Moo Deng soars +400%, emerges as top gainer this week

• Moo Deng is the highest-performing Solana memecoin at the moment.
• The memecoin market cap recovered to $54 billion, up from a low of $35 billion.

Moo Deng has quickly risen to prominence as one of the best-performing crypto assets over the past seven days, recording substantial growth in price and market capitalization.

Currently, Moo Deng leads the memecoin sector in gains, cementing its position as a key player in the recent memecoin rally.

Moo Deng leads the gainers’ chart

According to data from CoinMarketCap, Moo Deng (MOODENG) has seen an impressive price increase of over 400% in the last seven days. This made it the top gainer among the top 500 cryptocurrencies.

On 24th September, the token was trading at approximately $0.04, but significant uptrends throughout the week pushed its price to a peak of $0.30 by 28th September.

Despite declining after reaching its peak, Moo Deng is still trading around $0.20, representing a strong performance compared to the beginning of the week.

However, the recent drop of 19% in the past 24 hours has positioned it among the top daily losers at the time of writing. 

Source: CoinMarketCap

The volatility in its price suggests that while Moo Deng has attracted significant attention, it remains subject to the typical market fluctuations seen with memecoins.

Spike in market cap and volume for Moo Deng

As expected, Moo Deng’s market capitalization surged alongside its price. Initially valued at $111 million, the market cap rose to a peak of $338 million during its price surge.

However, the market cap has since pulled back to $220 million, reflecting the recent price decline.

In addition to its market cap growth, Moo Deng’s trading volume experienced a significant spike. Initially at $60 million, the volume surged as the price increased, peaking at around $196 million.

Despite a decline in volume, it has remained above $100 million, indicating that traders continue to engage with the asset, helping maintain its current price levels.

Memecoin market sees a broader recovery

Moo Deng’s impressive performance comes at a time when the broader memecoin market is showing signs of recovery. After experiencing a downturn that saw the total market capitalization of memecoins fall to $35 billion, the sector has rebounded.

As of now, the market cap has increased to $54 billion, marking a $15 billion rise over the past seven days.