A dealer who purchased 21 million Moo Deng (MOODENG) tokens 18 days in the past is now left with peanuts as a substitute of hitting the million-dollar mark with that buy. This dramatic discrepancy is in distinction to the efficiency of the trending Solana meme coin, named after a Thai Hippopotamus from the Khao Kheow Open Zoo in Bangkok.
However how did this occur? BeInCrypto stories how that went down and what might change into of MOODENG’s value within the quick time period.
Lack of Endurance Price Moo Deng Dealer Thousands and thousands
In line with Lookonchain, the dealer in query purchased MOODENG with 26 SOL. This equaled 21 million tokens and was valued at $3,537 at the moment. Throughout that interval, the meme coin’s market cap was $210,000.
Nevertheless, because the token’s worth dropped and its market capitalization plummeted, the dealer took an unrealized loss and bought it for $2.19 SOL, which was price $297. Days later, Moo Deng’s market cap hit $100 million as many holders made vital beneficial properties.
But it surely was not the identical for this dealer. If the dealer had held the token, its worth would have been a staggering $6.3 million.
Learn extra: Purchase Solana Meme Cash: A Step-By-Step Information
Regardless of this loss, MOODENG’s quantity has continued to extend. Knowledge from on-chain analytics supplier Santiment exhibits that the Solana meme coin’s quantity is nearing $200 million at press time.
The amount metric signifies how a lot financial worth a cryptocurrency has traded over a selected interval. That is essential in assessing market exercise and liquidity. When quantity decreases, the crypto turns into extra illiquid, making it more durable for trades to be executed easily.
Nevertheless, in Moo Deng’s case, the numerous rise in quantity suggests that there’s nonetheless substantial shopping for and promoting exercise, demonstrating that curiosity within the meme coin stays robust.
MOODENG Value Prediction: Overbought
A have a look at the 1-hour MOODENG chart exhibits that the Bollinger Bands (BB) had expanded. The BB exhibits whether or not volatility round a cryptocurrency is excessive or low. When the BB contracts, volatility is low, whereas growth implies rising volatility.
The BB additionally exhibits if a crypto is overbought or oversold. As seen under, MOODENG’s value hit $0.32 on earlier right this moment, and the higher band of the indicator tapped the extent, suggesting that it was overbought.
Consequently, MOODENG’s value dropped to $0.30. The Relative Energy Index (RSI), which measures momentum, helps the standing, as its studying had turned down. Nevertheless, the meme coin’s value nonetheless stays above the center line of the Bollinger Bands.
Learn extra: 7 Scorching Meme Cash and Altcoins which can be Trending in 2024
Ought to the decline proceed, MOODENG may crater to $0.23 within the quick time period. Nevertheless, if the worth stays above the center band, MOODENG may bounce, and the worth may soar to $0.40.
Disclaimer
In step with the Belief Challenge tips, this value evaluation article is for informational functions solely and shouldn’t be thought of monetary or funding recommendation. BeInCrypto is dedicated to correct, unbiased reporting, however market situations are topic to alter with out discover. All the time conduct your individual analysis and seek the advice of with an expert earlier than making any monetary choices. Please notice that our Phrases and Circumstances, Privateness Coverage, and Disclaimers have been up to date.
