Moodeng’s astronomical rise turns an $800 investment into $7.5 million as the crypto community embraces “meme season.”
A little-known cryptocurrency named Moodeng, inspired by a viral pygmy hippopotamus named Moo Deng, has surged in price by nearly a million percent, turning a mere $800 investment into a staggering $7.5 million for one trader.
Moodeng was launched shortly after the Khao Kheow Open Zoo in Thailand shared adorable images of the two-month-old hippo on Facebook, capturing the internet’s attention. This surge in value coincides with a broader trend in the cryptocurrency market, which some investors are dubbing “meme season,” as various memecoins have recently reached all-time highs.
Another memecoin, Popcat, inspired by a viral cat named Oatmeal, achieved a record price of $1.45 on Monday, up from less than one cent at the beginning of the year. This increase has led traders to speculate about a potential “memecoin supercycle.”
After experiencing a price peak at the end of September, Moodeng initially retreated but has since rallied again. This latest upswing follows Ethereum co-founder Vitalik Buterin’s sale of 10 billion Moodeng tokens, valued at over $800,000, part of which he donated to an anti-airborne-disease charity. Buterin is known for donating memecoins received from new projects to charitable causes.
In a post on X, Buterin expressed appreciation for memecoins that contribute to charity, stating, “I’ve said before that I think the best thing for memecoins is if they can be maximally positive-sum for the world.” His mention of Moodeng following his donation helped boost the token’s value by nearly 400 percent in less than 24 hours.
The overall cryptocurrency market remains stable, with a market capitalization fluctuating between $2 trillion and $2.25 trillion over the past month, still well below its record high of nearly $3 trillion in 2021. Meanwhile, Dogecoin, the leading memecoin, has maintained a stable trading price around $0.10 since early August.
