The market cap of Solana-based meme coin Moo Deng (MOODENG) has surpassed $600 million following a 40% worth improve within the final 24 hours. The milestone additionally noticed the cryptocurrency’s worth rally to a brand new all-time excessive of $0.63.
Apparently, this improvement comes amid a sideways market motion, suggesting that the meme coin has decoupled from the broader development. What’s subsequent for the token?
Market Consideration Shifts to Moo Deng
On Thursday, November 14, the Moo Deng market cap was lower than $300 million. Nonetheless, as demand elevated for the hippo-themed meme coin, the worth climbed from $0.35 to $0.62.
This worth improve additionally affected the market capitalization because the metric is the product of circulating provide and worth. In response to knowledge from Santiment, the token’s market cap is $625 million at press time.
MOODENG’s rise to a brand new all-time excessive might linked to the trending narrative round hippo-themed meme cash. As an example, yesterday, Binance listed sudeng (HIPPO), a meme coin constructed on the Sui blockchain. In consequence, the hype round HIPPO unfold to MOODENG because the latter impressed the previous’s creation.
Moreover, on-chain knowledge reveals an enormous rise within the token’s social dominance. Social dominance measures the proportion of discussions targeted on a particular asset.
A rise in social dominance signifies that discussions concerning the token are surpassing the typical deal with high cryptocurrencies. Conversely, a lower suggests the market is shifting consideration away from the token towards others.
In MOODENG’s case, the rise in social dominance displays rising market curiosity. If this development persists, the cryptocurrency’s quantity and worth might proceed to surge.
MOODENG Value Prediction: Rally Might Run to $0.70
A take a look at the 4-hour chart reveals that MOODENG’s worth has rallied above the important thing Exponential Shifting Averages (EMAs). When the EMA is under the worth throughout an uptrend, it acts as a assist degree. Conversely, when the EMA is above the worth throughout a downtrend, it serves as a resistance degree.
Due to this fact, the present positions of the 20 EMA (blue) and 50 EMA (yellow) counsel that MOODENG’s worth would possibly proceed to rise. If the indications keep their positions under the meme coin’s worth, then the worth would possibly climb to $0.70, with Moo Deng’s market cap inching nearer to $1 billion.
Nonetheless, if momentum slows, the anticipated transfer could not materialize. As an alternative, the worth might face a double-digit decline.
Disclaimer
In keeping with the Belief Undertaking pointers, this worth evaluation article is for informational functions solely and shouldn’t be thought-about monetary or funding recommendation. BeInCrypto is dedicated to correct, unbiased reporting, however market circumstances are topic to alter with out discover. At all times conduct your personal analysis and seek the advice of with an expert earlier than making any monetary selections. Please notice that our Phrases and Situations, Privateness Coverage, and Disclaimers have been up to date.