- Moo Deng’s market cap has skyrocketed to an all-time high.
- Despite its impressive gains, its sustainability remains uncertain.
The cryptocurrency market is full of surprises, and Moo Deng [MOODENG] is the latest to make waves.
Having reached an all-time high market cap, Moo Deng has caught the attention of both experienced investors and crypto enthusiasts.
This surge has sparked questions about whether its rapid rise means for Solana’s [SOL] expanding memecoin ecosystem.
A spotlight on Solana’s growing memecoin movement
Source: Coinmarketcap
With a price of $0.360 and an ATH market cap around $358.9 million at press time, Moo Deng has shown substantial growth in a short period, largely driven by community enthusiasm and speculative trading.
However, sustaining this growth may prove challenging due to the inherent volatility of meme tokens, which are often influenced by hype cycles.
Source: TradingView
After a sharp rise, Moo Deng showed bullish momentum, an upward price trend, and significant trading volumes.
The RSI stood at 71.38, indicating overbought conditions, which may signal a potential pullback or correction in the short term.
Source: Santiment
Moo Deng’s social volume and market cap peaked with a notable surge from late October to early November.
This correlation suggested that increased social engagement was a key driver for its market cap spikes, reflecting heightened investor interest and market activity during those periods.
Can Moo Deng topple major memecoins?
Source: CoinMarketCap
Moo Deng’s recent surge positions it as an emerging competitor to established memecoins like Dogecoin [DOGE] and Shiba Inu [SHIB].
The charts revealed that Moo Deng’s market cap experienced significant growth, peaking over 200% in early November, surpassing its rivals’ steady performances during the same period.
Source: CoinMarketCap
Read Moo Deng’s [MOODENG] Price Prediction 2024-25
While Dogecoin and Shiba Inu maintained modest and relatively stable upward trends, Moo Deng’s dynamic increase indicated a rapid influx of investor interest.
This competitive momentum suggested that Moo Deng was poised to challenge the dominance of Dogecoin and Shiba Inu in the memecoin market.
