-Stars features a pixelated aesthetic, showcasing top meme coin mascots in an 8-bit format, living inside a pixelated condo. This creates a game-like image, suggesting that, over time, Crypto All-Stars could leverage its MemeVault to develop a gamified ecosystem.
The token has received positive reviews from many influencers, including ClayBro, who stated that the current ecosystem will attract more people to meme coins, potentially allowing Crypto All-Stars to rise by 10x.
Crypto All-Stars has raised over $1.8 million to date. Those wishing to invest can visit the official website to get started.
Pepe Unchained
While Moo Deng capitalizes on an animal’s virality to grow in value, Pepe Unchained leverages the enduring popularity of Pepe. As the first frog-themed token, Pepe sparked a meme coin mania in early 2023. Pepe Unchained (PEPU) describes itself as the natural evolution of that trend, offering an “unchained” version of the meme coin with faster transactions, lower fees, and double staking rewards.
It achieves this by developing a layer 2 blockchain, a first in the meme coin space. A meme coin-specific blockchain is unprecedented but opens up numerous possibilities beyond just staking rewards.
The presence of a meme coin-focused blockchain could attract developers to innovate and create new Pepe Unchained-based use cases. This could include a P2E game or even a unique DeFi protocol.
This potential has fueled the Pepe Unchained presale, which has already raised over $16 million. 99Bitcoins, a prominent crypto influencer on YouTube, has noted that Pepe Unchained can capitalize on the upcoming bull run and suggested that Pepe holders consider allocating some funds to PEPU.
Those interested can visit the official website and get Pepe Unchained at a discount price of $0.00989.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.