Moo Deng Coin Price Doubles In Minutes Following Binance Listing, But Is It Too Late To Invest Now?

3 weeks ago 18

Another day, another meme coin listing on Binance.

Binance Futures launched the Moo Deng perpetual contract today on October 25th, sending its price soaring. The Moo Deng price doubled in a span of a few minutes and is currently up 115% from today’s open.

However, opinions are split on whether MOODENG will continue its bullish momentum or if new meme coins like STARS and MEMEBET will subsequently overshadow it. As today’s rally stalls, sidelined investors are wondering whether it is already too late to invest in it.

Moo Deng Coin Skyrockets Following Binance Listing – Is This A Good Time To Invest?

Moo Deng, the viral baby hippopotamus living in the Khao Kheo Open Zoo in Thailand, became a global phenomenon in September. The baby hippo’s pictures, clips and live streams went viral, with even the popular late-night show Saturday Night Live featuring a Moo Deng skit.

leave moo deng alone! #SNLPremiere pic.twitter.com/ABtoN9pQkr

— Saturday Night Live – SNL (@nbcsnl) September 29, 2024

Unsurprisingly, a number of Moo Deng tokens also cropped up in the meme coin sector. A project on Solana received the most community support, reaching an all-time high valuation of $316 million.

However, as was the case with Dogecoin, the SNL skit proved to be a local top for the meme coin.

The Moo Deng price has since been trading within a descending wedge, creating a local bottom at $62 million earlier this week. The Binance Futures listing today resulted in a strong breakout above the upper trendline, with the meme coin trading as high as $0.168 with a market capitalization of $168 million.

Prominent crypto investor CryptoBull_360 projects that the token price could see more growth as a 300% spike in volume signals strong bullish momentum. Indeed, MOODENG is gaining significant traction on Binance Futures right out of the gate, currently seeing a Perpetual volume of over $95 million.

However, the possibility of a short-term correction could no longer be ignored. For instance, the Moo Deng Relative Strength Index (RSI 14) has now entered the overbought territory in the 4-hour chart and is extremely close in the daily timeframe.

Consequently, the Moo Deng price could look to retest the upper trendline of the aforementioned falling wedge, which could offer a better entry for sidelined investors and swing traders who missed out on today’s Binance listing.

Nevertheless, it remains an excellent investment for the long term. Popular crypto investor Fonzy highlights that the Moo Deng coin is showing similar price action to Dogwifhat, the top Solana meme coin.

Left: Wif
Right: Moodeng pic.twitter.com/X8eMhMi7Zc

— Fonzy (Frog.fun Arc) (@0xFonzy) October 17, 2024

If true, MOODENG is still in its accumulation phase and a parabolic breakout is next.

Could New Meme Coins STARS, MEMEBET Explode Next?

Binance is no longer showing any hesitation in listing low-cap meme coins. After listing First Neiro On Ethereum at a $15 million valuation, its Futures platform has now launched Moo Deng, which had a market cap of under $70 million.

This trend has only added to the hype surrounding new meme coins.

For instance, Crypto All-Stars (STARS) – a meme coin that is still in its ICO phase – has already raised $2.7 million in presale funding behind large whale investments.

CRUISING!

We just raced right on past $2.5 Million. Do I see $3M on the horizon?! pic.twitter.com/JBmI9Fopb5

— Crypto All-Stars (@all_stars_coin) October 19, 2024

STARS’ utility-driven nature has appealed to smart money investors. The project is launching its own multi-token staking pool, MemeVault, which will accept 11 meme coins and offer attractive staking rewards.

STARS buyers will earn thrice the rewards and presale investors are already accruing passive income at a reward rate of over 560%.

Owing to its low-cap nature, prominent crypto influencers are eyeing up to 100x returns with Crypto All-Stars.

Similarly, Memebet Token (MEMEBET), the native crypto of the first-ever meme coin casino, is in high demand, having already raised over $500k in presale funding.

Memebet Casino has been creating quite a buzz ever since the project. Whether it is its integration with top meme coin projects, partnership with the Argentina National Football Team or attractive P2E rewards, Memebet Casino is capturing considerable mindshare from other new meme coins.